#美联储利率政策 The Federal Reserve's policy signals are worth paying attention to. Milan once again emphasized that the policy stance is too tightening, while the Fed has initiated $40 billion in Treasury reserve management purchases—this is effectively a shift from balance sheet reduction to net injection.

Key data points summary:
- A 25bp rate cut is in line with expectations, but the Treasury purchase plan has been accelerated beyond expectations
- Purchase scale of $40 billion, continuing until April 2026
- Federal funds futures expect a further 50bp rate cut in the first 9 months of 2026

From an on-chain perspective, this indicates that the liquidity environment is improving. Although "hidden QE" is smaller in scale than traditional QE, the direction is clear—market risk appetite is expected to recover. The key is to observe whether this wave of liquidity will flow into risk assets.

It is recommended to watch for several signals: large capital inflow nodes, changes in inflows and outflows on mainstream exchanges, and the movements of whale wallets. The policy environment is milder than expected, but this does not mean an immediate upward trend; we still need to wait for actual capital inflows to confirm the trend.