The teetering bond market received some good news on Monday, but it wasn’t enough to offset a continued surge in oil prices, which sent U.S. stocks lower and crypto giving up most of its gains.

Speaking at Harvard University, Federal Reserve Chairman Jerome Powell said the U.S. central bank — for the moment — is looking past short-term oil price shocks and focusing on inflation expectations that remain “well anchored.”

His comments helped soothe a bond market that had begun to seriously price in the chance of an imminent Fed rate hike. The U.S. 10-year Treasury yield fell nine basis points Monday to 4.35%, and the 2-year yield slid eight basis points to 3.83%.

The odds of one or more Fed rate hikes in 2026 tumbled to 5% from 25% on…