If the Fed cuts rates in December but signals a hawkish stance going forward, we might see some real turbulence across risk assets. Markets have been pricing in dovish expectations, and any rhetoric pointing toward fewer cuts in 2025 could trigger a sharp repricing. Crypto tends to move in tandem with broader risk sentiment—so a hawkish pivot wouldn't be ideal timing. The key isn't just whether they cut, but what Powell says about the trajectory. One 25bp cut paired with aggressive forward guidance? That's a recipe for volatility. Keep an eye on the dot plot and the post-meeting commentary—those details matter more than the headline decision right now.