Last night, the Federal Reserve announced the results of its policy meeting. Honestly, this move left me a bit confused.

Let's start with the rate cut. They cut by 25 basis points, but the issue is—the voting was completely divided. Three members voted against it, marking the first time since 2019 that such a significant split has occurred. What's going on? One hawkish member thought the cut wasn't enough and called for a 50 basis point reduction; the other two conservatives didn't want any cut at all, believing that cutting now is just reckless.

Imagine this scene: a group of people locked in a room, looking at the same data, yet reaching completely opposite conclusions. Powell is caught in the middle, probably pulling his hair out. The market was expecting a reassuring move, but it turns out the policy itself is not unified—no wonder everyone is panicking.

And things get even more interesting afterward.

The Fed then announced they will buy $40 billion worth of short-term government bonds over the next 30 days. As soon as that was announced, the market immediately sensed some easing measures. But the officials quickly clarified, "Don't get us wrong, folks, this is not QE (quantitative easing). We're just maintaining liquidity in the banking system..."

Okay, not QE. But buying bonds is essentially injecting liquidity into the market—that's a fact. Whether you call it QE or not is one thing, but how the market interprets it is another.

The reactions of BTC and ETH to this news were also quite subtle—they surged briefly but didn't sustain the rally and quickly retreated. It’s clear everyone understands: rate cuts are positive, but the policymakers themselves are unsure about the next steps, and the signals are too chaotic.

In plain terms, the current Federal Reserve is like a driver who doesn't even know whether to turn left or right. The passengers (us, the market participants) can't help but feel nervous.