Crypto Divergence and Collapsing Implied Vols Suggest Potential for Choppier Near-Term Tape

Waller Shifts in a More Hawkish Direction: Fed Governor Waller delivered what I view as a fairly significant shift in tone today. Waller has historically been one of the more dovish members of the FOMC, often characterizing tariff-driven inflation as transitory and emphasizing softer labor market dynamics. In today’s speech, however, he stated that based on recent data he would support removing the “easing bias...

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