Jerome Powell signaled the bar for rate cuts is now higher, dashing hopes for immediate policy easin

Stocks Slide as Powell Hints at Higher Bar for Cuts—Oil Jumps Above $110

Markets got the message: rate cuts aren't coming easy. Powell signaled a higher threshold for easing, and stocks sold off. The Dow dropped 1.6%, the S&P hit its lowest since November (down 1.4%), and the Nasdaq fell 1.4%. Oil, however, kept climbing—Brent up nearly 7% to over $110, as energy stocks ripped higher.

The FOMC held rates at 3.5%-3.75% and even reopened the door to hikes. Inflation is sticky, thanks to tariffs and energy prices, and relief likely won't come until midyear. Powell also pledged policy continuity amid ongoing probes and said he won't step down if asked. The message? Steady as she goes—but the going is getting tougher.