Warsh Douses Bitcoin with Cold Water Amid Softer Inflation Prints

The price of Bitcoin (BTC) dipped to $78,442 on Bitstamp after US Federal Reserve Chair Kevin Warsh downplayed softer inflation prints in his keynote speech at the annual Jackson Hole Symposium.

Warsh stated that he sees no trend change in inflation despite recent lower PCE and CPI prints. He also committed to the Fed's 2% target and ruled out future forward guidance, which was previously used by the Fed during the Global Financial Crisis.

In his speech, Warsh dismissed the recent lower-than-expected inflation prints as a sign of a downtrend being in progress, stating that 'each of these broad inflation measures have fallen significantly from their highs of a few years ago, but progress through the past couple of years has been more modest'.