Is the Fed's rate cut logic about to reverse? Moody's Chief Economist recently spoke out: multiple rate cuts may occur in 2026, but the real reasons behind it are a bit surprising.

It's not because the economy is strong; rather, "fragile growth" is brewing beneath the surface. From the data, the labor market still seems resilient, but the growth rate of new jobs has already noticeably slowed down. Meanwhile, CPI remains stubbornly around 3%, and the path to cooling is fraught with obstacles.

What does this mean? The fantasy of aggressive easing should be awakened. The Federal Reserve is likely to adopt a cautious strategy of "gradual progress and cautious observation"—each step must be justified by data.

The impact on the crypto market will be subtle. Will the sideways consolidation at high levels continue, or is a new shift brewing? It all depends on how major economic data unfold. Which signals do you think are most worth watching? How should we interpret the performance of Ethereum and mainstream coins in this environment?