#数字资产市场动态 $AXS $DASH $XRP

The decision from five years ago has now become the center of discussion. The recently declassified minutes of the September 2020 Federal Reserve meeting reveal that Powell at the time insisted on a zero interest rate policy with a 2% inflation target, despite concerns raised by several Fed officials. Fast forward to today—inflation once soared to 7%, and now the market is pondering: how will this history influence the future pace of rate cuts?

**What is the reality?**
From a policy perspective, the shadow of the Federal Reserve's credibility indeed exists. The gap between previous commitments and actual results has directly affected market confidence in its future statements. The dot plot already indicates a hawkish tilt; the number of rate cuts in 2025 may only be two, and the timing might not be until after September.

**What does this mean for the crypto world?**
Liquidity is unlikely to significantly loosen in the short term. If inflation data shows signs of rebounding, the policy shift could happen faster than expected—this uncertainty itself is a risk. Risk assets (including cryptocurrencies) are most vulnerable to shocks.

**How to respond?**
Implement phased spot positions, and be cautious with high leverage trading. Mainstream cryptocurrencies like BTC and ETH tend to perform relatively better under market pressure, so a defensive mindset is temporarily more practical. As macroeconomic volatility intensifies, fluctuating policy expectations will continue to test traders' psychology.