{"id":164914,"date":"2026-08-01T07:33:21","date_gmt":"2026-08-01T07:33:21","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/164914\/"},"modified":"2026-08-01T07:33:21","modified_gmt":"2026-08-01T07:33:21","slug":"bitcoin-ustal-inflacni-test-pce-poprve-po-letech-kleslo-fed-ale-jeste-nema-vyhrano","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/164914\/","title":{"rendered":"Bitcoin ust\u00e1l infla\u010dn\u00ed test. PCE poprv\u00e9 po letech kleslo, Fed ale je\u0161t\u011b nem\u00e1 vyhr\u00e1no"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><a href=\"https:\/\/kryptomagazin.cz\/co-je-bitcoinova-penezenka-ktera-je-ta-nejlepsi\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bitcoin<\/a> ve \u010dtvrtek ust\u00e1l dal\u0161\u00ed d\u016fle\u017eit\u00fd makroekonomick\u00fd test a pohyboval se kolem 64 700 dolar\u016f. \u00dalevu p\u0159ineslo zm\u00edrn\u011bn\u00ed v\u00fdprodeje polovodi\u010dov\u00fdch akci\u00ed i \u010dervnov\u00e9 \u00fadaje o americk\u00e9 inflaci PCE. Meziro\u010dn\u00ed tempo kleslo ze 4,1 na 3,7 % a ukazatel z\u00e1rove\u0148 zaznamenal prvn\u00ed mezim\u011bs\u00ed\u010dn\u00ed pokles od roku 2020. Inflace v\u0161ak st\u00e1le v\u00fdrazn\u011b p\u0159ekra\u010duje c\u00edl Fedu ve v\u00fd\u0161i 2%. Ot\u00e1zkou nav\u00edc z\u016fst\u00e1v\u00e1, jak velk\u00fd vliv budou m\u00edt budouc\u00ed zm\u011bny \u00farokov\u00fdch sazeb na samotn\u00fd bitcoin.<\/p>\n<p>Bitcoin se dr\u017e\u00ed kolem 64 700 dolar\u016f<\/p>\n<p class=\"wp-block-paragraph\">Bitcoin se po volatiln\u00edm za\u010d\u00e1tku t\u00fddne ve \u010dtvrtek stabilizoval. Podle dat Kryptomagazinu se cena BTC pohybovala kolem 64 700 dolar\u016f.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1772\" height=\"810\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/btc-101.png\" alt=\"T\u00fddenn\u00ed graf BTC\/USD s aktu\u00e1ln\u00ed cenou v dob\u011b psan\u00ed \u010dl\u00e1nku ve v\u00fd\u0161i 64 767 USD.\" class=\"wp-image-280311\"  \/><\/p>\n<p>\t\tT\u00fddenn\u00ed graf BTC\/USD s aktu\u00e1ln\u00ed cenou v dob\u011b psan\u00ed \u010dl\u00e1nku ve v\u00fd\u0161i 64 767 USD. Zdroj: kryptomagazin.cz<\/p>\n<p class=\"wp-block-paragraph\">Situace se uklidnila tak\u00e9 na americk\u00e9m akciov\u00e9m trhu. V\u00fdprodej polovodi\u010dov\u00fdch spole\u010dnost\u00ed, kter\u00fd p\u0159edt\u00edm vytv\u00e1\u0159el tlak na rizikov\u00e1 aktiva, b\u011bhem \u010dtvrtka polevil.<\/p>\n<p class=\"wp-block-paragraph\">Pomohlo to nejen technologick\u00fdm akci\u00edm, ale nep\u0159\u00edmo tak\u00e9 <a href=\"https:\/\/kryptomagazin.cz\/co-je-kryptomena\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">kryptom\u011bn\u00e1m<\/a>. Bitcoin se tak b\u011bhem americk\u00e9 obchodn\u00ed seance vyhnul v\u00fdrazn\u011bj\u0161\u00edmu prodejn\u00edmu tlaku.<\/p>\n<p class=\"wp-block-paragraph\">Index S&amp;P 500 v dob\u011b psan\u00ed \u010dl\u00e1nku rostl p\u0159ibli\u017en\u011b o 1,45 %, zat\u00edmco technologick\u00fd Nasdaq Composite p\u0159id\u00e1val 3,14 %. Trhy z\u00e1rove\u0148 pozitivn\u011b p\u0159ijaly nov\u00e1 infla\u010dn\u00ed data ze Spojen\u00fdch st\u00e1t\u016f.