From the detailed data released by the interest rate meeting, the Federal Reserve's expectations for the economy are relatively optimistic, but their adjustments for inflation are somewhat pessimistic. This might be the main reason the Federal Reserve decided to reduce interest rate cuts in 2025. Reducing interest rate cuts means that interest rates will still be high, possibly remaining above 4% for the entire year of 2025. This increases the likelihood of a black swan event, and for the market, financing remains quite difficult, leading investors to be cautious about increasing their risk appetite.

This aligns with what was mentioned earlier; even the positive impact of a 25 basis point rate cut is suppressed by the negative signals from the dot plot. The U.S. stock market has also experienced a significant decline, with the dollar index continuing to rise. This reflects the market's pessimistic expectations, especially with Christmas approaching. Not to mention the U.S. stock market, if cryptocurrencies cannot reverse the negative sentiment before Christmas, the difficulty of this 'Christmas crisis' may increase.

Today during the day, there will also be an adjustment in Japanese interest rates, which is likely to remain unchanged. However, if Japan also raises interest rates, although the impact of the rate hike may not be substantial, it will add to the negative sentiment.