#美联储联邦公开市场委员会决议 Fed's FOMC decision last night became the focus of global traders, and the market held its breath for the 3 a.m. decision. A 25 basis point rate cut is largely a foregone conclusion, but the problem is that this may be the most distorted rate cut of the year.

The internal opinion cluster is really cracked. Hawks say inflation must be controlled, doves say employment cannot wait. The final result is a contradiction: the interest rate cut is a real interest rate cut, but the words and actions are implying that "it's almost done, don't think about it".

There are a few points worth keeping an eye on at this meeting. The first is how Powell will express his position, every sentence of the press conference can leverage the market; secondly, there may be rare inconsistencies in the dot plot, and some members may vote against it; Coupled with the current strong inflation stickiness and cooling employment data, it is really difficult for the Fed to be caught in the middle; Finally, as soon as the balance sheet reduction stopped, the new bond purchase plan was put on the table again.

To put it bluntly, this is not an easing signal, but the Fed is giving the market a preventive shot - both to appease the market and not to release the illusion of dovish. $BTC, $ETH, $ZEC how much will these currencies fluctuate today? It depends on how the market understands the logic of this "hawkish interest rate cut". What do you think of this wave?