The Fed's Beige Book is out, and it's got a strong dovish tone—though the playbook is all too familiar: they want to prepare the market without making any firm promises on easing, classic half-speak.

The data is clear: in 12 districts, most economies are treading water, consumer spending is cooling off, and inflationary pressures are starting to ease. The market's reaction is straightforward—the probability of a December rate cut has shot up to 87%, and both Goldman Sachs and JPMorgan have changed their stance, betting that this round of rate cuts is inevitable.

Honestly, if they don’t act soon, some people might want to intervene themselves. After all, no matter how good the nonfarm payroll data is, it can't stop the market's expectations for easing from hitting the ceiling.

The crypto market is already reacting in advance, with liquidity expectations building up. Whether it comes true will all depend on the December meeting—this time, there might really be no surprises.