Fed officials latest statement: November CPI may be underestimated, next year's economic rise momentum is strong.

[Block Rhythm] Recently, Fed official Hamak has put forward an interesting point of view. She believes that the inflation data for November seems good, but there are some tricks behind it—the government shutdown in October and the first half of November caused problems in data collection, which directly pumped down the final numbers.

What is the official stance? The Consumer Price Index (CPI) reported by the Labor Statistics Bureau for November has a year-on-year increase of 2.7%. That sounds pretty good. But Hamak's logic is that if we take into account these measurement interference factors, the real price growth should be closer to 2.9% or even 3.0%—which also corresponds to the general expectations of market analysts.

More importantly, her attitude towards interest rate cuts. Hamak's core view is that the neutral interest rate level generally believed by the market is actually overestimated, and the real neutral interest rate should be higher. Additionally, the U.S. economy itself will have strong momentum entering next year, providing a foundation for sustained growth. These judgments directly affect the subsequent policy direction of the Fed.

Why pay attention to this? What is the neutral interest rate? Although it is invisible and intangible, it can be inferred from the actual performance of the economy. This involves the direction of adjustments in interest rate policy, and every policy change by the Fed has a tangible impact on liquidity and risk appetite in the cryptocurrency market.