#密码资产动态追踪 Last night, the global markets experienced a major upheaval, and several turning points are worth reviewing.

The US core CPI monthly rate released in the early morning rose only 0.2%, which surprised many—out of 73 economists, only 11 predicted this correctly in advance. The cooling of inflation once again exceeded Wall Street's expectations, and the market reacted quickly. The two-year US Treasury yield dropped by 3 basis points, and the US dollar index was also pushed down significantly. However, CIBC Bank threw some cold water on the situation, warning everyone not to rush into shorting the dollar, as the decline might not be that sharp.

Foreign exchange strategist Audrey Freeman's view is even more interesting: giving up on expecting the Federal Reserve to turn dovish this year is premature. This indicates that market expectations for rate cuts are still far from certain.

The more explosive news is that Federal Reserve Chair Powell is under criminal investigation by the Department of Justice. His response was very firm, directly calling it an "excuse" and accusing someone of trying to interfere with the Fed's independence. This political game might be more significant than economic data, directly influencing next year's interest rate trajectory.

Cryptocurrency assets are also oscillating in sync. Bitcoin was aggressively bought by institutions, totaling 13,627 coins in a single day, indicating that major players have their own judgment about the current situation. Ethereum is updating frequently; Vitalik announced that the "trilemma of blockchain" has been solved, and Grayscale's ETF has also issued staking rewards for the first time. However, ETHGas announced a snapshot, changing the qualification verification method to "proof of pain," and the community's attitude appears somewhat cautious.

The core issue is actually simple but painful: Is the market overestimating the expectations for rate cuts? Assets like the US dollar, US bonds, $BTC, and $ETH are all betting on the same thing—the Federal Reserve's stance and timing of a pivot. Has inflation truly been brought under control, or is this political and economic game just beginning?