A firmer policy stance from the Federal Reserve has led to a broad risk-off move across various markets, including equities, cryptocurrencies, commodities, and bonds. Bitcoin has experienced a significant decline, falling approximately 24% from its recent high. Meanwhile, the S&P 500 has stalled, remaining just over 2% below its record level. Gold has also seen a retreat, dropping about 6% from its October peaks, while the 10-year U.S. Treasury yield has increased by around 18 basis points since late October. Despite these declines, underlying market conditions suggest resilience, indicating that this may not be the start of a deeper downturn.