$BTC $ZEC $KSM

The Federal Reserve's policy shift always stirs the nerves of the entire market. Last night, an important voice broke the market's widespread expectation of rate cuts—FOMC voting member Harker explicitly stated in an interview that he opposes a rate cut in the near term and advocates maintaining rates at current levels before spring.

This is not a simple policy signal; it reflects the ongoing concerns within the Federal Reserve about inflation. Hamak admitted in an interview that the most pressing issue remains "stubborn inflation" rather than risks in the labor market. What does this mean? Unless we see clear signs of inflation receding, interest rates are unlikely to be adjusted quickly.

This information carries significant weight for the cryptocurrency market. In historically high interest rate environments, the liquidity of risk assets tends to come under pressure, and cyclical assets like Bitcoin and Ethereum are particularly sensitive. When the "spring interest rate cut" logic that the market originally priced in faces uncertainties, short-term volatility is hard to avoid.

It is worth noting that Hamak will become a voting member of the FOMC next year, and her stance may become an important reference for the Federal Reserve's policy. This is not just a personal opinion, but a signal that could influence the entire monetary policy framework for 2025.

So the question arises: does the market need to reassess the pricing of interest rate cuts? In the standoff of high interest rates, can crypto assets still maintain their previous resilience? How should investors respond to this policy uncertainty?

The "hawk-dove" game within the Federal Reserve is intensifying, and often hidden within this process are unexpected market movements. Risks and opportunities often lie in a single thought.