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XRP Federal Reserve Chairman Kevin Walsh put inflation back at the heart of the monetary policy debate on Friday, warning that if price pressures fail to ease, the central bank may still need to do more.
In a speech at the Federal Reserve's annual Jackson Hole Symposium on August 28, Walsh said that underlying inflation requires clear progress towards the central bank's 2% target. He said: "We must be confident that underlying inflation is moving clearly towards the goal with sufficient speed. Otherwise, we still have work to do."
Walsh pointed out that recent data "don't tell me that underlying trends have improved significantly" and noted that inflation, as measured by the Federal Reserve's preferred personal consumption expenditure index, remained at 3.7% in July. The comments were one of Washi's clearest signals yet that higher interest rates may still be needed. He also said that "short-term interest rates are the main tool for fulfilling the Fed's responsibilities" but did not provide clear guidance for the future.
The market quickly repriced expectations. Forecast market data shows that the probability of the Federal Reserve raising interest rates in 2026 will jump from about 56% in the morning of that day to about 69%. It was also reported that market expectations for a September interest rate hike rose after the speech, while two-year U.S. Treasury yields hit their highest level in about a month.
This shift affected the cryptocurrency market, with the total market value falling by approximately 0.9% to US$2.65 trillion. Higher interest rates could put pressure on risky assets such as cryptocurrencies, as it increases borrowing costs and increases returns on low-risk investments. As of press time, Bitcoin was trading at US$79432, down 1.02% in 24 hours; Ethereum was trading at US$2507, down 0.16%; Ripple was trading at US$1.43, down 1.95%.
