Curious Cryptos’ Commentary 18th September 2025 — The most important CCC ever

tl;dr

QE will be back next May. You best be prepared. The UK makes yet more promising noises about cryptos, but we know we will just get let down once again.

Market Snap

Market Wrap

The kindest comment one can make about the hapless Jerome Powell, chair of the Fed, is that he managed not to cause any damage with his 25bps rate cut and his post-cut commentary, which almost certainly ranks as his greatest achievements to date. Putting the prosperity of billions of people in the hands of an unelected bureaucrat who either publicly bends to the will of his approved political masters or tries to pretend he isn’t when he doesn’t approve of them, is the height of folly. This system is broken and broken badly.

Next year, once Powell has moved on to a job with fatter pay and more lucrative pension rights, the Fed will become an overtly political organisation with Trumps’ pick Stephan Miran as chair in place of Powell. That is not an outcome of which I approve (the Fed should play no role whatsoever in setting interest rates), but it does at least publicly return total responsibility for the economy to where it belongs — in the hands of the elected representatives. More on this topic below.