#美联储利率决策 The topic of the Federal Reserve's independence is indeed worth paying attention to. Hasset's stance essentially clarifies the boundaries of power— the President can make recommendations, but FOMC voting members have the final decision-making authority. This is crucial for market expectation stability.

From an on-chain perspective, fluctuations in policy expectations often directly reflect large fund movements. Signals of Trump pressuring for rate cuts have been present, but if the Fed's stance on independence is reinforced, short-term rate cut expectations may need to be re-priced. Key areas to watch recently include: changes in ETH and mainstream coin holdings by large whales during this window, the pace of stablecoin inflows to exchanges, and whether leverage ratios on the derivatives side are adjusting.

Strengthening independence usually means policy implementation will be more data-driven rather than politically driven, which can impact the pricing logic of risk assets. It is recommended to track the on-chain capital flows over the next two weeks to see whether institutions are front-running or observing.