The hidden logic of the Fed's "Tapering 2.0": from "de-MBSing" to the "valuation anchor reshaping" in the crypto world.

- Fed Governor Milan proposed a shift in the balance sheet by "expanding government bonds and reducing MBS", which essentially further "de-risking" during the balance sheet reduction cycle — MBS is an asset that belongs to the "indirectly related resident sector credit", and shifting to government bonds means that the Fed is actively reducing its support for the "real estate credit chain", which will further shrink the market's "credit easing expectations". As a "risk asset without a credit anchor", the valuation of cryptocurrencies will rely more on the "absolute level of USD liquidity" rather than the "risk appetite premium brought about by credit expansion" #Gate广场圣诞送温暖 #非农数据超预期 #反弹币种推荐