The Federal Reserve hearing remarks show a clear “twist-and-turn” feeling; Worsh’s policy propositions are essentially “a hawk in dove’s clothing.” The viewpoints appear contradictory, but the logic is actually clear:

- On balance sheet reduction: Emphasizes that the balance sheet needs to be cut back significantly, releasing long-term bearish signals; if the wording is unclear, short-term market pressure may be temporarily eased.
- On inflation attribution: Points the root cause of inflation to past fiscal deficits and excessive money issuance, rather than external factors, implying that policy is unlikely to pivot toward easing.
- On independence statements: Repeatedly emphasizes the Fed’s independence, meaning that even if the White House applies pressure, it won’t easily “open the floodgates” to bail out the market.

The hearing continues the ambiguous style, and the market’s short-term reaction is muted, but geopolitical risks cannot be ignored: the US-Iran ceasefire agreement expires tonight. If the conflict escalates and drives oil prices higher, it could trigger a global stock market sell-off, and Bitcoin will also face downward pressure.
In addition, Worsh’s absence from the talks indirectly reflects a lack of sincerity; behind the scenes, uncertainties may be lurking, so close attention should be paid to the situation in the Middle East, and stay alert to the risk of a market plunge caused by an escalation of conflict.#GatePreIPOs首发SpaceX #Gate13周年现场直击 #比特币反弹 #香港证监会发布新监管框架