The third wave of rate cuts in 2023 has been implemented—The Federal Reserve cut interest rates by another 25 basis points, bringing the federal funds rate to the current range of 3.5%-3.75%. Overall, the rate has been lowered by 0.75 percentage points. Powell's interpretation is as follows: inflation risks are rising, while employment is stabilizing, so the rate cut mainly aims to protect employment and bring inflation back to the 2% target. Tariffs have become the main scapegoat for inflation exceeding expectations. However, Trump is not very satisfied, believing that the rate cut was too conservative and that more aggressive measures could have been taken. He has frequently criticized Powell's decision-making in public. This policy adjustment has had a significant impact on market sentiment in the crypto space—lower interest rates generally boost valuation expectations for risk assets.