The FOMC meeting minutes released at midnight on #美联储FOMC会议 show that the committee's concerns about persistent inflation exceed market expectations. Although the current interest rate remains unchanged, the dot plot suggests that there may only be one rate cut in the second half of the year, which is significantly different from the pricing in the CME futures market. It is particularly noteworthy that the meeting for the first time included 'digital currency liquidity' in the evaluation of the effectiveness of monetary policy transmission, pointing out that the rapid expansion of the stablecoin market may weaken the effectiveness of traditional monetary policy tools. In terms of the pace of balance sheet reduction, starting in June, the reduction in government bonds will be scaled back to $25 billion per month. What do these signals mean for risk assets? Historical data shows that when real interest rates are above 1.25%, the cryptocurrency market is usually under pressure...