📈Ithaca Protocol Market Update

► ⁠Fed dovish in 2025 (2 dots), hawkish in 2026/2027 (one cut per year); same terminal rate

► ⁠TIC data showed no foreigner treasury selling in April post-Liberation Day

► ⁠JP Morgan FX trading reducing $ shorts; a bit of Powell hawkish, type of risk-off due to how higher oil prices and risk should support USD, market positioning we add

► ⁠The largest Iranian crypto exchange getting hacked is another unexpected facet of the conflict?

► ⁠Genius act now in the house with the competing version by the house itself in the cards