The most important chart in macro right now. 📉📈 Blue/Purple Line: Fed Net Liquidity vs Candles: #Bitcoin Powell says they are buying T-bills for "reserve management." The chart says it's fuel for risk assets. Ignore the noise. Follow the liquidity. 💧 $BTC $SPX

复盘 FOMC，市场在纠结“鹰派降息”，但作为 PM，更要关注水面下的暗流。💧 鲍威尔今天的组合拳很有意思： 1️⃣ 明面上：保留 1 月暂停（Skip）的选项，维持政策灵活性。 2️⃣ 暗地里：承认就业数据存在高估风险，并确认通过购买短债（T-bills）维持银行准备金充裕。 这不完全是“放水”，更像是是在“筑底”。

The whole market liquidity improved explained the driving force for the BTC rebounce recently. 全市场流动性的突然跳升，某种程度上解释了支持现在大饼反弹的动因 #BTCSD

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知行合一之看空也做空。第一次用Deribit上的Pax Perps，还不太熟练😂 #黄金 #GOLD Everything has a price.

Key Takeaways from the April FOMC Meeting: 🔹 Internal Divergence: An 8-4 vote split marks the most significant dissent in decades, signaling a complex leadership transition for the incoming Chair. 🔹 The "Oil-Tariff" Constraint: Powell signaled a much higher threshold for

4月美联储会议纪要核心观察： 1️⃣ 投票分歧显现： 8-4 的投票结果显示内部共识正在弱化，沃什（Warsh）将面对一个政策立场高度多样化的委员会。 2️⃣ 通胀容忍度降低： 由于关税已先行抬升物价底色，美联储对油价波动的忽略门槛显著提高——政策弹性正受到供给端多重冲击的挤压。 3️⃣ 治理韧性：