The Federal Reserve's "Ambiguous Statement" on #套利交易策略 : The minutes acknowledge the stickiness of inflation while not completely ruling out the possibility of interest rate cuts (the market still expects over 60% probability of a rate cut in September). This kind of "expectation management" allows institutions to bet on the long-term logic of liquidity easing.

The "Double-Edged Sword Effect" of tariffs: Trump announced a 50% tariff on Brazil, which superficially seems negative for emerging markets, but actually triggers a migration of funds from traditional markets to cryptocurrency "safe haven"—the Brazilian real fell 3% against the dollar, while the premium rate for Bitcoin on local exchanges in Brazil skyrocketed to 8%, indicating that local funds are hedging against the depreciation risk of the local currency through cryptocurrency.