The latest Federal Reserve meeting minutes reveal a message: policymakers are still divided.

The key to this rate cut isn't about whether to cut or not, but rather a clear divergence of opinions within the committee. On one hand, some members are concerned about worsening employment data and believe that since inflation has already fallen back, liquidity should continue to be released; on the other hand, there is a fierce fight over price increases, fearing that an early loosening could be misunderstood by the market as the Fed abandoning its 2% target.

The December rate cut was actually a preemptive risk management move, but it was followed by a pause. According to market pricing, CME futures show that the probability of maintaining the current interest rate in January has already exceeded 85%, and federal funds futures also indicate that the path of subsequent rate cuts will be long and slow.

What does this mean for traders? In the short term, don't expect large-scale liquidity releases. Although money is flowing toward the market, this process will neither be aggressive nor suddenly interrupted. Cryptocurrencies and risk assets will be in an environment with a bottom line but lacking acceleration, mainly showing range-bound oscillations rather than a one-way trend.