#美联储重启降息步伐

#美国PCE通胀放缓 September PCE consumer spending slows

In September 2025, U.S. consumer spending rose only 0.3%, a slowdown compared to previous rates.

Although overall spending is still increasing, this 'slowdown' is dragged down by a weak job market and rising living costs, significantly pressuring the spending of middle- and low-income households.

High-income households continue to maintain consumption growth, which to some extent relies on the wealth effect — the rise of the stock market allows some affluent individuals to continue spending/investing.

Overall, this reveals a

'serious divergence + demand contraction' structural trend — posing potential pressure on economic growth and consumption support.

📣 My view — Crypto & digital assets as 'structural hedge + medium- to long-term layout' (not investment advice)

Current U.S. consumption data and economic structure are driving capital from 'consumption + real economy' to 'liquid assets + risk assets + scarce assets'.

For institutions/long-term investors/those with asset allocation needs, crypto + scarce assets + diversified asset allocation may be a better choice in the face of structural economic changes — especially when traditional consumption/real economy faces consumption weakness and divergence risks.

In other words: this is not only a macroeconomic warning but also may become a window for mid-term revaluation + value discovery of crypto/digital assets.