Federal Reserve officials Austan Goolsbee and Christopher Waller said inflation remains a significant U.S. policy challenge even as the labor market stays stable. Waller took a notably hawkish stance, saying the Federal Reserve should stop signaling rate cuts, keep policy on hold for now, and remain open to another rate hike if inflation does not continue easing. He said inflation will drive upcoming decisions, warned that expectations could become unanchored, and linked upside inflation risks in part to rising energy prices tied to the Iran conflict. His remarks also prompted a move in U.S. Treasury yields as investors reassessed the path of interest rates and the balance between controlling inflation and supporting growth. Markets reflected the shift, with traders fully pricing in a 25 basis-point Federal Reserve rate increase by the end of 2026. For crypto markets, the combined message supports a higher-for-longer rate backdrop that can weigh on liquidity and risk appetite.