FOMC held rates yesterday but here's the actual alpha: dot plot just shifted hawkish. Most members now pricing in at least one more hike to 3.8% by end of 2026. That's a complete flip from March projections.

$BTC dumped sub-$65k on the news. Market's repricing risk-on assets with higher-for-longer rates now baked in.

Question is: are we front-running capitulation or is this just a liquidity flush before the next leg? Rate expectations matter more than the rate itself right now.

Watch DXY and real yields. If they keep climbing, risk assets stay under pressure. If they plateau here, could be a decent entry for patient hands.