1. Inflation data is revised upward, abandoning expectations of multiple rate cuts this year; nearly half of the officials support keeping high interest rates, and several other members retain the option to raise rates—completely removing accommodative wording;

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2. Downplay forward guidance, emphasize that everything will be driven by data, and will not easily “make room” for propping up risk assets; extend the cycle of tighter liquidity;
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3. U.S. Treasury yields rise in response; returns from low-risk financial products increase, and funds naturally withdraw from high-risk assets like cryptocurrencies to seek safety. $BTC ‌