#美联储降息 $BTC $ETH $XRP

The Federal Reserve cut interest rates again on December 10th, this time by 25 basis points, bringing the benchmark rate to the 3.50%-3.75% range. This is the third move this year, with a total cut of 75 basis points—seems quite significant, but the signal given by the dot plot suggests something a bit different.

Powell's stance is clearly hawkish. The implication is that the rate-cutting cycle is almost over, and by 2026, there might only be one more cut. This "step-by-step meeting decision" language sounds like a brake on the market.

But the market didn't really pay attention to these words.

US stocks surged immediately—the Dow jumped nearly 500 points, and the S&P 500 index approached its historical high. Precious metals were even more outrageous—silver hit a new all-time high. US bond yields declined, and the dollar also weakened. The entire risk asset class was in a jubilant mood, fully fermenting on the news of "rate cuts" exceeding expectations.

Why is the market so optimistic? Basically—low interest rate environment still favors risk assets. With weak employment data, the need for easing policy is even more justified, used to hedge economic pressures. In the short term, expectations for the "Christmas rally" are also heating up.

In simple terms: **The positive effect of rate cuts > the negative effect of hawkish expectations, and the market continues to party.**