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1155\" height=\"552\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/akcie-1.png\" alt=\"Americk\u00e9 akciov\u00e9 indexy ve \u010dtvrtek v\u00fdrazn\u011b pos\u00edlily. S&amp;P 500 rostl o 1,45 %, zat\u00edmco technologick\u00fd Nasdaq 100 p\u0159id\u00e1val 3,14 %, co\u017e ukazuje na n\u00e1vrat optimismu k rizikov\u00fdm aktiv\u016fm.\" class=\"wp-image-280332\"  \/><\/p>\n<p>\t\tAmerick\u00e9 akciov\u00e9 indexy ve \u010dtvrtek v\u00fdrazn\u011b pos\u00edlily. S&amp;P 500 rostl o 1,45 %, zat\u00edmco technologick\u00fd Nasdaq 100 p\u0159id\u00e1val 3,14 %, co\u017e ukazuje na n\u00e1vrat optimismu k rizikov\u00fdm aktiv\u016fm. Zdroj: kryptomagazin.cz<\/p>\n<p>Obl\u00edben\u00e1 inflace Fedu kone\u010dn\u011b zam\u00ed\u0159ila dol\u016f<\/p>\n<p class=\"wp-block-paragraph\">Pozornost investor\u016f se soust\u0159edila na \u010dervnov\u00fd index v\u00fddaj\u016f na osobn\u00ed spot\u0159ebu PCE. Pr\u00e1v\u011b tento ukazatel pat\u0159\u00ed mezi hlavn\u00ed infla\u010dn\u00ed metriky, kter\u00e9 sleduje americk\u00e1 centr\u00e1ln\u00ed banka.<\/p>\n<p class=\"wp-block-paragraph\">Meziro\u010dn\u00ed PCE v \u010dervnu dos\u00e1hlo 3,7 %, p\u0159esn\u011b podle o\u010dek\u00e1v\u00e1n\u00ed trhu. Proti kv\u011btnov\u00fdm 4,1 % jde o pom\u011brn\u011b v\u00fdrazn\u00e9 zpomalen\u00ed.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1004\" height=\"753\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/pce-1.png\" alt=\"V\u00fdvoj americk\u00e9 inflace m\u011b\u0159en\u00e9 indexem PCE a j\u00e1drov\u00fdm PCE od \u010dervna 2025. Celkov\u00e1 inflace po kv\u011btnov\u00e9m r\u016fstu na 4,1 % v \u010dervnu 2026 zpomalila na 3,7 %, zat\u00edmco j\u00e1drov\u00e9 PCE z\u016fstalo nad 3 %.\" class=\"wp-image-280333\"  \/><\/p>\n<p>\t\tV\u00fdvoj americk\u00e9 inflace m\u011b\u0159en\u00e9 indexem PCE a j\u00e1drov\u00fdm PCE od \u010dervna 2025. Celkov\u00e1 inflace po kv\u011btnov\u00e9m r\u016fstu na 4,1 % v \u010dervnu 2026 zpomalila na 3,7 %, zat\u00edmco j\u00e1drov\u00e9 PCE z\u016fstalo nad 3 %. Zdroj: U.S. Bureau of Economic Analysis<\/p>\n<p class=\"wp-block-paragraph\">Kv\u011btnov\u00e1 hodnota nav\u00edc p\u0159edstavovala nejvy\u0161\u0161\u00ed \u00farove\u0148 za posledn\u00ed t\u0159i roky. \u010cervnov\u00e1 data tak ukon\u010dila p\u0159edchoz\u00ed r\u016fstov\u00fd trend.<\/p>\n<p class=\"wp-block-paragraph\">PCE se od klasick\u00e9ho indexu spot\u0159ebitelsk\u00fdch cen li\u0161\u00ed metodikou. Zachycuje \u0161ir\u0161\u00ed spektrum spot\u0159ebn\u00edch v\u00fddaj\u016f a pru\u017en\u011bji reaguje na zm\u011bny chov\u00e1n\u00ed dom\u00e1cnost\u00ed, nap\u0159\u00edklad kdy\u017e spot\u0159ebitel\u00e9 kv\u016fli rostouc\u00edm cen\u00e1m p\u0159ech\u00e1zej\u00ed k levn\u011bj\u0161\u00edm alternativ\u00e1m.