$BTC $SOL
Post
kazim Pasha5
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Wash's speech content has dropped, let me break it down for you all, for your reference.
First off, he raised 'anti-inflation' to the top priority, and his stance is rock solid—inflation isn't an external issue; it's a result that the Fed must take responsibility for. This means the space for tolerating high inflation is practically squeezed out.
Secondly, the interest rate trajectory is clearly hawkish. He bluntly stated 'won't easily cut rates' and emphasized that policy will only look at data, not political pressure. The market's prior fantasy of 'politically driven easing' is basically blocked off in the short term.
Third, the balance sheet reduction will continue, and it won't be light. He believes that the liquidity expansion post-pandemic has gone overboard, and the balance sheet must be retraced, which essentially means continuous draining—unfriendly to risk assets.
Fourth, he mentioned reducing communication transparency, like downplaying the dot plot and cutting guidance. This will make it harder for the market to trade expectations in advance, potentially leading to more sudden and severe macro volatility.
Fifth, he has a somewhat negative stance on CBDCs. This is neutral to Bitcoin in the short term, leaning slightly positive in sentiment, but the impact is limited; the main issue remains liquidity.
In summary, it's a one-liner: short-term liquidity tightening + rates staying higher for longer + expectations becoming harder to price in advance.
So the market's reaction is pretty straightforward: risk assets are pulling back first, and we’ll reassess direction once the new macro path is repriced. #Warsh出任美联储主席 $BTC $SOL
First off, he raised 'anti-inflation' to the top priority, and his stance is rock solid—inflation isn't an external issue; it's a result that the Fed must take responsibility for. This means the space for tolerating high inflation is practically squeezed out.
Secondly, the interest rate trajectory is clearly hawkish. He bluntly stated 'won't easily cut rates' and emphasized that policy will only look at data, not political pressure. The market's prior fantasy of 'politically driven easing' is basically blocked off in the short term.
Third, the balance sheet reduction will continue, and it won't be light. He believes that the liquidity expansion post-pandemic has gone overboard, and the balance sheet must be retraced, which essentially means continuous draining—unfriendly to risk assets.
Fourth, he mentioned reducing communication transparency, like downplaying the dot plot and cutting guidance. This will make it harder for the market to trade expectations in advance, potentially leading to more sudden and severe macro volatility.
Fifth, he has a somewhat negative stance on CBDCs. This is neutral to Bitcoin in the short term, leaning slightly positive in sentiment, but the impact is limited; the main issue remains liquidity.
In summary, it's a one-liner: short-term liquidity tightening + rates staying higher for longer + expectations becoming harder to price in advance.
So the market's reaction is pretty straightforward: risk assets are pulling back first, and we’ll reassess direction once the new macro path is repriced. #Warsh出任美联储主席 $BTC $SOL