Bitcoin is stuck around 92,000, and the entire market seems to have pressed the pause button - this week's Fed meeting basically determines where this wave of market will go at the end of the year.

Interest rates? That's a certainty. The key is what to say after the fall.

Powell's speech this time may play the trick of "pouring cold water on interest rate cuts", saying relaxation, and then turning his head and emphasizing the need to "maintain restraint". But don't just stare at him — what is really worth paying attention to is the signals sent by dovish officials like Hassett, whose attitudes are likely to shape the policy tone next year.

There is another point that is easily overlooked: will the bond purchase plan be restarted? If this happens, the valve of mobility will have to be opened again.

**Two possibilities are there:**

If the market only looks at Powell's cautious speech, the dollar will most likely strengthen, and risk assets will be under pressure - including the currency circle. But if traders start betting on Hassett's easing path, risk appetite could reverse directly.

Now is not the time to sit back and wait for answers. Smart money is already preparing two plans: to see how to confirm liquidity signals, observe the real reaction of the market after the news lands, and adjust the position allocation according to the policy rhythm.

Sideways for so long, either to accumulate strength or to brew a storm. The result of this meeting is the key to open the follow-up market. The market is always trading expectations, but the real alpha is to understand one step ahead of others.