In the next few hours, global traders' eyes will be fixed on the same place—the Federal Reserve's FOMC meeting.

But this time, no one is really debating whether to cut or not. The market has already given the answer: a rate cut is almost certain. The real concern that keeps people awake is another question—can the Fed come up with some real measures to address the increasingly glaring problem in the banking system: the lack of money.

**Liquidity Crisis Is Brewing**

Let's start with the first issue. The Fed's "balance sheet reduction" has stopped, but the damage has already been done. Over the past two years, in an effort to curb inflation, the Fed has been draining enormous amounts of funds from the market like a pump. Now they say they won't drain anymore—fine, but the water level in the tank still remains low. The shortage of reserves among banks hasn't improved much. It's like turning off the tap, but the water pressure still can't rise, and the pipes remain empty.

Even more critical is the second point: internal divisions within the Fed.

The 12 voting officials are now split into two camps. One wants to continue easing to boost the economy, while the other firmly opposes. Powell? His words may now be less influential than before. A central bank with inconsistent opinions will hesitate, compromise, and be ambiguous when making decisions. And what the market fears most is precisely this kind of vagueness.

**Tonight's Core Uncertainty**

So tonight's focus is not on "how much" the rate will be cut, but whether Powell can provide a clear, specific, and actionable liquidity solution.

The market is waiting for a definitive signal: how do you plan to fill this hole?