#美联储货币政策预期 Recent market trends seem to be validating my previous analysis. IMF President Georgieva expects that the Fed may further cut interest rates, which aligns well with the on-chain data I have observed. Capital flows indicate that investors are gradually increasing their allocation to interest rate-sensitive assets. At the same time, the smart contracts interaction data also reflects a warming expectation in the market regarding a shift in monetary policy. However, it is important to note that this expectation may have already been partially reflected in prices. Moving forward, I will closely monitor the position changes of large investors' addresses, as well as the interest rate trends in the DeFi lending market, as these indicators may provide more clues about the direction of the Fed's policies.