Looks like a generous policy, but behind it lies deep reservations. On one hand, it offers the benefits of rate cuts and bond purchases; on the other hand, it uses a hawkish dot plot to silence the market.

Market exuberance quickly faded. Experienced traders understood the underlying message: "Money is given to you, but don’t get too excited."
This seemingly contradictory signal actually reveals the core logic for the next six months. For crypto assets, the real story is just beginning.
**1. Deconstructing this contradiction: not rescue, but stability maintenance**
The key to this decision is less about "what was added" and more about "what was not added."
There are indeed some elements: the third round of rate cuts confirms inflation is retreating, preventing a hard landing; the $40 billion monthly bond purchases essentially plug liquidity gaps to prevent sudden tightening of funds at year-end. It’s like giving blood to an anemic person—the goal is to save lives, not to run a marathon.
What’s not easing: the 2026 interest rate roadmap has clearly become more cautious, indicating limited room for future rate cuts, shattering market expectations of prolonged easing; Powell’s repeated emphasis on "data-driven" means that as soon as inflation or employment data slightly underperform, the entire "rescue" could immediately reverse.
**The core logic is clear: this is not the start of a new easing cycle, but a targeted liquidity adjustment. The goal is to maintain the bottom line, not to push the market higher.**
2. Why crypto...