Jerome Powell’s latest press conference took markets by surprise twice.

The first shock came when the Fed voted to keep rates unchanged, defying expectations of a more aggressive move. The second — and even bigger — surprise was Powell’s hint that a December rate cut isn’t guaranteed. This marked a clear shift from the Fed’s previous Dot Plot projections, which had markets fully pricing in cuts for both October and December.

Powell’s comments immediately reshaped market sentiment. Traders who had been positioned for a dovish path are now recalibrating as uncertainty rises across equities, bonds, and crypto.

Interestingly, Powell repeated that today’s rate cut was driven by risk management — a phrase he’s used before to justify precautionary easing. But this time, markets barely noticed. Instead, all eyes turned to his warning that the December decision may depend entirely on how economic data evolves.

In short, the Fed just reminded investors that it’s not on autopilot — and the road ahead may be bumpier than expected.

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