Made by the Fed, broken by the Fed. Before last night, the market was in chaos, full of panic and fear. Then came Fed core official Williams’ statement, expressing concerns about the pressure on the labor market—and rightly so. September was already at 4.4, and with October and November shutdowns, the data might look even worse. So, the call for a rate cut in December came out. Of course, this doesn’t mean there will definitely be a rate cut in December, but at least it eased the market’s panic a bit. As of this post, CME shows the probability of a December rate cut has climbed to 71%, which has somewhat alleviated the crypto market’s fear. BTC rebounded quickly. As mentioned yesterday, it’s temporarily in the 82-85 range, with 82 being the short-term on-chain support level. See the URPD data in the chart. Weekend low liquidity, especially from tomorrow night to Monday. Last night’s panic eased, so the weekend should pass smoothly, right? But personally, I think fluctuations are inevitable. This doesn’t mean a December rate cut is certain; it’s still a gamble. Plus, there are still about 20 days until the December FOMC meeting. Next up, we need to keep an eye on next Thursday’s PCE data and such. Hopefully, there won’t be any delays.