FOMC Summary
- Fed cuts rates by 25 bps
- No surprises there, this was 90% consensus
- Third rate cut of 2025
- Jeffrey Schmid and Austan Goolsbee dissented in favour of 0 bps
- Stephen Miran, the Fed governor appointed by Trump, once more dissented in favour of 50 bps
- Fed will begin purchasing US Treasury Bills on December 12th, will buy $40B worth over next 30 days
-Median projections maintain 25 bps of rate cuts in 2026
- Fed suggests rate cuts may be done for now
Press conference in 20 minutes, let's see what Jerome Powell has to say

Crypto is fun because if you click buttons in the right order then your life becomes substantially better in every possible way and if you click buttons in the wrong order you become homeless and have to sell your car

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$BTC – the hopium for next week

Losing is a normal part of any profitable trading system
Those losses are not failures or problems
They are the foundation for the wins
And the necessary cost of positioning for the eventual explosive, asymmetric moves that generate all the profits and make it all worthwhile

Pocket aces in poker don't win every time
The best surgeons in the world lose patients now and then
Losses are normal, even in systems with high win rates. Yet we are bad at understanding this, often assuming that a few losses in a row means that an entire system or strategy is flawed
Time and time again I see beginner traders hop from one strategy to another, convinced after losing just a few trades in a row that there is something wrong with their approach, and keen to move onto something else that "works better"
All trading strategies, even brilliant ones, operate in a environment of random

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