#BTC

Today (3:00 AM Beijing time), the Federal Reserve pressed the pause button on interest rate cuts, but more importantly, its policy statement underwent a significant change (more hawkish than market expectations).

· First, the wording "progress on inflation" was removed and replaced with "the inflation rate is still slightly rising" (implying insufficient confidence in inflation).

· Second, the statement that "labor market conditions have generally eased" was removed and replaced with "the unemployment rate remains stable at a low level, and labor market conditions remain solid" (acknowledging the resilience of the job market, diminishing the necessity for interest rate cuts in the short term; the essence of the wording change is a refusal to provide the market with "certainty on rate cuts," shifting the emphasis to data dependence).

After the statement was released, the U.S. stock market immediately fell, and the U.S. dollar index re-tested the intraday high.