The latest Federal Reserve decision is out, and the market is a bit interesting.

**Policy Action**: The rate was cut by 25 basis points, and the current interest rate range is 3.50%-3.75%, the third cut this year. However, this time the vote was 9:3 in favor, with some members dissenting, which itself indicates internal disagreements within the Fed about the future direction.

**More importantly, the outlook issue**. According to the latest dot plot, officials' median forecast for the end-of-2026 interest rate is 3.4%. In other words, there might be only one rate cut next year, or possibly none at all. Previously, some market participants expected a rate-cutting wave, but now it seems the pace will be much slower.

**Another move**: The Federal Reserve announced it will start buying approximately $40 billion of short-term government bonds beginning December 12. They explicitly said this is not QE, but a technical measure to address liquidity tightness in the overnight market. This means ample reserves, mainly structural liquidity issues.

Short-term US stocks rose, but considering that rate cuts may slow down and bond purchases are just short-term liquidity injections, how long this rebound can last remains to be seen. For the crypto market, the shift in liquidity expectations might be more important than the single decision itself.