#美联储启动新一轮降息周期 Regarding the latest statements by Federal Reserve Chair Powell, many international financial institutions have issued forward-looking forecasts.

Analysts at Bank of America believe that Powell may avoid sending overly hawkish signals and instead focus on discussing the importance of actual interest rate levels and data-driven decision-making. Danske Bank predicts that his stance will continue the tone set at the October meeting, explicitly warning the market not to overinterpret the expectations of consecutive rate cuts.

Deutsche Bank further points out that Powell is likely to emphasize that the threshold for further easing in early 2026 is extremely high, undoubtedly signaling to the market that the short-term rate-cut cycle may pause. Former Fed Vice Chairman Blinder's view aligns with this—he expects Powell to use language similar to previous press conferences when discussing rate cuts, while continuing to dissuade the market from the illusion that "the Fed will cut rates infinitely."

Morgan Stanley's perspective is also quite critical: the phase of monetary policy adjustments may have concluded, and any future actions will follow a step-by-step evaluation principle, entirely dependent on the latest economic data.

Overall, these viewpoints suggest that the Fed's stance on monetary policy is shifting from easing to a cautious wait-and-see approach, which will have a profound impact on the liquidity environment in the crypto market.