Two negatives and two positives overnight: Macro tightening, but Crypto policies are speeding up The Fed, under Waller's first rate hike, raised rates by 25bp, bringing them to 3.75%–4.00%, with a clearly hawkish stance: Out of 18 officials, 16 expect at least one more hike before the end of the year. Trump immediately went public, saying: U.S. interest rates should drop to 1% or even lower. Waller still chose to hike rates, sending a very clear signal to the market: the White House can apply pressure, but the Fed's monetary policy isn’t following Trump’s lead. For risk assets, this is a liquidity negative, but the signal of Fed independence is actually stronger.