<\/p>\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto mu Fed p\u0159i hodnocen\u00ed infla\u010dn\u00edch tlak\u016f v\u011bnuje velkou pozornost.<\/p>\n<p>Prvn\u00ed mezim\u011bs\u00ed\u010dn\u00ed pokles od roku 2020<\/p>\n<p class=\"wp-block-paragraph\">\u010cervnov\u00e1 \u010d\u00edsla p\u0159inesla je\u0161t\u011b jeden d\u016fle\u017eit\u00fd sign\u00e1l. PCE zaznamenalo prvn\u00ed mezim\u011bs\u00ed\u010dn\u00ed pokles od roku 2020, \u010d\u00edm\u017e p\u0159eru\u0161ilo dlouh\u00e9 obdob\u00ed bez podobn\u00e9ho v\u00fdvoje.<\/p>\n<p class=\"wp-block-paragraph\">Americk\u00fd \u00da\u0159ad pro ekonomickou anal\u00fdzu (BEA) z\u00e1rove\u0148 uvedl, \u017ee nomin\u00e1ln\u00ed osobn\u00ed p\u0159\u00edjmy b\u011bhem \u010dervna podpo\u0159il zejm\u00e9na r\u016fst odm\u011bn zam\u011bstnanc\u016f, p\u0159\u00edjm\u016f z aktiv a vl\u00e1dn\u00edch soci\u00e1ln\u00edch d\u00e1vek. \u010c\u00e1st r\u016fstu naopak vykompenzoval pokles p\u0159\u00edjm\u016f zem\u011bd\u011blsk\u00fdch podnikatel\u016f.<\/p>\n<p class=\"wp-block-paragraph\">Spot\u0159ebitel\u00e9 v\u0161ak d\u00e1l utr\u00e1celi. Nomin\u00e1ln\u00ed osobn\u00ed spot\u0159ebn\u00ed v\u00fddaje vzrostly o 65,2 miliardy dolar\u016f. Z toho 58,2 miliardy p\u0159ipadalo na slu\u017eby a dal\u0161\u00edch 7 miliard na zbo\u017e\u00ed.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"882\" height=\"785\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/bureau.png\" alt=\"Americk\u00e9 spot\u0159ebitelsk\u00e9 v\u00fddaje v \u010dervnu 2026 vzrostly celkem o 65,2 miliardy dolar\u016f. Nejv\u011bt\u0161\u00ed p\u0159\u00edr\u016fstky zaznamenalo zdravotnictv\u00ed, automobily a finan\u010dn\u00ed slu\u017eby, zat\u00edmco v\u00fddaje za benz\u00edn a dal\u0161\u00ed energetick\u00e9 produkty v\u00fdrazn\u011b klesly.\" class=\"wp-image-280334\"  \/><\/p>\n<p>\t\tAmerick\u00e9 spot\u0159ebitelsk\u00e9 v\u00fddaje v \u010dervnu 2026 vzrostly celkem o 65,2 miliardy dolar\u016f. Nejv\u011bt\u0161\u00ed p\u0159\u00edr\u016fstky zaznamenalo zdravotnictv\u00ed, automobily a finan\u010dn\u00ed slu\u017eby, zat\u00edmco v\u00fddaje za benz\u00edn a dal\u0161\u00ed energetick\u00e9 produkty v\u00fdrazn\u011b klesly. Zdroj: U.S. Bureau of Economic Analysis<\/p>\n<p class=\"wp-block-paragraph\">To je d\u016fle\u017eit\u00fd detail. <a href=\"https:\/\/kryptomagazin.cz\/co-je-inflace\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Inflace<\/a> sice zpomalila, americk\u00e1 spot\u0159eba v\u0161ak nezamrzla. Pro finan\u010dn\u00ed trhy jde obecn\u011b o p\u0159\u00edzniv\u011bj\u0161\u00ed kombinaci ne\u017e prudk\u00fd pokles inflace zp\u016fsoben\u00fd v\u00fdrazn\u00fdm ochlazen\u00edm ekonomick\u00e9 aktivity.<\/p>\n<p>Inflace st\u00e1le v\u00fdrazn\u011b p\u0159ekra\u010duje c\u00edl Fedu<\/p>\n<p class=\"wp-block-paragraph\">\u010cervnov\u00fd v\u00fdsledek ale nelze interpretovat pouze pozitivn\u011b. Hodnota 3,7 % z\u016fst\u00e1v\u00e1 vysoko nad \u00farovn\u00ed, kterou by americk\u00e1 centr\u00e1ln\u00ed banka cht\u011bla dlouhodob\u011b vid\u011bt.