Asian markets are gearing up for a tentative climb this morning. Wall Street managed to squeeze out some modest gains overnight, while crypto showed signs of life after recent turbulence.

Traders are clearly positioning for what's coming next week—the Fed decision that everyone's watching. Multiple rate cuts are now baked into expectations, which explains why sentiment feels so wound up across every asset class right now.

The crypto bounce is worth noting. After weeks of getting hammered, digital assets finally caught a bid as risk appetite crept back into the room. Whether this holds depends heavily on what Powell and crew signal about the pace of easing going forward.

For now, markets are in that uncomfortable spot where nobody wants to make big moves before the policy announcement. Cautious optimism seems like the right phrase—traders are leaning bullish, but keeping one hand on the exit.