This week gave traders plenty of reasons to expect another risk-off reaction. The Fed raised rates, while the Senate failed to advance the CLARITY Act. Yet the market response has been surprisingly resilient. Bitcoin and crypto-related stocks initially sold off after the Senate vote, but markets later recovered strongly. Reports suggest investors had already been expecting the legislation to struggle, while the SEC and CFTC continued advancing crypto-related rules despite the congressional setback. That makes the current reaction interesting. Maybe the bad news was already priced in. Maybe traders are looking beyond the failed vote toward agency-led regulation. Either way, I’m watching the disconnect between the headlines and price action closely. Sometimes the market tells you more through what it refuses to do than what it actually does. #Macro Insights#