<\/p>\n<p class=\"wp-block-paragraph\">Fed usiluje o 2% inflaci, tak\u017ee sou\u010dasn\u00e9 tempo z\u016fst\u00e1v\u00e1 t\u00e9m\u011b\u0159 dvojn\u00e1sobn\u00e9. Tradingov\u00fd port\u00e1l The Kobeissi Letter nav\u00edc upozornil, \u017ee 3,7 % p\u0159edstavuje druhou nejvy\u0161\u0161\u00ed hodnotu od \u0159\u00edjna 2024.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"748\" height=\"316\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/letter-2.png\" alt=\"The Kobeissi Letter upozor\u0148uje na zpomalen\u00ed americk\u00e9 inflace PCE v \u010dervnu na 3,7 %, zat\u00edmco j\u00e1drov\u00e1 inflace klesla na 3,3 %. Navzdory poklesu z\u016fst\u00e1v\u00e1 inflace st\u00e1le t\u00e9m\u011b\u0159 dvojn\u00e1sobn\u00e1 oproti 2% c\u00edli Fedu.\" class=\"wp-image-280335\"  \/><\/p>\n<p>\t\tThe Kobeissi Letter upozor\u0148uje na zpomalen\u00ed americk\u00e9 inflace PCE v \u010dervnu na 3,7 %, zat\u00edmco j\u00e1drov\u00e1 inflace klesla na 3,3 %. Navzdory poklesu z\u016fst\u00e1v\u00e1 inflace st\u00e1le t\u00e9m\u011b\u0159 dvojn\u00e1sobn\u00e1 oproti 2% c\u00edli Fedu. Zdroj: The Kobeissi Letter\/X.com<\/p>\n<p class=\"wp-block-paragraph\">Ekonom Steve Hanke z Johns Hopkins University situaci popsal je\u0161t\u011b skepti\u010dt\u011bji. Inflaci p\u0159irovnal k d\u017einovi, kter\u00e9ho se Fedu neda\u0159\u00ed dostat zp\u011bt do lahve.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1214\" height=\"846\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/pce-2.png\" alt=\"V\u00fdvoj celkov\u00e9 a j\u00e1drov\u00e9 inflace PCE ukazuje, \u017ee cenov\u00e9 tlaky v USA z\u016fst\u00e1vaj\u00ed v\u00fdrazn\u011b nad 2% c\u00edlem Fedu. \u010cervnov\u00e1 PCE inflace sice zpomalila z 4,1 % na 3,7 %, podle ekonoma Stevea Hankeho v\u0161ak Fed st\u00e1le nem\u00e1 inflaci pod kontrolou.\" class=\"wp-image-280336\"  \/><\/p>\n<p>\t\tV\u00fdvoj celkov\u00e9 a j\u00e1drov\u00e9 inflace PCE ukazuje, \u017ee cenov\u00e9 tlaky v USA z\u016fst\u00e1vaj\u00ed v\u00fdrazn\u011b nad 2% c\u00edlem Fedu. \u010cervnov\u00e1 PCE inflace sice zpomalila z 4,1 % na 3,7 %, podle ekonoma Stevea Hankeho v\u0161ak Fed st\u00e1le nem\u00e1 inflaci pod kontrolou. Zdroj: Steve Hanke \/ U.S. Bureau of Labor Statistics \/ St. Louis Fed<\/p>\n<p class=\"wp-block-paragraph\">J\u00e1 bych proto jedno p\u0159\u00edzniv\u00e9 \u010d\u00edslo nepova\u017eoval za potvrzen\u00ed definitivn\u00edho obratu. Sm\u011br je pro rizikov\u00e1 aktiva pozitivn\u00ed, ale Fed pot\u0159ebuje vid\u011bt del\u0161\u00ed s\u00e9rii klesaj\u00edc\u00ed inflace, ne\u017e m\u016f\u017ee v\u00fdrazn\u011bji zm\u011bnit p\u0159\u00edstup k m\u011bnov\u00e9 politice.<\/p>\n<p>Fed sazby nezm\u011bnil<\/p>\n<p class=\"wp-block-paragraph\">Nov\u00e1 data p\u0159ich\u00e1zej\u00ed jen den pot\u00e9, co Feder\u00e1ln\u00ed rezervn\u00ed syst\u00e9m rozhodoval o \u00farokov\u00fdch sazb\u00e1ch. Centr\u00e1ln\u00ed banka je na posledn\u00edm zased\u00e1n\u00ed ponechala v p\u00e1smu 3,50 a\u017e 3,75 %.