The Federal Reserve'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 short, and CZ said that the super cycle brought by the Fed's large-scale liquidity is also unlikely to materialize. The Fed bought $40 billion in Treasury bonds, which many thought was an expansion of the balance sheet and liquidity injection, but in fact, it is an RMP operation. Unlike QE and QT, RMP is to maintain the minimum reserve safety threshold in the banking system, preventing excessive withdrawal of funds by the end of the year. Essentially, it is about replenishing the water that has fallen out, not adding more. Moreover, the pace will be fast before April 2026, and the scale of purchases will rapidly decline 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 crucial. Non-farm payrolls are likely to be weak; the focus is on CPI. If the November CPI does not rebound after rate cuts, the Fed’s further easing will be less hindered. The current macro environment is not very optimistic, so everyone should stay vigilant and make cautious decisions!