Mohamed El-Erian just dropped a reality check for traders getting hyped about Williams' dovish talk.

The NY Fed President hinted at rate cuts coming soon. Sounds bullish? Not so fast. El-Erian's pushing back hard on that narrative.

Here's the thing - Powell's got his hands full trying to get the entire FOMC on the same page. One dovish voice doesn't mean consensus. Far from it actually.

Markets love jumping on any hint of easier policy. But El-Erian's reminding everyone: don't read too much into one official's comments. The Fed's still wrestling internally with the next move.

This matters because rate expectations drive everything - stocks, bonds, and yeah, crypto too. When traders misjudge Fed policy, volatility follows.