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Recently, there has been an important signal in the US policy circle worth paying attention to. According to the latest policy speeches, expectations for Fed rate cuts are heating up, which could have profound impacts on the risk asset markets.

Several core messages from the policy side include: first, a summary of previous economic achievements—attracting approximately $18 trillion in investments, with improvements in employment and wage environments; second, a clear policy direction—the Fed chair candidate will prioritize a rate-cutting stance, and new efforts will be made to reform the housing market to release liquidity. Border security policies are also listed as completed projects.

But the real highlight of this speech is in the second half. Although the latest polls show only 36% of the public approve of the current economic performance, the market is beginning to price in a "more aggressive easing path." The key point is that the influence of political forces on central bank decisions may be stronger than expected. What does this mean? The global liquidity landscape is facing a turning point, and the gates for dollar liquidity release could be forcefully opened.

The implications for the crypto market are clear: when fiat liquidity is abundant, the traditional narrative of "anti-inflation and hedging fiat devaluation" gains practical support. Historically, similar policy cycles often accompany rotations in risk assets. If the rate-cutting cycle truly starts earlier and with larger magnitude, the motivation for funds to seek yields will increase, and the appeal of crypto assets as risk appetite tools will rise accordingly.

This is not just a scene on the political stage but also a signal list for market participants. The next key factors to watch are the pace and intensity of policy implementation, and whether the Fed’s final actions will follow expectations.