The Federal Reserve's policy disagreements are intensifying, and market expectations are entering a "chaotic period."

Recently, disagreements within the Federal Reserve regarding policy orientation have become public. The new management tends to ease economic pressure through rate cuts, while the hawkish faction insists that inflation risks have not been fully eliminated, and an early shift to easing could backfire. This divergence is causing the market to waver in its judgment of the subsequent policy path.

From a macro perspective, the biggest impact of this "policy internal friction" is the repeated fluctuations in market expectations. Whether it's dovish signals of rate cuts or hawkish tough statements, both tend to amplify short-term asset price volatility. Additionally, the coexistence of balance sheet reduction and rate cuts makes the actual liquidity environment more complex, as the easing effects are offset by the ongoing contraction of the balance sheet.

For the crypto market, the current stage should focus more on trading opportunities brought by increased volatility rather than blindly betting on a one-sided trend. As the Federal Reserve's policies shift from disagreement to implementation, the market is likely to undergo multiple rounds of expectation adjustments. Monitoring inflation data and interest rate signals is more important than pre-judging the outcome in advance.