Last night, the Fed hiked rates by 0.25%, passed unanimously with zero opposition. Another hike is highly likely in 2026. Waller added fuel to the fire by refusing to give forward guidance—no predictions on what’s next. Two takeaways from this meeting: First, stop dreaming about rate cuts anytime soon. Inflation isn’t dead yet, and the Fed wants the market to understand: if hikes are needed, they’ll hike—don’t expect them to go soft. Looks like the bull market will have to wait! Second, Waller sent a clear message to the market: the Fed isn’t the White House’s mouthpiece. Trump keeps calling for rate cuts, but they hiked instead and emphasized independence. The subtext is obvious: they hear the President, but rates won’t take orders. Meanwhile, the 10-year Treasury yield didn’t shoot past 5%, and the 30-year yield actually dropped by 3 basis points. The market expects short-term hikes but isn’t panicking about long-term inflation. The market’s numb at this point—hike all you want, Treasuries will still get bought. Same goes for crypto!