Bitcoin retakes $48K after Fed's Jay Powell's Jackson Hole speech

"If a central bank tightens policy in response to factors that turn out to be temporary, the main policy effects are likely to arrive after the need has passed ... The ill-timed policy move unnecessarily slows hiring and other economic activity," may end up being the money line from Fed boss Jay Powell's Jackson Hole keynote address. While making the necessary nod towards the need to begin tapering the central bank's asset purchases later this year, Powell is giving himself plenty of outs to delay any such move until 2022, or beyond. He notes that higher prices aren't broad-based, and recent moderation in the areas where prices are surging. He points out that wage measures don't suggest too-hot inflation and long-term inflation expectations have only edged higher. Powell also reminds of the secular global disinflation theme, and that these things don't reverse themselves so quickly. And don't forget the Delta