The Federal Reserve's December meeting minutes are set to be released at 3 a.m. on Wednesday, and market sentiment is tense.

This decision to cut interest rates by 25 basis points to a range of 3.50%-3.75% surprisingly drew three dissenting votes. Two regional Fed presidents opposed, while Board member Mester insisted on a 50 basis point cut—such a divergence is indeed rare. Powell openly stated that "there are strong disagreements among policymakers on risk assessment," with a 9-3 voting result hinting at underlying tensions.

Deeper divisions lie here: among the 19 policymakers, 6 advocate for maintaining higher interest rates. Hawkish positions held by officials like Smith and Goolsbee remain uncompromising. The interest rate path into 2026 is even more complex—some officials prefer to hold steady, while others are determined to continue cutting rates, with no consensus in sight.

The question is, can the data support these judgments? The latest CPI, though described as "moderate," relies on model estimates; the surge in the unemployment rate to 4.6% also raises questions about measurement methods. This casts a shadow over the dovish arguments.

Will the hawks push back? Where will interest rates ultimately head? Can the minutes clarify the true internal debates within the Federal Reserve? These questions directly impact short-term movements in the crypto market and warrant close attention.