Last night's interest rate meeting saw the Federal Reserve lower rates by 25 basis points as expected, but two committee members voted against it—they disagreed with the arrangement to "end the balance sheet reduction."

Powell then bluntly stated at the press conference: "A rate cut in December is far from a foregone conclusion."

As soon as he finished speaking, market expectations shifted: the probability of a rate cut in December quickly fell from 92% to 70%.

Over the past few months, Wall Street had almost regarded "continuous rate cuts" as a done deal: rates were cut in September, again in October, would December really be absent?

But this time, Powell personally tore up that script. He not only pointed out the internal disagreements within the committee but also emphasized that "the phase of risk management rate cuts has ended."

The implication is: previous rate cuts were to prevent economic downturns, but now the data isn't bad, and the Federal Reserve has no need to continue "injecting liquidity." $BTC $ETH #加密市场回调