Post

BlackRock came out today to cool down the market, saying that people might be overinterpreting the Fed Chair's hawkish remarks — the reason being that a new chair needs to establish credibility through toughness, and with the economy this strong, rate hikes may not necessarily be bad for risk assets. This statement is half true and half a placebo. The truth is: the wording from a single post-meeting press conference does not equal a sustained rate hike cycle, so don't treat a harsh comment as doomsday. The false part is: when a new chair has to establish credibility by being "hawkish," he is even less likely to turn dovish easily — which precisely means the ceiling above is firm. So my interpretation is: don't panic, but also don't be lulled back into going all-in by "expert reassurances." What $BTC needs now is not an interpretation, but a price that can hold steady. Until then, I'd rather watch the show.