#美联储货币政策展望# Analyzing the latest monetary policy direction of the Fed, the current decision to maintain interest rates aligns with market expectations. Powell indicated that the September decision is undecided, suggesting there is still room for rate cuts in the future. The focus is on the risks in the labor market and the trends in inflation. From on-chain data, changes in the Fed's policy expectations have not yet triggered significant changes in capital flows. It is recommended to continue monitoring institutional address activities and stablecoin minting conditions to assess the actual response of large funds to policy expectations. Overall, there remains uncertainty in the Fed's policy direction, and a cautious wait-and-see approach is necessary.