#通胀压力 The Federal Reserve cut interest rates by 25 basis points as expected, but the dot plot dampened the enthusiasm — only one rate cut is planned for next year. This signal is very clear: Powell has already hit the brakes, and the room for further rate cuts is essentially locked.

Here's a summary of the core logic: inflation has eased somewhat but remains "slightly high," the labor market has cooled but has not fully deteriorated. Divisions within the Federal Reserve have intensified, and officials are clearly less willing to continue easing. Goldman Sachs hit the nail on the head — "Preemptive rate cuts are at an end," and the next move depends on how bad the labor data really gets before any further action.

On-chain, BTC briefly surged past 94,000 before falling back to around 92,000, which is a very direct reflection. Market expectations for future liquidity have already been revised downward, and the short-term easing narrative has failed. Comparing to previous rate cut cycles, such policy shifts are often accompanied by a re-pricing of liquidity, requiring close monitoring of large address movements and exchange fund inflows.

Inflationary pressures are still present, but central banks are no longer "market saviors." In this environment, operational pace needs adjustment — shifting from betting on easing to focusing on fundamentals and the real demand for risk assets.