#加密生态动态追踪 $ETH $ZEC The Federal Reserve's December decision has been implemented, and the third rate cut is now finalized—the interest rate has been lowered to 3.50%-3.75%, with a total of 75 basis points cut for the year. On the surface, this aligns with expectations, but the signals behind it are far more complex than the numbers themselves.

This meeting hides two completely opposite logics. On one hand, the Fed's expectation of rate cuts in 2026 has sharply decreased to just once, and the shift in the dot plot suggests that the entire market may fall into a "standstill" next year. On the other hand, the Fed publicly announced a $40 billion asset purchase plan, immediately injecting liquidity—buying short-term government bonds and directly reversing the market's cash shortage. Officials specifically clarified that this does not count as quantitative easing, just a temporary easing, but the scale has already exceeded many institutions' expectations.

Powell's statements reveal more clues. He emphasized that the economy has "not changed significantly" since the last meeting, and it is not overheating at present, maintaining a cautious tone throughout. Some analysts comment that this is an "extreme example of hawkish rate cuts"—aimed at reassuring the market while reserving space for future policy adjustments.

Trump subsequently spoke out, saying the rate cut was not enough, implying that he believes the Fed could be more aggressive. However, Wall Street's response was somewhat lukewarm, as the liquidity injections seem insufficient to fill the gap left by the weakening rate cut expectations.

In the short term, the cryptocurrency and stock markets have indeed rebounded due to liquidity release. But as the likelihood of rate cuts next year is significantly reduced, can this wave of positive momentum be sustained? The market rhythm is destined to become increasingly volatile, with one side representing the Fed's easing actions and the other the gradual end of the rate-cut cycle. In between lies investors' dilemma—whether to bet on policy support or to see the market as topping out. How do you view this predicament?