3 poststagged with “dxy”
Q1 2026: a Fed that refused to cut, a dollar that refused to weaken, and a global liquidity expansion that refused to wait for either. The quarter in full.
The Fed held at 3.50–3.75%, slashing its 2026 rate cut forecast to one. Oil above $108, PCE at 2.7% — the liquidity catalyst bulls counted on has been delayed.
DXY climbed to 108 as global capital flows toward US assets. The milkshake theory predicted this — but its implications for Bitcoin are more nuanced than either side admits.