Finance

Recent rhetoric from Federal Reserve officials, including New York Fed Chief John Williams, has fueled market expectations for multiple rate hikes through the end of the year. Central bank projections and macroeconomic resilience suggest that borrowing costs will likely remain higher for longer than Wall Street previously expected.

Oil prices continued their upward trajectory, with international benchmark Brent crude surpassing $105 per barrel and West Texas Intermediate climbing past $93. The persistent rise in energy costs has complicated the global inflation outlook, accelerating the broader market sell-off.

After recently reaching eight-month highs near $87,400, Bitcoin dropped back toward the $83,500 range, dragging the broader digital asset market lower. This swift correction is largely attributed to mounting investor concern that the Federal Reserve will implement consecutive rate hikes in the final quarter of the year.