#降息预期 The Fed's recent moves are quite interesting. They cut interest rates, but only once next year, clearly signaling a brake on the economy. Once the dot plot was released, the market was immediately shaken, with Bitcoin plunging from 94,000 to over 91,000.

The key is that Powell's attitude has also changed. He now emphasizes a soft labor market and still-high inflation, which means the room for future easing has really been locked in. Goldman Sachs analysts even straightforwardly stated that the Fed's "preemptive rate cuts" have reached their limit, and future moves depend on whether employment data is weak enough to justify further easing.

In simple terms, there is significant disagreement within the Federal Reserve. Officials are not very interested in continuing rate cuts. The current situation is "rate cuts have reached their limit, future decisions depend on data." The crypto market will probably need some time to digest this; the expectation of substantial liquidity injections is basically out of the question, and attention will shift to economic data like employment reports.