Highlights from Powell's speech in Dallas in the early morning:

Labor market indicators returned to more normal levels consistent with the Federal Reserve's maximum employment goal;

Inflation will continue to decline toward our 2% target, albeit with occasional bumps;

The interest rate path is not preset, but depends on the data and economic outlook. If the data tells us to slow down the rate cuts, it would be wise to slow down.

Congress generally believes that the independence of the Federal Reserve is very important. It is too early to draw conclusions about the Trump administration's policies. The Federal Reserve will act cautiously before it is more certain about its policies.

The key point reflected in the above content is that Powell is managing expectations with the aim of reversing the market's most optimistic expectations of a rate cut. This speech is equivalent to shifting the market's focus from employment risks back to the balance between employment and inflation.

Another thing is that no matter what kind of pressure the Federal Reserve will face after Trump takes office, at least Powell should always maintain his independence, otherwise it will endanger the credibility of the Fed.

In particular, the market expects that the Fed will be under pressure to speed up interest rate cuts in the future. This is also the reason mentioned above that the earlier and faster the expectations are, the more unfavorable it will be for achieving the inflation target.

In this light, the November employment and inflation data released in December become particularly important.

In fact, yesterday’s speech also revealed many different feelings. From a positive perspective: the US economy is moving away from recession, the independence of the Federal Reserve will depend on the influence of the Trump era, and changes in interest rates will be determined by the inflation caused by the policies of the Trump era. Breaking the funds of Bitcoin and overflowing them to other sectors is better for other sectors of altcoins!

From a negative perspective: Powell is ready to confront Trump to maintain the independence of the Federal Reserve and not to coordinate interest rates with Trump-era policies!

Even if the Republicans swept the Fed, it still has political independence. Data is its only criterion. So far, the data are within its expected range and gradually approaching 2%. Effective regulation + expectation management, data is not subject to personal will.

On the other hand, the slowdown in interest rate cuts does not affect the arrival of the bull market. BTC is accelerating its decline, and the bottom range is much higher than the previous high. A slower bull market is much better for the development of the industry than a short-lived crazy bull market.

Then if you think in a bad direction, as a president, he can't even control the interest rate cut. Can Trump add Bitcoin to the Federal Reserve's balance sheet if he is given two terms?

Forget it, let’s not talk about it. There may be a hundred ways of interpreting a problem, and as long as a decision is made, the impact will be big or small!

#BTC连续破新高，你看到多少？