The latest Fed meeting resulted in expectations being met - maintaining the Intrerest Rate. However, the signals conveyed in this meeting are worth savoring, as several key changes may influence the market direction in the coming months.

**Interest rate cut? Don't think about it in the short term**

The meeting clearly stated that "there will be no rush to adjust the Intrerest Rate," which basically announces that the possibility of a rate cut in May is extremely low. The current strategy is very clear: if the economic data holds up, we will continue to wait and see, and only consider taking action if there is a significant weakening in the job market. The initiative is firmly in hand, and the market can only continue to wait.

**The pace of balance sheet reduction quietly slows down**

An important adjustment in this meeting that is easily overlooked is the decision to slow down the pace of balance sheet contraction. This action is equivalent to giving the market liquidity a "looser" grip. The official explanation is to ensure a smooth transition and avoid sudden tightening of liquidity that could cause volatility, but the actual effect is a marginal improvement in the monetary environment.

**Economic Situation: Appears Strong, but Conceals Concerns**

The fundamentals of the U.S. economy are currently relatively stable, but cracks are beginning to appear in corporate and consumer confidence. In particular, the uncertainty at the policy level (such as tariff adjustments) casts a shadow over future growth, and the difficulty of predictions has clearly increased.

**Inflation remains the biggest variable**

Although the inflation rate has declined from its peak, it is still some distance from the target. More troubling is that the new tariff policy may drive up price levels. However, if it is judged to be a "one-time shock" rather than persistent pressure, policymakers may choose to temporarily tolerate it.

**What does it mean for the market?**

The current strategy can be summarized as: surface toughness (not rushing to cut interest rates), secretly adjusting (slowing down the tapering). For the crypto market, the phase of tight liquidity may be passing, but hoping for rapid easing is still unrealistic. In the short term, this "not loose, not tight" state may be maintained, and volatility will still be the norm. Risk assets like ETH and emerging altcoins will need more patience to wait for clear directional signals.