#美联储货币政策 It appears there are internal disagreements within the Federal Reserve regarding the direction of monetary policy. On one hand, some believe the economy requires significant rate cuts, arguing that current policies are dragging down economic growth. On the other hand, the latest Beige Book shows a mixed economic outlook, providing justification for different policy choices. Notably, the consumer market is showing a "K-shaped divergence," with high-end consumption remaining relatively stable while overall consumption is declining. This divergence could influence the future direction of policy. From on-chain data, there are currently no significant changes in capital flows. However, I will continue to monitor the movements of whale addresses to see if there are signs of early positioning. Overall, in the short term, the direction of Federal Reserve policy remains uncertain, and it’s important to closely watch upcoming economic data and statements from officials.