Kevin Warsh is about to do something no one outside the Federal Reserve has done in over a decade: chair an FOMC meeting for the first time. Markets are treating it like a routine hold-the-line event. That complacency might be the riskiest trade on the board right now.
Bitcoin dipped below $66K with a 24-hour decline of 0.8%. Ethereum slid 1.0% to hover near $1,758. Solana held relatively steady at around $73, shedding just 0.4%. XRP eased to $1.20. The moves are modest. The anxiety underneath them is not.
The calm before the press conference
Consensus among traders is that rates will hold steady at this meeting. Nobody seriously expects Warsh to walk in on day one and cut or hike. The real event isn’t the rate decision at all.
It’s the policy statement. And, more importantly, the press conference that follows it.
