#加密生态动态追踪 The Federal Reserve's policy tone shows subtle shifts, with several senior officials recently sending clear signals.

In the past few weeks, internal voices within the Fed warrant attention. New York Fed President Williams recently stated that bank system reserves are approaching the lower limit of adequate levels. Based on this situation, the Fed has quietly initiated "reserve management purchases"—simply put, liquidity had been pulled too tight in the previous phase, and now a moderate adjustment is needed. This does not fall under quantitative easing, but the signal is clear: liquidity conditions must remain within a reasonable range.

Almost simultaneously, Boston Fed President Collins also expressed support for a gradual rate cut, though she candidly acknowledged that it would be a "difficult decision." The implication is that, under the long-term high-interest-rate environment, the economic balance is shifting, requiring a new equilibrium between inflation control and economic growth. Behind this statement lies a dilemma faced by policymakers.

More interestingly, Federal Reserve Board Member Mulan recently spoke out. She frankly stated that there will be dissenting votes in future votes, and personally favors further rate reductions. This essentially indicates that the dovish faction within the Fed is expanding, and upcoming policy meetings are expected to feature more intense discussions.

From a data perspective, several key points include:

· The Fed's balance sheet has significantly shrunk through balance sheet reduction, with bank reserves now at the lower limit of adequacy.
· Officially restarted bond purchase operations to address liquidity pressures.
· Multiple officials openly discuss the possibility of rate cuts, and market expectations for a policy shift are rising.

What does this reflect? From a purely policy discussion standpoint, the focus of the Fed has shifted from "whether to continue maintaining high rates" to "when to start cutting rates." Although the specific timetable for action remains unclear, the policy tilt is already quite evident—liquidity management is being fine-tuned, and room for rate cuts is gradually opening.

Against this backdrop, expectations in the crypto asset market are also adjusting accordingly. Every signal from the Fed influences risk asset pricing logic, and the approaching rate-cut cycle usually enhances the attractiveness of high-risk assets.

What is your view on the pace of this Fed shift? Will they move quickly or continue to wait and see? Feel free to share your thoughts.