Emily Roland of Manulife John Hancock says talk of the Federal Reserve loosening monetary policy might have spooked the markets. She also comments on the collapse of Bitcoin and crypto on "Bloomberg Open Interest."

Recent Federal Reserve communications have contributed to heightened volatility in financial markets, with both cryptocurrencies and momentum stocks experiencing notable declines. Bitcoin, in particular, has seen a significant drop in value, reflecting its role as a sentiment indicator and its close ties to broader risk assets.

Fed officials, including Chair Jerome Powell, delivered hawkish remarks that initially unsettled markets, but later comments from John Williams suggested a potential rate cut in December, fueling hopes for looser financial conditions. This shifting narrative has influenced investor sentiment, with some dip buyers re-entering the market while overall caution persists.

Fed speak has spooked markets, Roland says

Emily, you know, clearly crypto is still a kind of niche part of the market, even if Main Street is adopting it to some extent. Bitcoin is worth one and two thirds trillion dollars though, so you can't really look away and it represents animal spirits, you know, I guess your risk aversion pretty well. What do you think about the fact that we've gone from 126 on Bitcoin down to 84 in like a month? Yeah, we would say, Matt, don't get too sentimental about sentiment and Bitcoin is the poster child for a sentiment indicator to us. We've been struggling for years to identify the value there. It doesn't have any income. It doesn't have any earnings. The only thing that drives it in our view is the price itself. And so you're seeing a lot of that unwound. This market in general in 2025 is one that's been very, very much driven by sentiment, technicals, momentum, and we all know how those trades work. If something goes up in parabolic fashion, it tends to come down in parabolic fashion. So because we are seeing a bit of an unwind in terms of some of those momentum winners, those technical titans of the year, whether it's, you know, in the Cosby or whether it's in gold or in crypto, we're starting to see a little bit of that momentum coming out of the market here. So not totally. Or the momentum stocks, right? Or the like Robinhood, for example, the unprofitable tech. Emily, does that mean when you're looking at something like crypto, again, this fear that maybe people are getting margin calls, they have to liquidate other momentum type stocks, that you now need to use crypto to understand where the rest of this risk market is going. And if that is somewhat the case, is it troubling that as the rest of this market bounces, that Bitcoin, you can see it there, is still down nearly 4% this morning? Yeah, I think it's a really important point about how tied in a lot of these assets are with crypto markets. You know, and I think watching generally, you know, this morning, we are seeing some dip buyers coming in. That's that, you know, that's certainly the narrative that's pervading markets, and we'll see what happens around 10 or 1030. But I also wanted to point out that the Fed speak that we've heard this morning may also be contributing to some of the sort of risk on bounce that we're seeing. You know, Powell and other Fed members sort of spooked the markets. It's almost like they've tapped on the brakes a little bit, and the markets really jolted because of it. So you heard hawkish speak, of course, from Powell, and then some other Fed members, some of that based on the lack of data amidst the government shutdown. But then John Williams comes in this morning and suggests that, you know, that December rate cuts back on the table. So I think the markets have really been responding to this idea that the Fed's gonna loosen financial conditions, even with inflation not back down to their 2% target, and a U.S. economy holding in okay. In a way, that's like the dream scenario for risk investors is that the Fed is cutting into relatively stable economic growth. So you're seeing that narrative, I think, impacting markets this morning as well.

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