💸 The Fed just hiked for the first time since 2023

The Fed had been on hold since 2023 while markets waited for cuts. Wednesday: +25 basis points, range 3.75%–4%, unanimous. PPI at 5.4% annually, CPI up 0.4% on the month, oil back above $100 — the case for waiting ran out.

The political layer stings. Trump nominated Warsh in May saying he wanted someone who'd cut rates. Third meeting as chair — Warsh hiked. "Be independent" was apparently also on the list; he took it literally.

Bitcoin held support at $73,500–75,600: spiked to $75,900, pulled back to $75,100. Fear & Greed dropped from 69 to 51. Next meeting October 27–28. Was Wednesday the finale or the opening act?

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