Fed Board Member Christopher Wallen said Fed policy is on the right track to slow the economy and return inflation to 2 percent.
Evaluating the pace of the economy, Wallen said that October data showed a slackening in economic activity and that the forecasts for the fourth quarter were compatible with the process of reducing inflation.
Waller also added that if inflation continues to fall for another few months, there will be good economic arguments for lowering the policy rate.
Bitcoin price rose 2.9% throughout the day and exceeded $38,000 after Waller’s dovish comments, generally known for his hawkish statements.
Fed Board Member Michelle Bowman spoke at a different event and stated that she would support an interest rate increase if inflation progresses.