#美联储政策影响 Fed officials have recently maintained a hawkish stance, indicating a dilemma in policy. The coexistence of a weak job market and high inflation poses challenges for decision-making. From the perspective of capital flow, there are differences in the market's expectations for the Fed's subsequent policies. I will closely follow on-chain data, particularly the minting and destruction of stablecoins, as well as large capital flows, which may reflect institutional expectations for the dollar's trend. Additionally, I will track changes in interest rates for borrowing and lending in DeFi protocols as a leading indicator of market interest rate expectations. Based on current data, the Fed is likely to continue maintaining a cautious attitude and uphold a tightening policy in the short term. I recommend that investors pay attention to high-quality assets and manage risk exposure.