Bitcoin Turns Lower as Fed Chair Suggests Inflation No Longer ‘Transitory’

Bitcoin Turns Lower as Fed Chair Suggests Inflation No Longer ‘Transitory’
Bitcoin turned lower along with U.S. stocks after Federal Reserve Chair Jerome Powell said Tuesday it may be time to retire the term “transitory” as a way of describing inflation.Over the past year Powell and other officials at the U.S. central bank have repeatedly used that term to suggest the forces driving recent consumer-price increases might abate as the economy accelerates from coronavirus-related lockdowns.So the shift in messaging by Powell, during testimony before a U.S. Senate panel, might signal that authorities now see the inflationary pressures as longer-lasting – potentially indicating the bank might be less willing to continue the…