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1766\" height=\"748\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/sazby.png\" alt=\"V\u00fdvoj z\u00e1kladn\u00edch \u00farokov\u00fdch sazeb v USA za posledn\u00edch deset let. Fed po vrcholu na 5,25\u20135,50 % postupn\u011b sazby sn\u00ed\u017eil a 29. \u010dervence 2026 ponechal c\u00edlov\u00e9 p\u00e1smo na 3,50\u20133,75 %.\" class=\"wp-image-280339\"  \/><\/p>\n<p>\t\tV\u00fdvoj z\u00e1kladn\u00edch \u00farokov\u00fdch sazeb v USA za posledn\u00edch deset let. Fed po vrcholu na 5,25\u20135,50 % postupn\u011b sazby sn\u00ed\u017eil a 29. \u010dervence 2026 ponechal c\u00edlov\u00e9 p\u00e1smo na 3,50\u20133,75 %. Zdroj: kryptomagazin.cz<\/p>\n<p class=\"wp-block-paragraph\">Zaj\u00edmav\u011bj\u0161\u00ed ne\u017e samotn\u00e9 rozhodnut\u00ed byl rostouc\u00ed n\u00e1zorov\u00fd rozd\u00edl uvnit\u0159 Feder\u00e1ln\u00edho v\u00fdboru pro voln\u00fd trh (FOMC). Ne v\u0161ichni jeho \u010dlenov\u00e9 toti\u017e pova\u017euj\u00ed sou\u010dasn\u00e9 nastaven\u00ed m\u011bnov\u00e9 politiky za optim\u00e1ln\u00ed.<\/p>\n<p class=\"wp-block-paragraph\">Pro Bitcoin maj\u00ed sazby v\u00fdznam hlavn\u011b prost\u0159ednictv\u00edm glob\u00e1ln\u00ed likvidity a ochoty investor\u016f podstupovat riziko. Vy\u0161\u0161\u00ed v\u00fdnosy bezpe\u010dn\u00fdch aktiv obvykle vytv\u00e1\u0159ej\u00ed pro rizikov\u00e9 investice siln\u011bj\u0161\u00ed konkurenci.<\/p>\n<p class=\"wp-block-paragraph\">Pokles sazeb m\u016f\u017ee naopak \u010d\u00e1st kapit\u00e1lu p\u0159esouvat sm\u011brem k akci\u00edm a kryptom\u011bn\u00e1m. Tento vztah ale nen\u00ed mechanick\u00fd a do ceny BTC sou\u010dasn\u011b vstupuje \u0159ada dal\u0161\u00edch faktor\u016f.<\/p>\n<p>Budouc\u00ed rozhodnut\u00ed Fedu mohou bitcoin ovliv\u0148ovat m\u00e9n\u011b<\/p>\n<p class=\"wp-block-paragraph\">Investi\u010dn\u00ed \u0159editel spole\u010dnosti Bitwise Matt Hougan o\u010dek\u00e1v\u00e1, \u017ee budouc\u00ed zm\u011bny <a href=\"https:\/\/kryptomagazin.cz\/urokova-mira-sazba-vyznam-v-ekonomice-a-financnich-trzich\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u00farokov\u00fdch sazeb<\/a> u\u017e nemus\u00ed m\u00edt na bitcoin tak v\u00fdrazn\u00fd dopad jako v minulosti.<\/p>\n<p class=\"wp-block-paragraph\">Jeho argument vych\u00e1z\u00ed z velikosti p\u0159edchoz\u00edch pohyb\u016f sazeb. Bitcoin b\u011bhem sv\u00e9 historie za\u017eil obdob\u00ed, kdy sazby postupn\u011b p\u0159e\u0161ly z nuly na 2,5 %, n\u00e1sledn\u011b se vr\u00e1tily k nule, vystoupaly k 5 % a pozd\u011bji klesly p\u0159ibli\u017en\u011b na 3,5 %.<\/p>\n<p class=\"wp-block-paragraph\">\u0160lo tedy o zm\u011bny v \u0159\u00e1du cel\u00fdch procentn\u00edch bod\u016f. Podle Hougana by budouc\u00ed \u00fapravy m\u011bly b\u00fdt podstatn\u011b men\u0161\u00ed.