Mitsubishi UFJ suddenly changed its tune: it no longer says that there will be no rate hike this year. Instead, it now directly forecasts that the Federal Reserve will raise rates by 25 basis points in September. The reason: Warsh’s hawkish remarks at Jackson Hole, along with August’s employment data and CPI, were simply too hot. To be honest, this forecast surprised me a bit, because the market had been debating the timing of possible rate cuts. Then suddenly a top-tier institution calls for a rate hike—completely different vibes. If there really is a rate hike in September, short-term pressure on $BTC and $ETH will be very high; tighter liquidity has never been a friend to crypto. But interestingly, they think there won’t be a follow-up hike in October, because the midterm elections are right around the corner—so it could be a slap for now and then a pause. Here’s the question: if the market has already priced in the rate-hike expectations early, then the decline may have already happened halfway. Do you think this is a “bad news already priced in” situation, or is the storm just beginning?