#美联储降息 The Federal Reserve's monetary policy has ushered in a clear turning point, with a new liquidity cycle forming

This time at the FOMC meeting, Powell's statement pointed directly to the core: after two consecutive 25 basis point cuts, the Fed has taken further action—launching a $400 billion Treasury bond purchase program. This is not a small move, but a clear signal of easing.

Key details worth examining:

**Confirmation of abundant liquidity**
Starting December 12, over the next 30 days, the Fed will purchase Treasury securities in batches. Powell explicitly stated that this scale will remain high in the coming months. For risk assets like $BTC and $ETH, ample liquidity means a continuous inflow of incremental funds.

**Labor market weaker than expected**
Employment data was revised downward by 60,000, indicating that the Fed's previous optimistic outlook needs adjustment. In other words, the reasons supporting interest rate hikes are diminishing, and the need for continued easing is actually strengthening.

**Potential economic expansion next year**
The ISM Purchasing Managers' Index is expected to break through the critical 50 mark, indicating a rebound in manufacturing activity. This cycle shift often supports higher valuations of risk assets.

**The pace of rate cuts shifting from rigid to flexible responses**
No longer preset on a fixed path; decisions are now made based on real-time data at each meeting—seems flexible, but the actual signal is: as soon as there are any signs of economic pressure, the door to rate cuts immediately opens.

**No one is talking about rate hikes anymore**
Although inflation data remains high, Powell explicitly stated that rate hikes are no longer within the baseline policy options. This shift in language is akin to reassuring the market.

Looking ahead, the combined effect of this approach is: the Fed will continue to release liquidity, shifting policy from a tightening cycle to a supportive cycle. The global asset pricing logic will adjust accordingly, and liquidity-sensitive assets like Bitcoin and Ethereum should feel the temperature of this change.