Macro Markets

Bitcoin climbed back toward the $60,000 level after Fed Chair Kevin Warsh said inflation risks have come down and reaffirmed the central bank’s 2% target. Warsh also pointed to AI-driven investment as a possible force that could expand the economy and reshape future policy.

Bitcoin is falling alongside gold and silver as investors unwind the debasement trade that had supported scarce assets. A hawkish Federal Reserve and a stronger dollar are pushing real yields higher, reducing demand for non-yielding hedges.

Gold and silver have retreated sharply from their 2025 highs as markets reassess the debasement trade. Bitcoin has held up better against the metals, but all three assets continue to trail U.S. equities.