Fed’s October Pivot: Liquidity Cycles, History, and the Digital Dollar Frontier

Markets now expect another 25 bps rate cut at the Fed’s Oct 28–29 meeting as unemployment rises and repo-market strains flicker. Powell signaled QT’s end is “coming into view,” Waller endorsed another cut, and Musalem said he could support one if inflation risks stay contained. This post connects those signals to the longer liquidity cycle and to where the next easing wave is headed: tokenized Treasuries, stablecoins, and programmable liquidity.