The Fed cut rates 25 basis points on Wednesday, which was expected, then not expected, then uncertain, then for sure expected by prediction markets over the past few weeks. The broader financial markets swing constantly as sentiment and expectation of Fed behavior shifts. Which, if you think about it, is insane. The value of assets all over the world swing wildly based on the ~potential~ comments of one man in the US and his power over the price of money, which is what interest rates truly are. If that doesn’t sound very “free market capitalism” to you, you’re right. Bitcoin may well be the only truly free market the post-1971 dollar world has ever seen. Beyond the headline, it is interesting to see the level of dissent among Fed members rising. One member wanted a larger cut, while others wanted no cut this meeting. The Fed chair is slated to be replaced by someone new, and presumably more in line with Trump’s wishes (cut rates) next Summer.