The FOMC report is out. FOMC means the group inside the US Federal Reserve that decides interest rates. Today they increased the US interest rate by 0.25%, taking it to 3.75%–4.00%. In very simple words, when interest rates go up, borrowing money becomes more expensive and there is less easy money in the market. That can put pressure on Bitcoin, crypto and stocks. We care so much about US rates because the US dollar is the world’s main currency and US financial markets affect money flows around the world. Kevin Warsh is the Chairman of the Federal Reserve, and at 11:30 PM Pakistan time he will explain what the Fed may do next. While watching him on YouTube, you do not need to understand every sentence. Listen for these words: “Further tightening” means more rate hikes may come, usually negative for risk assets. “Inflation remains elevated” means inflation is still a problem, also hawkish. “Higher for longer” means rates may stay high for longer, generally negative for crypto and stocks. “Data dependent” means the Fed has not decided the next move yet and will wait for new economic data. “No preset path” means future hikes are not guaranteed, which is a softer message. Most importantly, watch the US 2-year yield, 10-year yield and the dollar (DXY) while he speaks. If yields and the dollar start falling while Bitcoin rises, the market is taking his message positively for risk assets. If yields and the dollar rise, the market is reading him as hawkish.