Bitcoin Tumbles Below $116K as Jerome Powell Delivers Hawkish Remarks

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Did U.S. Federal Reserve Chairman Jerome Powell just threaten to hike rates? At his post-meeting press conference following the Fed's Wednesday decision to hold interest rates steady, Powell continued to insist that the president's tariff policy risks igniting inflation. "Increased tariffs are pushing up prices," said Powell. "Near-term measures of inflation expectations have moved up." "You could say," Powell continued, "the Fed is looking through inflation by not hiking [rates]." Markets didn'...