For the past two years, the main topic of market chatter has basically been 'When will rate cuts happen?' But the ones who actually make the decisions have always been the FOMC, not CT sentiment. The minutes from the April 28–29 meeting released today completely flipped the script: most members want to remove the 'easing bias' from the statement, and rate hikes are back on the table. Rate cuts are only being mentioned by a minority now, and even then, only if inflation clearly returns closer to the 2% target. What’s even more intriguing is the vote: 8 to 4 in favor, which is a pretty stark division compared to recent years. Among the 4 dissenting votes, 3 actually supported removing the 'easing bias,' meaning the debate isn’t about 'whether to be more hawkish,' but rather 'how hawkish is hawkish enough.' In their view, stubborn inflation, uncertainties from the Middle East conflict, and a more stable labor market are all reasons to keep tightening. For high-volatility assets like crypto, the narrative has shifted from 'liquidity will come eventually' to 'how long will high rates last, or could there even be another hike?' If inflation and the Middle East situation don’t cooperate in the coming months, the market might have to reprice risk appetite. So, would you rather side with the FOMC, or bet that they’ve once again overestimated inflation? #FederalReserve #RateHike #FOMC