Fed cuts into growth support multiples on a risk-on inflection but, at the same time, there are two live risks: an inflation re-acceleration and long-end yields spiking. Gold/BTC/equities can rally together as long as we welcome easing without panic, but the exit doors close fast as the cracks start to show. Behavior under uncertainty decides outcome; today the market is nearly certain we’ll get rate cuts at the Oct 28–29 FOMC.