According to Jin10 data reports, the Minsheng Macro Research Report points out that the Fed's interest rate cut is the beginning of the problem. Excessive or rapid interest rate cuts may trigger inflation risks, while insufficient or slow cuts may face risks from Trump's policies. The dot plot indicates a 75bp rate cut within the year, an increase of 25bp compared to June, but still significantly different from the White House's expectation of 150bp.


The independence of the Fed is facing challenges, with a cooling labor market and sticky inflation creating a "data paradox." The appointment in Milan has increased the complexity of political maneuvering. The market may price in a rate cut of over 75bp, and the combination of economic growth and inflation requires ongoing attention. Under Trump's policies, achieving a "blonde" soft landing has become more difficult, and the risk of stagflation is rising. #BTC战略储备市场影响#
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