#数字货币市场回升 The Fed held a meeting last night, and the crypto market was once again tossed about. Those frens who stayed up late watching the market should have seen it all; let me talk about what signals are hidden in this.

Powell is still in that attitude - tough. He said "not considering interest rate cuts for the time being", keeping rates unchanged, reasoning that the economic data is not bad enough, employment is stable, and inflation is still away from the 2% target. On the surface, it does seem unfriendly to risk assets.

But the key point is this: the pace of tapering must slow down significantly. Previously, the maximum reduction was 95 billion in Treasuries and MBS per month, but now it has been cut nearly in half. What does this mean? Market liquidity has quietly become more accommodative, equivalent to another form of monetary easing. For encryption assets, this is actually a hidden benefit.

Of course, there are also many pitfalls. Although inflation has cooled, it is still a long way from the target. The new government may raise tariffs, and if the cost of imported goods rises, prices may rebound, which is a hidden danger.

Additionally, that guy has started to blast the Fed chairman again, nicknaming him "Mr. Too Late," and has even claimed he wants to replace him. The whispers from the White House have already spread, saying the chairman may not complete this term. Every time such signals emerge, the USD, US stocks, gold, and $BTC all tremble a bit. The policy game in 2025 is really hard to predict.

My view is: This meeting appears hawkish on the surface, but is actually dovish. The short-term benefits have already been released, and in the medium term, we need to see how the inflation trend and the policy-level game will evolve.