Those who understood last night's press conference have already started reallocating their portfolios.

The official rhetoric remains tough—no rush to cut rates, will wait until employment data truly collapses. But what about the actions? The pace of balance sheet reduction has suddenly slowed. What does this mean? Liquidity is flowing back into the market in another way.

This kind of operation is actually quite typical: keep a hawkish stance to stabilize expectations, but relax at the margins in practice. You think nothing has changed? The sharpest capital has already picked up on the signals.

Inflation is indeed cooling, but the pace is frustratingly slow. Now, with tariffs added to the mix, prices could rebound at any moment. However, the line "if it's just a one-time shock, there's no need to overreact" actually reveals their attitude: short-term volatility won’t change the bigger picture.

Current state of the economy?
It's like a rubber band stretched to its limit: businesses are hesitant to invest, consumer confidence is lacking, and the market is suffering through high volatility every day.

On the political front, the pressure is even more direct—
Public calls for resignation, threats of investigation, hints at leadership changes. These moves have a tangible impact on asset prices. Don’t think only traditional markets suffer; crypto assets often react to such signals even faster and more violently.

But here’s a key point many people overlook:
While rates haven’t moved, the slowing of balance sheet reduction is essentially stealth easing.
A tight tone but loose hands—historically, this kind of environment often breeds unexpected rallies.

If there’s really a personnel change in the future, and a new, more dovish chair takes over?
The crypto market’s reaction might not be gradual gains, but rather—
An accelerated surge after a complete reset of liquidity expectations.

Now the market is left with just one question:
Will there actually be a change in leadership at this point?
If so, how dovish will the new policies be?

Some positioning may already be quietly underway.