The US Federal Reserve Chairman, Jerome Powell, stated that the bank is focusing on inflation expectations rather than short-term oil price shocks. This sentiment was not enough to offset a surge in oil prices, which led to lower U.S. stocks and a decrease in the value of bitcoin. The 10-year Treasury yield dropped nine basis points to 4.35%, and the 2-year yield dropped eight basis points. The odds of one or more Fed rate hikes in 2026 have also dropped to 5% from 25% on Friday.