On April 30th, the Federal Reserve's interest rate decision, 12 voting members, 4 opposed.

One said to cut rates immediately by 25 basis points.
Three said: "You don't have to cut, but don't pretend like you're going to."
Investment banks all thought the word "further" would be removed, but it wasn't.
Powell's last meeting as chair, stubbornly holding onto the "dovish" stance.
But these 4 dissenting votes are not against the rate, they are against him personally.
This time, Powell is truly all by himself.
Director Milan—second consecutive meeting—publicly calls for rate cuts.
Three regional Fed presidents—don't oppose the rate itself, they oppose "what's Powell still pretending for."
You need to know, the internal "division" within the Fed started as early as July 2025.
October had 2 dissenting votes, December more, now it's directly 4 votes.
This isn't a technical disagreement; it's a collective showdown before the power transfer.
All signs point to one name: Waller.
Taking office as Fed Chair on May 15th.
What did he say at the hearing?
"Chaotic meeting," "internal struggles."
He's not describing problems; he's laying the groundwork for a purge.
Are you causing trouble? Fine, I’ll bring order.
Waller is not Powell 2.0; he's the Fed's version of "workplace restructuring."
His past stance indeed leaned toward "support rate cuts."
But the problem is—he doesn't need to consult anyone.
These 4 dissenting votes give him a perfect excuse:
"Look, internal chaos, I must unify the path."
His first statement after taking office won't be a rate cut signal, but a "show of power."
How to show?
First, go hawkish, suppress all expectations of rate cuts.
Once the market accepts it, then slowly turn dovish.
That’s not dovish, that’s dog-walking.
What does this mean for the crypto market?
Short-term: bearish.
Because the market will price in "Waller takes over = chaos ends = no rush to cut."
Mid-term: very bullish.
Because once he stabilizes the internal factions, the policy path will be as clear as a highway—an atomic bomb-level positive for risk assets.
But the premise is: you have to survive until then.