#美联储利率政策讨论 The Fed cut interest rates by 25 basis points as expected, in line with market expectations. It is worth noting that two committee members cast dissenting votes, indicating a growing internal divide. Analysis shows that employment growth is slowing, and inflation remains high. In terms of capital flow, this rate cut may stimulate some funds to flow into risk assets. However, the uncertainty of the economic outlook remains high, and it is necessary to continue tracking on-chain data changes, focusing on the capital flow of large investors' addresses to assess the market's actual response to this rate cut. It is recommended to closely monitor market changes after the balance sheet reduction ends on December 1, which may bring new investment opportunities.