This 25 basis point rate cut was fully expected, but Powell's comments were slightly more dovish than market expectations.

Some points worth noting: First, the pace of rate cuts will temporarily slow down, but the entire easing cycle is not over, and rate hikes are not even on the table. Second, non-farm payroll data has actually been adjusted through statistical models, and the real situation may involve a monthly loss of about 20,000 jobs. Additionally, actively purchasing short-term government bonds can be seen as a signal of liquidity release.

Overall, the medium- and short-term markets lack a clear direction, and funds may not flow in immediately. The market in the next two to three months may continue to fluctuate in a state of consolidation.

Frankly, the market volatility caused by this rate cut was not intense, as expectations had already been fully digested. Ethereum surged to $3446 last night before retreating, which precisely confirms the logic that "good news is often followed by bad news." It is now more important to stay calm and wait for clearer signals before making decisions.