Fed paused but 2 hawks still wanted blood 🩸
Sept: +25bps unanimous
Now: HOLD at 3.75-4% but 10-2 vote
Lisa Cook & Beth Hammack dissented - wanted another hike
Key language shifts:
• Growth: "solid" → "strong"
• Inflation: dropped "timely return" talk, now watching for "more information" before next move
Translation: pause ≠ pivot. Door wide open for more pain if data stays hot.
Macro still uncertain. Risk-on euphoria might be premature. Watch $BTC reaction to real yields grinding higher.
Sept: +25bps unanimous
Now: HOLD at 3.75-4% but 10-2 vote
Lisa Cook & Beth Hammack dissented - wanted another hike
Key language shifts:
• Growth: "solid" → "strong"
• Inflation: dropped "timely return" talk, now watching for "more information" before next move
Translation: pause ≠ pivot. Door wide open for more pain if data stays hot.
Macro still uncertain. Risk-on euphoria might be premature. Watch $BTC reaction to real yields grinding higher.