The Fed's latest dot plot caught everyone off guard—those rate projections weren't nearly as aggressive as markets feared. But here's the real question: will Powell actually defend this softer stance during his press conference, or is he about to throw cold water on the optimism?

The dots suggest policymakers see slower rate hikes ahead, maybe even a pause on the horizon. Sounds dovish, right? Yet Powell has a history of talking tougher than the charts show. If he pushes back and signals the Fed isn't done tightening, we could see a sharp reversal in risk assets—crypto included.

Markets are pricing in relief, but that confidence feels fragile. One hawkish comment about persistent inflation or labor market strength, and the narrative flips. For those holding BTC or altcoins, Powell's tone in the next hour might matter more than the dots themselves.

Anyone else watching this live? The gap between what the Fed projects and what Powell emphasizes could set the direction for Q2.