Last night, Powell's final dance didn’t stir up much in the market, just casually drew another box—already used to it. The market's lack of reaction to the new version of QE is truly giving no face. Bitcoin, which is supposed to be the most sensitive to liquidity, really shouldn’t be this weak. But the most noteworthy thing from last night: the expectation of cutting rates directly to 2% next year, as Trump hopes, has started to appear in the Fed.