#美联储联邦公开市场委员会决议 The Federal Reserve's 25 basis point rate cut this time, and a few words from Powell at the press conference, have left the market both confused and excited.

What is the most noteworthy? He directly placed the employment issue ahead of inflation. Signs such as weakening labor market, slowing wage growth, and reduced corporate hiring pressure all indicate one thing: there is room for rate cuts in the future.

Then there's a major move: the Fed will start buying short-term government bonds, with a first month total of $4 billion. Although this isn't called quantitative easing, the core logic is the same—market liquidity needs to be ample. Who benefits from this? Assets like $BTC, $ETH, especially the entire crypto ecosystem, could see significant stimulative effects.

Regarding recent commodity price increases, Powell's attitude is quite interesting—he said it's mainly due to tariff effects, a one-time shock, and structural inflation pressure isn't that high. Long-term inflation expectations remain stable, which gives policy more room to support employment.

Putting it all together, the Federal Reserve's focus has clearly shifted from "fighting inflation" to "protecting employment." This change in environment alters the outlook for risk assets like Bitcoin and Ethereum. As long as the labor market continues to weaken or inflation data continues to improve, capital may flow into the crypto market more rapidly, risk appetite could warm up, and the early signs of a bull market might already be emerging.

Powell's combination of measures seems steady, but the signals from the market are already very clear. In the coming months, employment reports and liquidity trends, and changes in these data will directly determine the rhythm of the crypto market.