Regarding the Korean election, there is a key piece of information worth noting:

Analysis of Recent Federal Reserve Dynamics
At the 2025 Bank of Korea International Conference, Federal Reserve Governor Waller discussed the economic outlook. He believes there is a possibility of interest rate cuts later this year, but tariffs will temporarily raise inflation and increase unemployment rates.

Waller proposed a "high tariff scenario" and a "low tariff scenario." Regardless of which one, he feels that the impact of tariffs on inflation is temporary, and both scenarios will lead to an increase in unemployment, though the scale of layoffs might be somewhat smaller in the low tariff scenario.

Waller has consistently advocated for easing monetary policy, while recently, most Federal Reserve officials have adopted a "wait-and-see" attitude, given that the Trump administration's trade policies have created uncertainty regarding inflation and the labor market outlook. The Federal Reserve will meet on June 17-18 to decide on interest rates, and current derivative market traders believe a rate cut will not happen until September, while economists think Powell will wait for inflation risk to ease before taking action.

Regarding the University of Michigan's survey that shows consumer inflation expectations soaring for the next 5-10 years, Waller is not very convinced; he trusts more in market-based inflation compensation indicators and forecasts from professional agencies, as these have not risen significantly.

Additionally, Waller stated that the labor market is strong and inflation is approaching the 2% target, allowing policymakers time to observe the direction of trade negotiations, which aligns with the views of several of his Federal Reserve colleagues. Officials generally believe that the current interest rate levels are conducive to assessing the impact of the Trump administration's policies, especially the effects of tariffs on the economy.

Overall, Yumi believes that tariff shocks will impact the cryptocurrency market, making short-term gains for Bitcoin and Ethereum difficult; if the Federal Reserve cuts rates in the second half of the year, it could increase market liquidity and push Bitcoin prices up, but in the short term, the market may continue to experience declines and fluctuations unless there are significant positive developments. In the short term, it remains to be seen when institutional funds will step in to intervene.