#加密市场回升 Bitcoin Falls Below $80,000 After Warsh Vows to Bring Inflation Down

On Friday, Bitcoin fell back below $80,000. Earlier, Federal Reserve Chair Kevin Warsh vowed to bring inflation back to the target level, pushing short-term Treasury yields higher and cooling the upward momentum of risk assets this week.
The decline was modest and did not mark a trend reversal in the broader cryptocurrency rebound. Warsh said current financial conditions are not restrictive and emphasized that inflation must clearly move toward the Federal Reserve’s target. This reinforced market expectations that monetary policy may remain tight for longer. Bitcoin weakened alongside other rate-sensitive assets, but its price remains well above its level at the start of the month.
Fed Chair Warsh warned that inflation has not yet fallen materially, saying policymakers must confirm that inflation is genuinely improving; otherwise, the Federal Reserve “still has work to do.” This was a major public speech by Warsh since taking office as Fed chair in May this year. He reiterated that policymakers must restore inflation to the 2% target, which is firm and unwavering. “My standard is as follows: We must be confident that core inflation is clearly moving toward the target, and at a sufficiently fast pace. If not, we have more work to do, and that is our responsibility,” Warsh said on Friday at the global central bank conference in Jackson Hole, Wyoming. Warsh added that financial conditions are not restrictive at present and that interest rates are the Federal Reserve’s “primary tool” for fulfilling its policy mandate. However, he gave no clear signal that he would support a rate hike at the September policy meeting. “What I am committed to today is policy discipline, not predetermining any particular decision,” he said. The 2-year Treasury yield rose as much as 9 basis points to 4.32%, while the 30-year Treasury yield fell 2 basis points to 5.17%. This pricing reflected market expectations that the Federal Reserve may raise short-term rates.
Based on federal funds futures, the implied probability of a September rate hike rose from around 36% before the speech to above 50%. Omeyr Sharif, president of Inflation Insights, said: “Warsh fully explained to the market his views on the current data, especially inflation. Of course, he did not reveal the direction of future policy. From that perspective, this was a win-win for both Warsh and the market.”$BTC ‌