Waller's conditional openness to a September rate hold — contingent on benign August inflation — pushed Bitcoin above $80,000 and lifted Ethereum and XRP, with the Sept. 11 CPI report set to decide whether the rally holds.
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Bitcoin tops $80,000 as Fed's Waller backs September rate hold
Bitcoin climbed above $80,000 after Fed Governor Christopher Waller backed leaving the policy rate unchanged at the Sept. 15 meeting if August inflation cools.
"My decision on the appropriate stance of policy will be heavily influenced by what we learn about August inflation," Waller said in prepared remarks to a Reuters NEXT Newsmaker event in Washington on Thursday.
The current 3.50%-3.75% policy rate is "only slightly restricting aggregate demand," Waller said, warning that "it may not take much acceleration in inflation to nudge me into supporting tighter policy." He described inflation as "meaningfully above" the Fed's 2 percent target but making "slow but continued progress" toward it.
The remarks eased rate-hike bets that had built after Fed Chairman Kevin Warsh signaled last week at the Jackson Hole symposium that the central bank might have "more work to do." Wall Street investors had sharply increased wagers on a quarter-point hike this month, and stocks rose while bond yields fell in response to Waller's comments.
Ethereum and XRP joined Bitcoin's advance, extending a broad risk-on move across digital assets that tracks the repricing in rate expectations. A hold would keep borrowing costs where they are and ease pressure on speculative assets, while a hike would tighten conditions across the crypto complex.
The decisive test comes Sept. 11, when the government releases August consumer price index data. If the report shows inflation cooling, Waller said he "would be inclined" to keep the benchmark rate unchanged; if it comes in hot, he would consider a hike. "I'm willing to sit and wait and be patient," he said, "but if it reverses, then you know it's time to pull the trigger and hike rates."
New York Fed President John Williams echoed the wait-and-see stance, saying Wednesday he has been encouraged by recent inflation data but wants more evidence before judging whether policy is restrictive enough. The Fed's preferred gauge showed prices ticked down 0.1 percent from May to June and rose 0.2 percent from June to July, while annual inflation stood at 3.7 percent.
For Bitcoin, the $80,000 level now serves as near-term support after the breakout, with the September meeting and the CPI print determining whether the move extends or stalls. A benign inflation reading would likely reinforce the case for a hold and draw fresh capital into BTC, ETH and XRP, while an upside surprise risks a sharp reversal as traders unwind positions built on rate-hold expectations.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitcoin Hits $80,000, Ethereum, XRP Rally as Fed's Waller Says He's 'Willing to Support' Rate Hold[2] Fed's Waller open to leaving rates unchanged at September meeting if inflation cools[3] Fed rate-hike bets ebb after Waller's inflation comments[4] The Fed’s Waller Says He’d Hold Rates Steady — But His “If” Is Doing a Lot of Heavy Lifting[5] Fed's Waller Says Central Bank's Next Rate Move Depends on Upcoming Inflation Report
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