The minutes of the Federal Reserve's policy meeting held on December 9-10 will be released at 3:00 AM Beijing time on Wednesday, and market participants are all waiting for this document to see how much disagreement exists within the decision-making circle.

Inflation and employment are two issues holding back the Federal Reserve, making their next move really hard to predict. The release of these minutes will allow everyone to reassess the true thoughts of officials regarding the third consecutive rate cut decision, and will also signal the possibility of maintaining interest rates unchanged in early 2026.

Powell said that the 9-3 rate cut decision represented "broad support" among officials, placing the Fed in a wait-and-see phase—watching how the economy develops next. While the stance appears unified, data tells a different story: among 19 policymakers, 6 believe that the end-of-2025 interest rate should be set at 3.9%, which is actually higher than the current actual rate.

Next year will be even more complicated. There are clear differences among policymakers regarding the direction of interest rates: some advocate holding steady, some want to continue cutting once or twice, and others prefer more aggressive cuts. The level of disagreement is even more pronounced than it is now. Policy uncertainty will directly impact short-term expectations for the crypto market's trend.