Bitcoin Slides as Inflation Jitters Resurface, Prompting Markets to Rethink Fed Rate Cut Expectations
• Bitcoin sells off 3% as macroeconomic concerns reemerge; inflation data comes in high • Producer Price Index for February higher than expected at 0.6% • 10-year Treasury yield rises back above 4% on inflation concerns • U.S. dollar breaks downtrend, rises 0.5% on Thursday • Markets pare back expectations for Fed rate cuts in 2024; no longer expect cut at March or May meetings