Recently, a series of clashes in the US financial circle has caught our attention.

Here's what happened: not long ago, the US political sphere proposed to cap credit card interest rates at 10%. This move hit a nerve—leading banks like JPMorgan Chase and Citigroup saw their stocks plunge immediately, with noticeable adjustments even before the market opened.

Interestingly, the subsequent reactions on Wall Street were almost unanimous. Major institutions such as Citigroup, Goldman Sachs, and Morgan Stanley synchronized their actions, collectively adjusting their expectations for Federal Reserve rate cuts. Originally, everyone anticipated rate cuts at the beginning of the year, but now the timeline has shifted to the medium term—some expect March, others June. JPMorgan Chase was more aggressive, directly stating that there should be no expectation of rate cuts until 2026.

What’s the underlying story here? On the surface, these two things seem unrelated, but a closer look reveals that Wall Street’s shift in "expectation management" is almost immediately linked to the policy proposal to lower consumer-side interest rates. The market’s logic is straightforward: if you forcefully reduce our interest margin income, we must also adjust our expectations of the central bank’s easing stance. Instead of waiting passively, it’s better to signal this early.

This reflects a delicate balance during an election year—political agendas, the interests of financial institutions, and monetary policy expectations are engaged in a complex game. This game is increasingly becoming a key variable influencing market sentiment and asset pricing, and crypto market participants are no exception.

Mainstream assets like BTC, ETH, and SOL will ultimately be affected by these macro forces.