The Fed meeting next Wednesday might not be just a routine rate cut.

The market has fully priced in a 25-basis-point rate cut, but what’s really worth noting is the $45 billion short-term Treasury purchase plan—which sounds a lot like a scaled-down version of quantitative easing, doesn’t it? Since October, quantitative tightening has basically hit the brakes. There’s a liquidity gap now, and if it’s not filled, the start of the new year could stall right out of the gate.

The White House economic advisory team is brimming with confidence, going so far as to declare they’ll achieve the “best economic performance in history” by 2026, aiming for growth above 4%. Sounds great, but where’s the money coming from? Just print it.

The market is already celebrating in advance: US stock futures have ticked up, and the Nasdaq is just a step away from a record high; the 10-year Treasury yield has slipped below 3.92%, with bond traders clearly believing a new easing cycle is on the way. The dollar index is headed toward 102, which is a double-edged sword for emerging markets—short-term capital may flow back in, but inflation pressures will return as well. The European Central Bank will probably have to follow with rate cuts too, or it won’t be able to hold the exchange rate.

For risk assets like #数字货币市场洞察 and $BTC , increased liquidity is definitely good news, but there’s one thing to watch out for: if this move is just inflating an asset bubble, then 2026 might not be a golden year—it could be a year of reckoning. Once the Fed minutes are released next Wednesday, we’ll see whether the Fed is truly confident or just putting on a brave face. Whether privacy coins like $ETH can keep up with the broader market will also depend on how loose the overall liquidity environment gets.

At the end of the day, policymakers are making big promises and central banks are opening the taps. Whether this turns out to be real prosperity or just a false celebration—time will tell.