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Fed chair Jerome Powell signals the central bank will hold rates steady next month but leaves the

door open to rate hikes later this year. Given how far we have come at upcoming meetings,

we are in a position to proceed carefully as we assess the incoming data and the evolving

outlook and risks. And can chipmaker and video keep the tech stock rally going? Plus,

U.S. regulators proposed tax rules for crypto. It's Friday, August 25th. I'm Amory for

Totally for the Wall Street Journal. This is the PM edition of What's News, the top headlines

and business stories that moved the world today.

Federal Reserve Chairman Jerome Powell argued for holding interest rates steady for now,

but left open the possibility of further rate hikes later this year if inflation doesn't

continue to decline. He gave a heavily anticipated address at the Kansas City Fed's annual symposium

in Jackson Hole Wyoming earlier today, saying twice that the Fed would proceed carefully in any

further move, signaling that he saw little urgency to raising rates at the Fed's next meeting in

September. We are navigating by the stars under cloudy skies. In such circumstances, risk

management considerations are critical. At upcoming meetings, we will assess our progress

based on the totality of the data and the evolving outlook and risks. Based on this assessment,

we will proceed carefully as we decide whether to tighten further or instead to hold the policy

rate constant and await further data. The major indexes ended the day with gains after Powell's

speech. Nearly 15 years after people started trading Bitcoin, taxing cryptocurrency is still a big

...