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1262\" height=\"817\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/fund-rate.png\" alt=\"Historick\u00fd v\u00fdvoj z\u00e1kladn\u00ed \u00farokov\u00e9 sazby Fedu ukazuje, \u017ee bitcoin za\u017eil obdob\u00ed nulov\u00fdch sazeb i jejich r\u016fst nad 5 %. Matt Hougan z Bitwise o\u010dek\u00e1v\u00e1, \u017ee budouc\u00ed zm\u011bny sazeb budou m\u00edrn\u011bj\u0161\u00ed, a proto m\u016f\u017ee jejich vliv na cenu bitcoinu postupn\u011b sl\u00e1bnout.\" class=\"wp-image-280337\"  \/><\/p>\n<p>\t\tHistorick\u00fd v\u00fdvoj z\u00e1kladn\u00ed \u00farokov\u00e9 sazby Fedu ukazuje, \u017ee bitcoin za\u017eil obdob\u00ed nulov\u00fdch sazeb i jejich r\u016fst nad 5 %. Matt Hougan z Bitwise o\u010dek\u00e1v\u00e1, \u017ee budouc\u00ed zm\u011bny sazeb budou m\u00edrn\u011bj\u0161\u00ed, a proto m\u016f\u017ee jejich vliv na cenu bitcoinu postupn\u011b sl\u00e1bnout. Zdroj: Matt Hougan \/ Bitwise \/ X.com<\/p>\n<p class=\"wp-block-paragraph\">S odkazem na o\u010dek\u00e1v\u00e1n\u00ed odvozen\u00e1 z n\u00e1stroje <a href=\"https:\/\/kryptomagazin.cz\/fed-zasedani-jak-na-spravnou-interpretaci-fed-watch\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">FedWatch<\/a> spole\u010dnosti CME Group uvedl, \u017ee trh po\u010d\u00edt\u00e1 b\u011bhem p\u0159\u00ed\u0161t\u00edho roku s pohybem p\u0159ibli\u017en\u011b o 50 bazick\u00fdch bod\u016f, tedy 0,5 procentn\u00edho bodu.<\/p>\n<p class=\"wp-block-paragraph\">Pokud budou budouc\u00ed zm\u011bny skute\u010dn\u011b men\u0161\u00ed, jednotliv\u00e1 rozhodnut\u00ed Fedu mohou postupn\u011b ztr\u00e1cet schopnost vyvol\u00e1vat tak v\u00fdrazn\u00e9 pohyby BTC jako b\u011bhem p\u0159edchoz\u00edch let.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1306\" height=\"742\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/cme-5.png\" alt=\"CME FedWatch ukazuje, \u017ee trh p\u0159ed z\u00e1\u0159ijov\u00fdm zased\u00e1n\u00edm Fedu po\u010d\u00edt\u00e1 sp\u00ed\u0161e se zv\u00fd\u0161en\u00edm \u00farokov\u00fdch sazeb. Pravd\u011bpodobnost r\u016fstu c\u00edlov\u00e9ho p\u00e1sma na 3,75\u20134,00 % dosahuje 66,3 %, zat\u00edmco \u0161ance na ponech\u00e1n\u00ed sazeb na 3,50\u20133,75 % \u010din\u00ed 33,7 %.\" class=\"wp-image-280340\"  \/><\/p>\n<p>\t\tCME FedWatch ukazuje, \u017ee trh p\u0159ed z\u00e1\u0159ijov\u00fdm zased\u00e1n\u00edm Fedu po\u010d\u00edt\u00e1 sp\u00ed\u0161e se zv\u00fd\u0161en\u00edm \u00farokov\u00fdch sazeb. Pravd\u011bpodobnost r\u016fstu c\u00edlov\u00e9ho p\u00e1sma na 3,75\u20134,00 % dosahuje 66,3 %, zat\u00edmco \u0161ance na ponech\u00e1n\u00ed sazeb na 3,50\u20133,75 % \u010din\u00ed 33,7 %. Zdroj: kryptomagazin.cz<\/p>\n<p>Bitcoin m\u00e1 dnes jin\u00e9 zdroje popt\u00e1vky<\/p>\n<p class=\"wp-block-paragraph\">Argument mi d\u00e1v\u00e1 smysl, ale neznamen\u00e1 to, \u017ee m\u011bnov\u00e1 politika p\u0159estane b\u00fdt d\u016fle\u017eit\u00e1. Rozd\u00edl m\u016f\u017ee spo\u010d\u00edvat sp\u00ed\u0161e v tom, \u017ee bitcoin u\u017e nen\u00ed odk\u00e1zan\u00fd pouze na zm\u011bny makroekonomick\u00e9ho prost\u0159ed\u00ed.