Bitcoin sinks below $71,000, stocks close at session lows, as 2026 rate cut hopes fade further

Fed chair Jerome Powell said rising energy prices are feeding into the inflation outlook, but "nobody knows" yet how lasting the impact will be. What to know : Federal Reserve Chair Jerome Powell said rising oil prices "for sure showed up" in policymakers' higher inflation outlook for this year, lifting their forecast to 2.7% from 2.4%. He pushed back on comparisons to 1970s-style stagflation, arguing that unemployment is near long-run norms and inflation is only modestly above target. Markets fell further following the Fed meeting results and Powell press conference, with bitcoin sliding back to $70,900 and the Nasdaq closing at its session low, down 1.5%.