#美联储货币政策预期# The latest statements from Fed officials have injected a shot of confidence into the market. Williams expects gradual interest rate cuts in the future, which is largely in line with market expectations. However, it is important to note that there is still uncertainty regarding the timing and magnitude of the rate cuts. From on-chain data, there are currently no signs of large-scale capital flowing into risk assets; investors seem to be on the sidelines. It is recommended to closely follow the capital flows and Large Investors' behavior in the coming weeks to assess whether there has been a substantial change in market sentiment. At the same time, be cautious of the risk of inflation Rebound, as the impact of tariffs may gradually become apparent in the future.