#美联储降息预期 The latest data shows that the market is experiencing its first net positive liquidity environment since early 2022. This is mainly due to multiple factors such as the Fed's rate cut expectations, the end of quantitative tightening, and the reduction of TGA accounts. In the long term, 2026 may become a key turning point for policy shifts, which could benefit long-duration assets and structurally strong digital assets. However, it is worth noting that current interest rate declines are still within controllable ranges and do not indicate an abrupt policy reversal. It is recommended to closely monitor the trends of SOFR and the federal funds rate, as well as the changes in real interest rates, to inform subsequent investment decisions.