The recently concluded Jackson Hole Global Central Bank Annual Meeting has completely become the "key variable" that stirs market expectations—Federal Reserve Chairman Powell's speech was unequivocal, instead providing clear signals to hit the "accelerator" for the Fed's easing cycle, directly rewriting the current pricing logic of global assets.

From the perspective of specific market reactions, this easing expectation has quickly translated into tangible market changes:

- Policy expectations are highly clear: According to the CME FedWatch Tool, the market probability of a rate cut by the Federal Reserve in September has soared from a neutral range before the meeting to an absolute high of 87%, indicating that the market has almost incorporated "September rate cut" into its baseline expectations, significantly increasing the certainty of policy easing.
- The bond market was the first to provide feedback: As the 10-year U.S. Treasury yield, the "anchor" for global asset pricing, responded by falling from a high of 4.26%, this signal confirms that funds recognize the "end of the high interest rate era" is nearing, with significant cooling of market risk aversion and a rebound in risk appetite.
- Stock market enters a rally mode: Driven by expectations of easing, the three major U.S. indices collectively strengthened, with the S&P 500 and Nasdaq continuing their rebound trend, while the Dow Jones Industrial Average even broke through previous highs during trading, setting a new historical intraday record, directly reflecting the market's dual optimism regarding economic resilience and liquidity easing.
- Technology stocks become the main driving force: Under the expectation of liquidity easing, the high-growth attribute of the technology sector performs particularly well. Leading stocks like Tesla, driven by earnings expectations and industry prosperity, have significantly outperformed the market in weekly gains, becoming the core force to drive the index and activate market sentiment.

From the perspective of asset linkage logic, the current expectation that "the Federal Reserve's interest rate cut has basically been set" has become a market consensus, and this consensus is continually being transmitted to various risk assets—For Bitcoin, which possesses both "risk attributes" and "liquidity sensitivity attributes," the macro-level easing environment will not only reduce holding costs but also drive funds seeking high returns to flow into the cryptocurrency market. Therefore, this wave of favorable conditions brought about by the shift in Federal Reserve policy is the core macro support for Bitcoin to break through the current consolidation range and initiate the next wave of upward movement.