The Fed's dot plot leans dovish, with two rate cuts in 2026, one in 2027, and no change in 2028. The much-anticipated liquidity flood has fallen flat, and CZ said that the super cycle brought by the Fed's easing for @BTC@ is also unlikely to materialize. The Fed bought $40 billion in government bonds, which many thought was an expansion of the balance sheet, but in reality, it's an RMP operation. Unlike QE and QT, RMP is to maintain the minimum reserve safety threshold of the banking system and prevent excessive withdrawal of funds by the end of the year. Essentially, it's about replacing the water that drops out, not adding more water. Moreover, before April 2026, the pace will be fast, and after that, the scale of purchases will decrease rapidly. $SOL $BNB $ETH What truly determines liquidity is whether the SLR is relaxed, whether banks can expand their balance sheets, whether the Treasury Department replenishes the reserves, and whether the Fed reduces the ON RRP scale. Next, the non-farm payrolls data on December 16 and the CPI data on December 18 are crucial. Non-farm payrolls are likely to be poor; the focus is on CPI. If the November CPI does not rebound after rate cuts, the Fed's further easing will be less hindered. The current macro environment is not very optimistic. Everyone should stay alert and make cautious decisions!