bitcoin rose back to the $60,000 level on Wednesday after Federal Reserve Chairman Kevin Warsh said inflation risks had eased while reaffirming the central bank’s commitment to returning inflation to its 2% target.
Warsh declined to provide guidance on the Federal Reserve’s upcoming interest rate decision, saying policymakers will discuss the incoming data at their meeting in four weeks, during a panel discussion at the European Central Bank’s annual forum in Sintra, Portugal.
Instead, he emphasized that the Federal Reserve remained focused on price stability.
“Inflation risks have diminished,” Warsh said. “If there were people in households or in the business sector, in the financial markets, who thought that this central bank was going to be comfortable with an inflation target higher than 2%, well, I guess they would be disappointed. We are going to achieve price stability in the United States.”
Bitcoin pared earlier losses to trade back around the $60,000 level, up more than 2% in the past 24 hours, according to CoinDesk Data.
