#通胀压力 Looking back at history, the struggle between inflation and monetary policy has always been cyclical. The latest statement from the US Treasury Secretary indicates substantial progress in controlling inflation, with expectations that prices will decline in the future. This inevitably recalls the strong tightening policies during the Volcker era in the 1980s. At that time, the inflation rate soared to 14%, and it took several years of difficult adjustments to finally bring it under control.

Today, faced with the highest inflationary pressures in nearly 40 years, the Federal Reserve has once again taken aggressive steps to raise interest rates. Although the process has been difficult, the effects are gradually becoming evident. This once again confirms the effectiveness of monetary policy in combating inflation, while also reminding us to be vigilant against the risks of runaway inflation.

However, controlling inflation is not a one-time effort. The lessons from the "stop-go" policy of the 1970s are still fresh in our minds. Premature easing could lead to a rebound in inflation, while excessive tightening might trigger a recession. Therefore, as inflation recedes, we also need to closely monitor indicators such as employment and growth, weighing the strength and pace of the policy.

For the cryptocurrency market, changes in inflation expectations often trigger asset repricing. If inflation is effectively controlled, market risk appetite may gradually recover. However, before that, we must remain cautious and pay attention to policy trends and changes in economic data. After all, history is always repeating itself while also innovating.