#美联储降息 Last night, the Federal Reserve Board made a major decision — unanimously reappointing all 11 regional Fed presidents. The new terms will start from March 1st next year and last for five years. This actually sends a clear signal: the personnel landscape of the Federal Reserve leadership for the next five years is basically settled, with no significant turbulence expected.

What does this mean for policy continuity? It means that the Fed’s policy path will become more stable and predictable. Previously, markets worried that after the election there might be a personnel shake-up, and the direction of monetary policy could abruptly change — these risks are now essentially eliminated. With decision-makers "pulling together," the regulation of dollar liquidity is less likely to be hampered by internal disagreements, and the pace of rate hikes or cuts will more likely follow actual economic data rather than internal political struggles.

The impact on the crypto market is actually quite profound. That whole story of "speculating on Fed internal battles"