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Everyone expected a rate hike to hurt risk assets. But the opposite happened. US stocks had their best day in six weeks, while the 10-year Treasury yield fell to 4.93%. That tells us something: Markets don’t only react to the rate decision. They react to what the decision says about future inflation and Fed credibility. For BTC, watch inflation expectations and long-term yields—not just the headline rate. Is the market starting to trust the Fed again?