#比特币与黄金战争 The Fed's rate cut expectations have collapsed, and the market is in chaos.

The dot plot data has been coldly dropped—there's only one rate cut opportunity before 2026. The originally anticipated easing cycle has been forcibly turned into a tightening script. Powell left no room for illusions in the market. Meanwhile, Trump has been firing shots through the media, directly criticizing the Fed's decision-making and even hinting at a leadership change next year. Political pressure and policy disagreements have come to the forefront.

The bond market's reaction is the most direct—US Treasury yields have already broken through 4.2%, and investors are calculating whether the next threshold might be 4.5%. Inflation expectations have not noticeably declined, risk premiums are accumulating, and long-term bond yields remain high. The entire financial market is being pressed down and rubbed, with rate cuts seemingly far off, and the only way to seek breakthroughs is through public opinion battles.

Once a change in leadership truly occurs, the Fed's independence will be severely tested. Will the bond market usher in relief or face greater turmoil? No one can give a definitive answer. Liquidity risks are resurfacing, traditional assets are highly volatile, and will the crypto market seize the opportunity to break out independently? This question is more worth paying attention to than ever before.

$ETH $BTC, who can break the deadlock in this round of upheaval? The key still depends on the specific developments of each step to come.