This is a quieter story than the dot plot itself, but I think the contrast it reveals is genuinely worth sitting with for a moment. Speaking to reporters in France during the G7 meeting, President Trump said the Fed's decision to hold rates steady seemed perfectly fine to him, and when asked about the now seemingly likelier possibility of an actual rate hike later this year, he simply allowed that it could happen, without pushing back hard against the idea. I want to put that reaction in context because it's a meaningfully different tone than what we heard from him for most of 2025 and the early part of this year. During that stretch, Trump was publicly and repeatedly pressuring the Fed to cut rates faster, going as far as nicknaming then-Chairman Jay Powell "too late" for what he saw as excessively slow and cautious policy moves. Now, with a chair he himself appointed delivering arguably the most hawkish pivot in years, the public reaction has been comparatively muted. I genuinely don't know whether this reflects a real, considered acceptance of Warsh's framework and his stated priority on inflation control, or whether it's simply political calculation ahead of an outcome that markets are now treating as fairly likely regardless of what anyone says publicly about it. Either way, it's a notable shift in tone from someone who spent over a year being extremely vocal on this exact topic, and I think it's worth watching whether that restraint holds if an actual hike does land later this year.#Fed4thConsecutiveRateHold #FedDotPlotHalfFOMCMembersProjectRateHike #WLDGainsOver50%In7Days $BTC
