#加密市场回调 Recently, the market sentiment has changed quite rapidly - the expectation of interest rate cuts in December is basically doomed.

The data is clear: the probability of a rate cut has dropped to 31%, while the likelihood of maintaining the status quo has risen to 67%. Meanwhile, the White House is also restless, with reports that Trump is not very satisfied with Treasury Secretary Mnuchin, even suggesting that if the rate cut policy cannot be pushed through, he might replace him.

However, if you ask me, looking back at the whole operation from last year to this year, you can actually see some patterns—no matter how much Trump shouts and puts pressure, the Federal Reserve will still follow its own path, basically at its own pace.

This matter may seem a bit counterintuitive to many: within that system, the boundaries of presidential power are actually quite clear, and monetary policy is not solely determined by the White House. On the surface, it appears to be a game of rhetoric, but the institutional checks and balances behind it are much more complex than one might imagine.

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