ISM came in weak at 48.2 today and that makes tomorrow even more important.

Powell is speaking, and his tone will decide how markets move next.

A sub-50 ISM reading means U.S. manufacturing is still contracting.

When growth data is this soft, the Fed chairman’s message carries even more weight.

If Powell acknowledges slowing activity and leans toward the need for more easing, markets will take it as a green light for risk-on assets especially crypto, which reacts fastest to liquidity shifts.

But if he stays cautious or signals that cuts won’t come soon, the combination of weak ISM + tight policy becomes a headwind for BTC, alts, tech, and small caps.

Today’s ISM sets the stage.

Tomorrow’s Powell speech decides the direction.

This is the kind of back-to-back macro setup that usually increases volatility and reveals where liquidity is heading next.