Pulling an all-nighter to review the session was really exhausting. After combing through the core content of yesterday's Federal Reserve meeting this morning, here are the key conclusions:

1. If the allegations against Powell are not resolved, he will absolutely not voluntarily withdraw from the committee. His attitude is extremely hardline, and this stance is very clear.

2. Current interest rates are in a neutral-to-slightly-restrictive range. There is no consideration of rate hikes at this stage, and there is insufficient data to support the Federal Reserve providing clear policy guidance and signal hints.

3. The Middle East situation still carries high uncertainty. While it is a cyclical event, whether subsequent impacts can be ignored remains to be seen. The statements were somewhat vague.

Overall, this meeting aligned with market expectations. Overall uncertainty remains elevated, and the Federal Reserve itself has not formed clear judgments. The dot plot shows no significant differences from December. Policy direction remains to be observed. The overall tone is neutral, not hawkish. Combined with the previous PPI data exceeding expectations, this further weakened market rate-cut expectations.

As for the weakness in US equities during the speaking phase, the core issue is the impact of macro uncertainty on market sentiment, not a direct result of the meeting remarks. The probability of BTC making a short-term reversal rally is extremely low. My previous view remains unchanged—now is still not the right time to go long. Thursday and Friday will likely continue the downtrend. Patiently wait for the window of accelerated liquidity release, and then we can enter to pick up positions and go long. #美联储利率决议