The lonely dove remains steadfast, becoming the Federal Reserve's only remaining advocate for rate cuts. #BTC重返8万

On May 8th, Federal Reserve Board member Milan reiterated: he still favors an early start to rate cuts.

He has maintained this rate cut stance for an entire year.

From January to March and April, during the last six FOMC meetings, Milan consistently voted against the majority, advocating for rate cuts. In the April meeting, he was the only official proposing a rate reduction.

Currently, market pricing has already shifted:

The Fed's dot plot suggests only one rate cut possible in 2026;
JPMorgan Chase even straightforwardly states: keeping rates unchanged this year, with the possibility of hikes next year.

On one side, persistent inflation and high oil prices, with the Fed generally hawkish and firm;
On the other, marginal weakening of employment, rising unemployment, and continued cooling of manufacturing.

Milan's stance is clear:
The current monetary policy is clearly too tight, already suppressing economic vitality. Cutting rates by 100-150 basis points would not only prevent further inflation but could also create millions of new jobs.

The dilemma is that very few in the entire FOMC support his view.

From a trading perspective, this is not just a lone dove's voice but a clear signal of internal policy disagreements within the Fed:

If employment data weakens further in the second half of the year, the current dot plot's interest rate expectations could be completely overturned by the market at any time.

Interest rate path volatility can be bought on dips;
The defensive strategy of pairing short-term U.S. Treasuries with gold remains valid.

No need to wait for Powell to explicitly loosen policy; by the time the market collectively shifts, this solitary dove advocating for rate cuts may have already faded from the stage. $BTC $ETH #