The Federal Reserve dovish board member Milan resigns, having voted against FOMC decisions six times—this seemingly macro news may be more worth dissecting for the crypto market than a quick ETF newsflash.


Milan is the most steadfast dovish member in the FOMC, advocating for PCE to fall back and for larger rate cuts due to the lagging effects of monetary policy. His departure signifies a further weakening of dovish voices within the Federal Reserve, especially with Waller about to take over, potentially solidifying a hawkish tone.
For the crypto market, a low interest rate environment was one of the fuels for the 2020-2021 bull run. Currently, Bitcoin is oscillating in the 79k-82k range, market sentiment is fragile, and if rate cut expectations further narrow, liquidity premiums on risk assets will be under pressure.
Counter risk: the market may overinterpret the impact of a single board member. The Federal Reserve’s decisions still depend on data, not individuals. But structurally, the exit of dovish members and the dominance of hawkish voices will subtly change the market’s pricing of crypto assets’ duration.
$btc #defi #ETF #区块链 #cryptomarket
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