This time, the variables facing the US financial markets are not the Federal Reserve's interest rate hike or cut decisions, but the direct intervention of the Trump administration in the credit card market. Starting from January 20th, US credit card interest rates have been locked at a ceiling of 10%, and the impact of this move far exceeds that of traditional monetary policy tools.

Let's first look at how exaggerated the numbers are. Currently, the average annualized interest rate on US consumer credit cards has soared to over 22%, with some card types approaching 30%. In other words, for a credit card debt of $10,000 owed to the bank, paying only interest for a year would cost over $2,000. The most heartbreaking part is that most people's monthly repayments can't even cover the interest growth, resulting in increasing debt and trapping them in a bottomless cycle.

This new 10% interest rate policy is essentially bleeding consumers directly. The total US credit card debt has already surpassed $1.2 trillion, with annual interest expenses exceeding $100 billion. Once interest rates are halved, it means hundreds of billions of dollars of funds will flow back from the banking system to consumers. This is not a small move. When ordinary people's pockets have more disposable income, they will either increase consumption or start allocating risk assets. As the most sensitive market indicator to liquidity, the crypto sector will be the first to react to such changes in the capital environment. Every participant in this policy transmission chain cannot avoid it.