The Fed's dot plot is dovish, with two rate cuts in 2026, one in 2027, and no change in 2028. The highly anticipated liquidity injection fell flat, and CZ said that the $BTC super cycle brought by the Fed's large-scale liquidity injection is also unlikely to materialize.

The Fed bought $40 billion in government bonds, many people thought it was an expansion of the balance sheet to inject liquidity, but in fact, this is an RMP operation. It is different from QE and QT; RMP is to maintain the minimum reserve safety threshold of the banking system, preventing excessive withdrawal of funds from the banking system at the end of the year. Essentially, it is to replenish the water that has fallen, not to add more water. Moreover, before April 2026, the pace will be fast, and the scale of purchases will decrease rapidly afterward. $SOL $BNB $ETH
What truly determines liquidity is whether the SLR is relaxed, whether banks can expand their balance sheets, whether the Treasury Department replenishes the reserves, and whether the Fed reduces the ON RRP scale.
Next, the non-farm payroll data on December 16 and the CPI data on December 18 are very critical. Non-farm payrolls are likely to be poor; the focus is on CPI. If the November CPI does not rebound after the rate cuts, the Fed's further easing will be less hindered. Currently, the macro environment is not optimistic; everyone should pay close attention and make cautious decisions!