#美国政府停运 Fed policy direction has suddenly changed! The latest statement from Director Milan has caused market turbulence.

He directly expressed the opinion that a 50 basis point rate cut at the December monetary policy meeting is the reasonable choice, and even a conservative estimate should involve a cut of 25 basis points. The reason is clear—the current interest rate level has already become "overly tight." A more noteworthy detail is that he included stablecoins in the policy framework as a "shadow currency market," believing that stablecoins are affecting the trend of long-term interest rates, which provides a new logical support for the rate cut decision.

Milan's statement as a ticket committee member is not just casual talk. The CME interest rate futures market has already begun to react, and the expectations for interest rate cuts are rapidly heating up.

For the crypto market, the implications are straightforward: rate cuts = lower cost of capital = capital seeking high-yield assets again. Looking back at history, every time the expectation of a rate cut is released, the volatility of cryptocurrencies tends to amplify. With such clear policy signals this time, the market reaction may be even quicker.

The liquidity turning point may be just around the corner. The December meeting is worth keeping a close eye on, as the window for policy shifts is often a critical moment for positioning. $BTC $ETH