<\/p>\n<p class=\"wp-block-paragraph\">Na trhu dnes hraj\u00ed mnohem v\u011bt\u0161\u00ed roli spotov\u00e1 <a href=\"https:\/\/kryptomagazin.cz\/co-jsou-etf-fondy\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ETF<\/a>, institucion\u00e1ln\u00ed investo\u0159i, firemn\u00ed n\u00e1kupy a dlouhodob\u00ed dr\u017eitel\u00e9. Tyto zdroje popt\u00e1vky mohou \u010d\u00e1st vlivu \u00farokov\u00fdch sazeb tlumit.<\/p>\n<p class=\"wp-block-paragraph\">Pokud se sazby budou pohybovat jen v relativn\u011b \u00fazk\u00e9m p\u00e1smu, investo\u0159i mohou v\u011bnovat v\u00edce pozornosti skute\u010dn\u00fdm kapit\u00e1lov\u00fdm tok\u016fm do bitcoinu ne\u017e ka\u017ed\u00e9mu jednotliv\u00e9mu rozhodnut\u00ed centr\u00e1ln\u00ed banky.<\/p>\n<p class=\"wp-block-paragraph\">To by p\u0159edstavovalo pom\u011brn\u011b z\u00e1sadn\u00ed zm\u011bnu proti obdob\u00ed, kdy t\u00e9m\u011b\u0159 ka\u017ed\u00e1 infla\u010dn\u00ed statistika nebo projev \u0161\u00e9fa Fedu dok\u00e1zaly vyvolat v\u00fdraznou volatilitu nap\u0159\u00ed\u010d kryptom\u011bnov\u00fdm <a href=\"https:\/\/kryptomagazin.cz\/co-je-to-trh\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">trhem<\/a>.<\/p>\n<p>Nov\u00e9 veden\u00ed Fedu m\u016f\u017ee p\u0159in\u00e9st dal\u0161\u00ed zm\u011bnu<\/p>\n<p class=\"wp-block-paragraph\">Hougan z\u00e1rove\u0148 o\u010dek\u00e1v\u00e1, \u017ee nov\u00fd p\u0159edseda Fedu Kevin Warsh m\u016f\u017ee p\u0159i \u00faprav\u00e1ch sazeb postupovat sp\u00ed\u0161e po men\u0161\u00edch kroc\u00edch. V tomto ohledu p\u0159ipom\u00edn\u00e1 styl n\u011bkdej\u0161\u00edho \u0161\u00e9fa centr\u00e1ln\u00ed banky Alana Greenspana.<\/p>\n<p class=\"wp-block-paragraph\">Takov\u00fd p\u0159\u00edstup by se li\u0161il od obdob\u00ed pod Jeromem Powellem, b\u011bhem kter\u00e9ho Fed musel reagovat na mimo\u0159\u00e1dnou inflaci po pandemii a provedl n\u011bkolik velmi agresivn\u00edch zm\u011bn m\u011bnov\u00e9 politiky.<\/p>\n<p class=\"wp-block-paragraph\">Donald Trump p\u0159ed Warshov\u00fdm n\u00e1stupem opakovan\u011b nazna\u010doval, \u017ee o\u010dek\u00e1v\u00e1 sp\u00ed\u0161e uvoln\u011bn\u011bj\u0161\u00ed p\u0159\u00edstup k sazb\u00e1m. M\u011bk\u010d\u00ed m\u011bnov\u00e1 politika by za jinak stejn\u00fdch podm\u00ednek mohla podpo\u0159it rizikov\u00e1 aktiva v\u010detn\u011b bitcoinu.<\/p>\n<p class=\"wp-block-paragraph\">Rozhoduj\u00edc\u00ed ale bude skute\u010dn\u00fd v\u00fdvoj inflace. Pokud se PCE udr\u017e\u00ed v\u00fdrazn\u011b nad 2% c\u00edlem, prostor pro v\u00fdrazn\u011bj\u0161\u00ed uvol\u0148ov\u00e1n\u00ed m\u011bnov\u00e9 politiky z\u016fstane omezen\u00fd bez ohledu na preference politik\u016f.<\/p>\n<p>Z\u00e1v\u011bre\u010dn\u00fd koment\u00e1\u0159<\/p>\n<p class=\"wp-block-paragraph\">\u010cervnov\u00e9 PCE p\u0159ineslo trhu \u00falevu. Inflace zpomalila ze 4,1 na 3,7 % a mezim\u011bs\u00ed\u010dn\u011b klesla poprv\u00e9 od roku 2020. Spole\u010dn\u011b s o\u017eiven\u00edm technologick\u00fdch <a href=\"https:\/\/kryptomagazin.cz\/co-jsou-akcie\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">akci\u00ed<\/a> to bitcoinu pomohlo udr\u017eet oblast kolem 64 500 dolar\u016f.