Crypto Divergence and Collapsing Implied Vols Suggest Potential for Choppier Near-Term Tape
May 22, 2026
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” language from the Fed’s policy statement, making it clear that rate cuts are no more likely th...
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