JPMorgan’s Michele Expects ‘Clean’ Fed Meeting, 25bp Rate Hike

The signal here is less about the size of the move than about the absence of noise around it: a hike framed as "clean" implies the market has already absorbed the path, leaving little room for a repricing surprise. That matters most for rate-sensitive corners of crypto and tokenized real-world assets, where the cost of carry and the discount rate on yield-bearing instruments do the heavy lifting. The open question is whether that calm read survives the meeting itself — the reaction function, not the headline number, is what tends to move positioning.