The Fed members have started to "fight" internally again. Governor Mulan recently made a statement, directly confronting those hawkish colleagues who want to hit the pause button—she believes that current policies are still too tight, as the employment data is showing signs of weakness, and continuing to cut rates is the right path.

What's even harsher is that she specifically emphasized: just because the stock market is rising doesn't mean the economy is overheating; the FOMC shouldn't reflexively adjust policies based on market conditions. This statement is clearly directed at those officials who treat the stock market as a "thermometer."

The market reacted immediately after hearing. The pricing for a rate cut in December once surged to 62.5%, and short-term U.S. Treasury yields followed suit and went down. However, the good times didn't last long; after the ADP employment report and ISM data were released, the yields were pulled back up.

To be honest, the more public tearing scenes there are, the higher the uncertainty of the policy path. But from another perspective, it at least indicates that the expectation of easing is not completely dead—this still provides some support for the medium-term performance of risk assets like BTC.