Fed Chair Warsh: October and December meetings will be key for policy conclusions

The signal here is procedural rather than directional: a chair explicitly naming which meetings matter narrows the window in which policy uncertainty is concentrated, and the refusal to hint at direction keeps that uncertainty intact. For crypto and RWA markets, which have traded largely on rate expectations, this shifts attention from every intervening data point toward two fixed dates. Whether the October and December meetings actually deliver conclusions, or merely defer them again, is the open question.