The internal controversies within the Federal Reserve have long been brewing beneath the surface. At the July meeting, two committee members expressed their opposition directly, stating that they "do not endorse the current interest rates"; Trump's appointee, Stephen Moore, while holding a dovish stance favoring easing, is waiting for the right moment during the meeting; the White House is also exerting political pressure on the Federal Reserve.

Bessen's remarks are even more radical, as he advocates for a 150 basis point rate cut, almost treating the Federal Reserve as a printing press to be used at will. He even stated that the Fed must cut rates by at least 150 to 175 basis points—sounding like a suggestion, but in fact, it is a demand for major surgery on market interest rates.

Traders' emotions are even more fervent. Many investors are betting on a rate cut in September, with related odds reaching as high as 96%; UBS's Heffler bluntly stated: "Cut rates directly by 100 basis points in September, don’t delay any longer!" However, real data has doused this enthusiasm with cold water: core inflation has risen to 3.1%, and employment data is equally grim, with an average of only 35,000 new jobs over the past three months, and a mere 19,000 in May.

This means that the Federal Reserve's room for rate cuts is actually limited, and the pressure on market interest rates still exists, making the possibility of significant rate cuts in the short term extremely slim. The flow of funds and trading behavior are the core narratives of the market: ETFs, institutions, and large compliant funds are still steadily positioning themselves, focusing on risk and return, and are not easily swayed by public opinion.

The various games between the White House and the financial sector are merely background noise; the key lies in on-chain data, chip structure, and capital flow as real signals. For instance, the capital flow into ETH and altcoins, concentration of holdings, and pressure on old coins to cash out—all of these factors impact market trends more critically than news reports.

In summary, no matter how lively the market speculation may be, it should not be led by public opinion. Price fluctuations, capital flow, and chip structure are the hard indicators for judging trends. $BTC $ETH #BNB创新高 #BTC再创新高 #山寨币谷歌热度创五年新高