#以太坊行情技术解读 $BTC $ETH $ZEC Interest rate cuts are coming into effect, and the Federal Reserve's final round of easing in 2025 has arrived! Early Thursday Beijing time, the Fed pressed the rate cut button—cutting the benchmark interest rate by another 25 basis points, now in the range of 3.50%-3.75%. This is the third consecutive cut, totaling a 75 basis point reduction for the year.

But that's not all. The Fed also announced the launch of a $40 billion monthly treasury bond purchase plan, injecting a strong boost into the market. Once the news broke, the market immediately went into a frenzy, with terms like "Christmas rally" and "year-end red envelopes" trending, as traders look forward to a soaring stock market.

It seems like madness is coming, but a closer look reveals underlying currents. Two issues weigh heavily on the mind: one is the delay in releasing key economic data, making it hard to assess the true economic situation; the other is that excessive easing leaves hidden risks, with a significant possibility of inflation rebounding next year.

This rate cut also carries a "hawkish" tone. The dot plot directly hints that there may only be one rate cut opportunity next year, which is completely different from the market's expectation of moderate easing. Powell also did not give any illusions during the press conference, emphasizing the unchanged stance against inflation and not making any promises about future rate cuts.

In simple terms: The "gift" of rate cuts and bond purchases has indeed arrived, but the Fed is secretly controlling the gates of future policy. The rally is real, but how far this wave of gains can go depends on what happens next.