Bitcoin price action and stock futures trended lower after Fed governor Christopher Waller said that he would vote to raise interest rates by 0.25% at the December FOMC meeting.

Bitcoin (BTC) fell toward $74,000, and US stock futures dropped on Tuesday as a senior Federal Reserve official voiced support for hiking interest rates.

Data from TradingView showed BTC/USD reaching $74,080 on Bitstamp, down 1.3% on the day.

US stock market futures leaned lower as Fed governor Christopher Waller said that he would support hiking interest rates by 25 basis points at the next meeting of the Federal Open Market Committee (FOMC) on Dec. 9. At the time of writing, Nasdaq 100 futures were down 0.4%.

His decision, he added, would not be swayed by lower-than-expected inflation data. The October prints of the US Consumer Price Index (CPI) is due for release at 8.30 am Eastern time on Tuesday. It is expected to show a month-on-month increase of 0.3% versus September when the increase was 0.6%, pushed higher by rising fuel costs.

“While I am hoping for an improvement over September, even if this occurs, I would still support a 25 basis point increase in the FOMC’s policy rate at our December meeting,” Waller commented in a speech at the Bank of England Watchers Conference in London.

While CPI is particularly sensitive to fuel-price volatility, Waller also flagged high readings from the Personal Consumption Expenditures (PCE) index, known to be the Fed’s “preferred” inflation gauge and which he confirmed was the “measure targeted by the FOMC.”

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