Silver has broken above $60—this is not just about commodity prices; behind it is a major shift in the entire liquidity ecosystem.

What does last night's market turbulence indicate? US stocks kept falling, JPMorgan experienced a sharp decline, and panic sentiments are spreading everywhere. But what really stirs the global capital markets are two issues: the future path of the Federal Reserve and what changes the Trump power transition might bring.

First, look at the current hard data—

Unexpected improvement in employment has directly dampened expectations of rate cuts. While US Treasuries declined, cryptocurrencies actually rallied on the same wave, as funds search for safe-haven exits. Additionally, China's November CPI expectation rose to 0.7%, hitting a 21-month high, indicating that global inflation pressures still persist.

The political level is the real eye of the storm. Trump publicly stated that "rate cuts are a litmus test for the new chairman," even conducting a "final interview" for the next Federal Reserve Chair. His advisors hinted that the room for rate cuts might be "more than 25 basis points." What does this mean? The baton of monetary policy is being passed in an unprecedented way, stirring global capital allocation.

Tonight's Federal Reserve meeting is the main event.

Although rate cuts are already priced in by the market, the key points are the dot plot and Powell's speech. Goldman Sachs's warning is worth pondering— the Fed might perform an "hawkish rate cut," meaning cutting rates while hinting that easing is nearing its end. Interestingly, this voting may see multiple dissenting votes, with internal Fed disagreements setting a record.

Meanwhile, two pieces of news reveal the subsequent main storyline—

SpaceX is reportedly seeking to go public, with a valuation possibly reaching the level of 1.5 trillion dollars. Nvidia has been approved to sell H200 chips to China, keeping the tech competition heated. These all point to a bigger story: the reorganization of industrial capital and power structures.

We are now standing at the watershed of narrative transition. Liquidity, power transfer, and industry trends are simultaneously reshaping the market landscape. This surge in silver might just be the beginning. #数字资产生态回暖 $ETH $LUNA can these encrypted assets keep up with this rhythm? It still depends on how the funds reprice risk assets.

Is rate cutting truly a turning point, or the end of easing? What are your thoughts on the future market direction?