The FOMC statement – not what it seems

plus: the market reaction, the tilting axis, a regulatory mess and a lot more

“You can't build a reputation on what you are going to do.” – Henry Ford ||

Hey everyone! I hope you’re all doing well. It’s a long one today, so much going on, and there’s a heartfelt piece down at the bottom.

A programming note: this newsletter will be taking a break next week, which will probably be terrible timing, I know.

---

PUBLISHED IN PARTNERSHIP WITH: ✨ALLIUM✨

Allium provides blockchain data and analytics for institutions and fintechs, helping teams generate key insights from on-chain activity. Leaders like Visa, Stripe, and Grayscale rely on Allium to power mission-critical analyses and operations.

For more information: www.allium.so.

---

IN THIS NEWSLETTER:

• The FOMC statement – not what it seems

• The market reaction

• The axis moves

• Also: EU crypto regulation, SEC ETF standards

• Time to address this

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The FOMC statement – not what it seems

Yesterday’s FOMC meeting was one of the most interesting and most confusing I’ve seen in a long time, if not ever.

There’s the unusual political situation in which the central bank finds itself: under social media assault from the US president, a new Governor sworn in minutes before the session started and who is not giving up his government post, another Governor persecuted through the courts for an infraction that it turns out she did not commit… For such a staid, conservative institution, this must feel surreal.

And there’s the hawkish message in the official economic forecasts. These were updated from the June forecasts, and there are some notable changes: