#BTC Currently, the statements at the hearing are somewhat contradictory. Why is it "contradictory"? Wosh's policy stance can be described as "an eagle disguised as a dove." His core views seem self-contradictory but actually have an internal logic.

1. Attitude towards tapering: He emphasizes that "the balance sheet must be significantly reduced," which is a long-term bearish signal. If this issue is handled vaguely, the pressure is temporarily eased.
2. Attribution of inflation: He blames inflation on past "fiscal deficits and money printing" (a tough stance), rather than external factors, implying that future policies won't be easily loosened.
3. Statement on independence: The more he emphasizes the Fed's "independence," the more it means that even if the White House pressures, it won't easily loosen policy to rescue the market.

The hearing continues with a vague style, and the market's short-term reaction has been relatively muted. Geopolitical risks are piling up: tonight, besides the hearing, the US-Iran ceasefire agreement is about to expire. If the conflict escalates and oil prices surge, it could trigger a global stock sell-off. Bitcoin won't be immune either and may further decline.

Based on current news, Vance didn't even attend the negotiations, which indicates a lack of sincerity. There may already be some behind-the-scenes moves. Keep an eye on the Middle East situation. If things escalate, there could be a sharp drop.