Yesterday, Federal Reserve Vice Chair Williams made remarks that caused quite a stir in the market. This guy holds significant influence within the Fed—basically a mouthpiece for Powell, and his words can directly reflect the decision-making body's true intentions.

Let's break down his core signals this time. First is the expectation for the unemployment rate—he said it will return to 4.5% by the end of the year. The current data is 4.4%, implying that the labor market will continue to cool down. But the key point isn't the unemployment rate itself, rather the next sentence he said: the risks in the labor market have increased, and inflationary pressures are easing.

This is a classic dovish stance. In plain language, it means the risk balance is shifting—not as tense as the inflation threat, but instead, the employment market has become a concern. This directly indicates that the conditions for rate cuts are becoming more favorable, and the Fed's policy stance has shifted from previously being cautiously tightening to a neutral or even easing bias.

Another operational detail worth noting is that he explicitly mentioned using the standing repo facility to manage liquidity. In other words, as long as the market lacks liquidity, the Fed will step in promptly to inject liquidity. This is definitely a positive signal for asset markets.

He also mentioned that tariffs are just a one-time price shock and won't be a persistent factor in pushing up inflation. At the same time, he believes US GDP growth will improve next year. Taken together, these statements imply that—in the short term—unemployment may stay relatively high, but this is a controllable, gradual process.

The final key data point is that corporate hiring demand has weakened more than labor supply. Simply put, recruitment has indeed cooled down.

Overall, Williams' remarks are essentially reassuring the market: the policy environment is becoming more friendly, and liquidity support is being enhanced. These signals send a lot of positive messages to risk assets, including the crypto market.