#美联储降息 The Federal Reserve has cut interest rates again, but this time there's internal discord—the third rate cut of the year, bringing the rate to the 3.5%-3.75% range. Strangely, for the first time in five years, there was a dissenting vote, with three officials each holding different views.

The numbers are clear: a 25 basis point cut, the sixth cyclical rate reduction, and a new $40 billion short-term government bond purchase plan. The Fed hurried to clarify that this is not quantitative easing, just liquidity supplementation. It sounds like self-defense.

The issue lies in the internal chorus—the hawks want to aggressively cut 50 basis points to save the economy, the doves advocate holding steady to prevent inflation rebound, and the moderates stick to gradual adjustments. This public friction indicates increasing uncertainty about next year's policy direction.

The latest dot plot did not provide a clear answer, only hinting at room for another rate cut in 2026. Powell also admitted: employment is on a soft landing, inflation has declined but remains sticky. The underlying message is: we’re also somewhat unsure of the direction.

There’s also an underlying variable—political pressure. Powell’s term ends in May next year, and the current administration has repeatedly pressured publicly to accelerate rate cuts. Markets are beginning to wonder: has the tacit understanding between the White House and the Fed been broken? Is the independence of the dollar’s credibility still intact?

Analysts’ warnings are worth listening to: once political factors enter monetary policy, future market volatility could be amplified. The assets most affected—$BTC, $ETH—will be the first to react to this uncertainty.

Will the Fed be aggressive or hold back next year? No one can give a definitive answer right now. Share your predictions in the comments.