#美联储货币政策 Looking back at the market cycles of the past few decades, the Fed's monetary policy has always been a key factor influencing the global financial market. The recent fluctuations in the U.S. stock and crypto assets markets remind me of the tightening cycle in 2018. At that time, the Fed raised interest rates consecutively, leading to a significant fall in the stock market and crypto assets. Now the situation seems somewhat similar, but also different. Strong employment data shows that the economy is still quite resilient, and market expectations for a rate cut in December are also declining. This reminds us that we cannot simply apply historical experience. Every cycle has its uniqueness, and the key is to closely follow data changes and adjust strategies flexibly. In the long run, the economic fundamentals are the fundamental factors determining asset prices. Short-term fluctuations are inevitable, but maintaining rationality and patience is essential to seize opportunities amid market ups and downs.