Why didn't Williams' speech last night shake the market like his remarks on November 21? Essentially, the market's concerns have shifted.

Going back to mid-November, everyone was worried about whether the Federal Reserve would actually continue to cut interest rates in December. From the 19th to the 21st, the market's rate cut expectations were very pessimistic, and Bitcoin even dropped below 80,000, creating a very dull market atmosphere. At that time, Williams came out and said there was still a possibility of rate cuts in December, and that statement acted like a reassurance, instantly reversing market sentiment.

But now, the situation is completely different. The Federal Reserve has already cut rates last week, and the market is now more concerned about: what will be the policy direction next year? The key still depends on how labor market and inflation data develop. At such times, just talking is useless. If you say the unemployment rate will rise back to 4.5% and inflation will fall to 2.5%, I need to see whether the actual data really moves that way, not just listen to what you say.

This is the interesting part — the same Federal Reserve official making a speech, both aiming to stabilize market sentiment, but under different market backgrounds, the influence can vary so much. Once the market's focus shifts, even warm messages have to be backed by data.