#美联储利率政策 Williams' statement sent a key signal: the combination of cooling employment and easing inflation provides a fundamental support for last week's 25bp rate cut. But the key point is his ambiguous attitude towards the policy direction in January—"it's still too early to judge," which means subsequent data will determine the pace.

From an on-chain perspective, such policy uncertainty often leads to fluctuations in liquidity. It is recommended to monitor whale movements and exchange fund inflows over the next two weeks; policy shifts during rate cut cycles are usually reflected in large address transfers in advance. Also, pay attention to the correlation changes between mainstream cryptocurrencies and U.S. Treasury yields—if the market begins to price in a delayed rate cut cycle, we may see a phased outflow of funds from risk assets.

Data is still consolidating, and the employment report and PCE data before the next meeting will be the key variables.