Why is it more dangerous this time "no rate hike"?

The answer lies in the disagreement.

On the surface, everything seems calm.
But underneath, dark currents are already surging.
This time, the decision not to raise rates is not about policy, but—
👉 the disappearance of consensus.
In the past, the market could stay stable because everyone believed:
The Federal Reserve had a clear direction.
But now, that direction is starting to become blurry.
This can trigger a chain reaction:
* Expectation divergence
* Pricing chaos
* Volatility amplification
More importantly:
Investors are beginning to lose faith in the "guidance."
Once the guidance fails, the market will enter—
👉 a self-play phase.
The most likely outcome at this point is intense turbulence.
So, the risk hasn't decreased, but instead—
👉 has taken on a different form.
From "policy risk" to "cognitive risk."
And the latter is even harder to manage.
#比特币ETF期权持仓限额增4倍