December rate cuts are not the end; if dissenting votes increase, it may signal a hawkish rebound in 2026. What traders fear most now is not a rate cut in December, but a 'cut that is even more hawkish.' Because once the dot plot and Powell's press conference reveal signals favoring hawkishness in 2026: the 10-year U.S. Treasury yield could instantly jump to 4.5%-4.7%, the U.S. dollar index could return to 110, the probability of a Nasdaq bear market could rise sharply, and emerging market currencies could collectively plunge. Tech stocks are highly sensitive to interest rates; if long-term rates rise, overvalued sectors will face valuation compression pressure, while emerging market countries reliant on exports could fall into currency depreciation dilemmas due to a stronger dollar. Influencers on social media platform X have already begun to warn: 'Don't be too happy about the rate cut in December; the real thunder is in 2026.' Goldman Sachs' David Mericle bluntly stated in a report: dissenting voices within the FOMC against 'risk management-style rate cuts' have gained the upper hand, and Powell must rely on a hawkish tone to rally votes for consensus. This wave of fear feels like a psychological battle, as the market shifts from exuberance to caution #加密市场观察 $BTC $ETH