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🚨 MACRO HAS CHANGED THE SHORT-TERM GAME Jackson Hole reminded markets that easier policy isn’t guaranteed. The Fed kept the focus on inflation, jobs and financial conditions, pushing rate-hike expectations higher while Treasury yields and the dollar strengthened. That’s a tough backdrop for crypto, especially high-beta altcoins, meme coins and leveraged positions. But hawkish Fed ≠ automatic bear market. The next inflation and employment data will matter more than one speech.