From the detailed data released, the Federal Reserve's adjustments to economic expectations are relatively optimistic, but the adjustments to inflation are somewhat pessimistic. This may be the main reason why the Federal Reserve decided to reduce interest rate cuts in 2025. Reducing interest rate cuts means that interest rates will still be at a high point, 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 very difficult, with investors still hesitant to increase their risk appetite.

This is consistent with what was said before; even the benefits brought by a 25 basis point rate cut are suppressed by the negative implications of the dot plot. The US stock market has also seen widespread declines, and the dollar index continues to rise. This reflects the market's pessimistic expectations, especially with Christmas approaching. The situation for US stocks is not worth mentioning; if cryptocurrencies cannot reverse the negative sentiment before Christmas, the difficulty of this "Christmas crisis" may increase.

Later today, there will also be Japanese interest rate adjustments, which are likely to remain unchanged. However, if Japan also raises interest rates, although the impact of the rate hike is not significant, it will have a cumulative debuff effect on market sentiment.