#美联储利率政策 The latest remarks from Federal Reserve's Williams are worth paying attention to. Last week's 25bp rate cut decision is already settled, but the key lies in the next steps—he explicitly stated that it is "still too early" to make a judgment before the January meeting, which means the market needs to closely monitor data changes in employment and inflation.

From an on-chain perspective, such policy uncertainties often leave traces in capital flows. Williams mentioned that employment is gradually cooling, and although inflation has eased, it remains above the target. These signals usually prompt institutional investors to adjust their positions. It is recommended to monitor the recent inflows and outflows of large wallets, especially the rhythm of stablecoin inflows and outflows—if whales start building positions amid uncertain rate cut expectations, it often indicates they are positioning in advance for the next policy cycle.

In the short term, market sentiment may remain cautious, and the true directional opportunities will emerge once more economic data is released early next year. Currently, it is more of a data collection period, so don't rush to heavy positions.