贝森特告诉美联储“观望”，因为战争驱动的通胀给比特币带来了阴影

Treasury Secretary Scott Bessent's call for the Fed to hold off on rate cuts reflects a problem that reaches far beyond Washington: war-driven inflation is keeping the door to cheaper money shut. Reuters reported that Bessent urged caution because the Iran conflict is lifting fuel costs and complicating the inflation outlook. The Fed's own March minutes told pretty much the same story: officials warned that higher oil prices could lift inflation in the near term, delay the return to 2% , and, if sustained, pass through into core prices. Futures markets had already shifted toward fewer cuts, with no reduction fully priced until December at that time. When crude rises because of geopolitical conflict, gasoline, shipping, food production, and logistics all get more expensive, and inflation can climb even in an economy that isn't running hot. That leaves the Fed trapped: cut too early and risk validating higher prices, or hold rates and risk squeezing consumers and businesses that are already struggling . Officials acknowledged the tension explicitly, noting that inflation risks had increased while employment risks were tilting to the downside. Related Reading Strong US jobs report delays Fed relief as Bitcoin faces its next macro test A hotter payrolls print pushed rate-cut hopes out, leaving Bitcoin vulnerable unless the next labor data weakens. Apr 5, 2026 · Gino Matos This creates a very specific problem for Bitcoin price . The crypto market's most powerful bullish narrative over the past year has been that weakening growth and softening inflation would force the Fed to ease, driving liquidity into risk assets. An oil shock disrupts every link in that chain. Growth fears rise, but the Fed still hesitates because inflation isn't cooperating, and Bitcoin loses a macro tailwind it has leaned on repeatedly during past easing cycles. Why the Fed is making Bitcoin less secure The connection between rate expectations and crypto runs through three channels. First, the cost