Market Reaction

Gold: Dropped over $40 instantly.US Dollar Index: Spiked 35 points.$BTC Dipped 1% to $65,417, holding up better than gold.The Fed's DecisionRates: Kept steady at 3.50%–3.75%.Streak: Fourth consecutive hold in a row.Leadership: Marks the transition from Powell to new Fed Chair Kevin Warsh.Driving ForcesThe Conflict: Macro data is improving (oil at $75, core CPI down to 0.2%, and a US-Iran peace deal .The upcoming dot plot (rate projections) and Warsh's press conference will decide if this market sell-off sticks or reverses.Liquidity Warning: The US-Iran deal signing falls on Friday's Juneteenth holiday. Expect low market liquidity and high volatility.