Fed’s Waller: We need to take back at least three precautionary rate cuts

Waller's framing is notable less for the hawkish headline than for the distinction he draws: unwinding precautionary easing while explicitly disclaiming the kind of aggressive tightening that would signal panic. That suggests a Fed trying to recalibrate rather than reverse course, which matters for rate-sensitive risk assets, including crypto and tokenized real-world assets that have leaned on the easing bias. The open question is whether other officials echo the 'take back, don't overdo it' formulation or split toward either end of it, since the gap between those camps is what will actually move markets.