#FedHoldsRates
Nothing happened.
And just because of that, something happened. 🧱
The Fed kept rates steady.
Official silence.
Apparent calm. 🤐
But when a central bank does not move, it is not neutrality.
It is calculation. ⚖️
Uncomfortable data:
With inflation still above target
and a labor market that is not loosening,
a cut today would have been to admit fragility. 🧨
Raising, on the other hand, would have been to tighten too much
an already debt-laden system. 🪨
So they did what power does
when it does not want to make a mistake:
wait. ⏳
Meanwhile, markets do not listen to speeches.
They look at something else. 👁️
Yield curve still inverted.
Financial conditions loosening
even though the rate remains the same.
And flows starting to move
before any announcement. 🧭
That is not done by naive capital.
That is done by those who read between the lines. 🧠
The narrative says “patience”.
Prices look at “timing”. ⌛
Because when the Fed holds for too long,
the risk does not disappear…
it accumulates. ⚠️
It is not a signal to run.
Nor to fall asleep. 💤
It is one of those pauses that, seen later,
always were a warning. 🔍
I'll leave it there.
When power keeps silent,
it is wise to look at what is moving beneath. 🌊
$USDC