<\/p>\n<p class=\"wp-block-paragraph\">Z jednoho \u010d\u00edsla bych ale velk\u00fd obrat ned\u011blal. Inflace z\u016fst\u00e1v\u00e1 t\u00e9m\u011b\u0159 dvojn\u00e1sobn\u00e1 proti c\u00edli Fedu a spot\u0159ebitelsk\u00e9 v\u00fddaje d\u00e1l rostou. Centr\u00e1ln\u00ed banka tak zat\u00edm nem\u00e1 d\u016fvod vyhl\u00e1sit v\u00edt\u011bzstv\u00ed.<\/p>\n<p class=\"wp-block-paragraph\">Pro bitcoin bude podle m\u011b zaj\u00edmav\u011bj\u0161\u00ed, zda postupn\u011b klesne jeho citlivost na ka\u017ed\u00e9 rozhodnut\u00ed Fedu. Pokud budou budouc\u00ed zm\u011bny sazeb men\u0161\u00ed a hlavn\u00ed roli p\u0159evezmou ETF, institucion\u00e1ln\u00ed n\u00e1kupy a dal\u0161\u00ed kapit\u00e1lov\u00e9 toky, BTC m\u016f\u017ee b\u00fdt \u010dasem m\u00e9n\u011b z\u00e1visl\u00fd na ka\u017ed\u00e9m makroekonomick\u00e9m \u010d\u00edsle z USA. Zat\u00edm ale PCE i sazby z\u016fst\u00e1vaj\u00ed faktory, kter\u00e9 rozhodn\u011b nelze ignorovat.<\/p>\n<p class=\"wp-block-paragraph\">Mysl\u00edte si, \u017ee bitcoin postupn\u011b p\u0159est\u00e1v\u00e1 reagovat na rozhodnut\u00ed Fedu, nebo budou inflace a \u00farokov\u00e9 sazby d\u00e1l ur\u010dovat sm\u011br kryptom\u011bnov\u00e9ho trhu? Dejte n\u00e1m v\u011bd\u011bt sv\u016fj n\u00e1zor v koment\u00e1\u0159\u00edch.<\/p>\n<p class=\"ub_call_to_action_headline_text\" style=\"font-size: 30px; text-align: center; \">P\u0159idejte si n\u00e1\u0161 web mezi sledovan\u00e9 zdroje na Google News<\/p>\n<p class=\"ub_cta_content_text\" style=\"font-size: 15px; text-align: center; \">A\u0165 v\u00e1m neunikne \u017e\u00e1dn\u00e1 novinka ze sv\u011bta kryptom\u011bn<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin ve \u010dtvrtek ust\u00e1l dal\u0161\u00ed d\u016fle\u017eit\u00fd makroekonomick\u00fd test a pohyboval se kolem 64 700 dolar\u016f. \u00dalevu p\u0159ineslo zm\u00edrn\u011bn\u00ed&hellip;\n","protected":false},"author":2,"featured_media":164915,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,183,3244,15927,67,68,1688,686,16268,40887,62,12592],"class_list":["post-164914","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-aktuality","tag-bitcoin","tag-btc","tag-business","tag-byznys","tag-fed","tag-inflace","tag-kryptomena","tag-pce","tag-trh","tag-usd"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117019096450653435","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/164914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=164914"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/164914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/164915"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=164914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=164914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=164914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}