Today, markets are focused on the U.S. Federal Reserve’s interest rate decision, with widespread expectations that rates will remain unchanged. Despite the importance of the decision, I believe what comes afterward will matter more.

The real focus will be Fed Chair Kevin Warsh’s press conference and the signals he offers about the path of monetary policy in the coming months, particularly regarding inflation, the labor market, and the possibility of rate cuts. At meetings like these, the chair’s remarks may matter more than the rate decision itself—and may be the real catalyst for movements in the markets and crypto.

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