Traders are positioning for Warsh's Jackson Hole address at 22:00 Beijing time / 14:00 UTC Aug 28. July PCE is still elevated at 3.7% y/y, Fed officials are split on how restrictive rates are, and futures price about a 36% chance of a September hike.
Matters because: a hawkish surprise could hit crypto and other risk assets, while a neutral or dovish tone may help extend the rally. This is the main near-term macro catalyst for BTC and ETH.