Tonight there is a bizarre grand performance - the global financial community is focused on a person who cannot speak.

Federal Reserve Chairman Powell is set to make a public appearance, but due to the quiet period regulations, he must remain tight-lipped about the economy and monetary policy. Strangely, the market has already spoken for him: traders have pushed the probability of a rate cut in December to nearly 90%, as if the outcome had already been predetermined.

**First bombshell: Resignation rumors are everywhere**
"Powell resigns at lightning speed tonight at 7" This kind of news is flooding everywhere. Legally, this is nearly impossible, and he himself is determined to serve until 2026. But the constant pressure and antics from Trump’s side are too convincing. Now the market is speculating: What if a more "cooperative" new chairman takes office, will they just open the floodgates if there's a disagreement?

**Second Explosive Point: Interest Rate Cuts Are Stabilized, But Internal Conflicts Are About to Erupt**
Wall Street has basically confirmed that there will be a rate cut in December, and Barclays' report even predicts that there may be another cut in January next year. What’s truly stimulating is that the Federal Reserve is about to witness "the fiercest divergence battle in three years"—the rate-cutting faction led by Powell is set to confront the hawkish committee members head-on. While maintaining a hawkish stance on the surface, they are actually testing various bottom lines. This game of cat and mouse is quite interesting.

**What does it mean for the crypto world?**

Short-term view: The landing of interest rate cuts may lead to a surge in risk assets, but beware of the classic pattern of "good news turning into bad news".

The mid-line view: the key is not whether to lower or not, but "when will the next rate cut be?" If it hints at no action in January, the liquidity expectations will immediately cool off.

Volatility: The more unclear the policy path, the more likely BTC and ETH are to go on a rollercoaster ride.

To put it simply, the focus tonight is not on what Powell said at all - but rather on pondering what he didn't mention and whether the market has overly inflated its expectations. After this "silent storm", which direction do you think the scythe will swing?