🏛️LIVE: The Fed's FOMC minutes drop TODAY at 2PM ET. This was Kevin Warsh’s first rate hike as Fed Chair in a unanimous 12-0 vote to raise rates to 3.75%-4.00%. What we already know: - dot plot shows one more hike in 2026 - inflation is still running too hot at ~3.7% - Oct hike probability had fallen to 22% - markets see 86% chance of another hike by Dec What to look for: 1. Did any officials want an even BIGGER hike? - YES: Bearish for stocks and crypto, bullish for the USD - NO: Relief rally possible 2. How many officials want more hikes? - "Many" or "Most": Higher odds of an October hike, risk assets could fall - "Some" or "Few": Lower odds of an October hike, risk assets could rise 3. Are they worried inflation is getting worse? - YES: More hikes priced in, pressure on stocks and crypto - NO: Markets may start pricing an end to hikes Expect volatility ⚠️