The "dovish-hawkish" pattern you observed is accurate. The current market has fully priced in a 25 basis point rate cut in December, so the marginal impact of Powell's speech has indeed weakened.

This weakening primarily stems from two levels: first, the unprecedented split between the "dovish council" and the "hawkish regional Fed" has diluted the market's attention to a single signal from the chairman; second, with the chairman's succession approaching in 2026, the market has begun to bundle future policy paths with the tendencies of popular successors (such as Harker).

Therefore, the market's focus has shifted from a single rate cut to more long-term signals: the "dot plot" from this decision predicting the number of rate cuts in 2026, and how Powell balances current actions with policy independence under future political pressure. #加密市场反弹 #美联储重启降息步伐 #加密市场观察