#美联储货币政策走向 observes that the Federal Reserve is about to enter its blackout period, and market expectations for a December rate cut are reversing. The latest remarks from New York Fed President Williams seem to hint at this possibility, with the market currently pricing in a 70% probability of a rate cut. From on-chain data, such changes in expectations may affect capital flows. It is recommended to closely monitor the fund allocation of whale addresses, especially the inflow and outflow of stablecoins, as well as changes in lending data within DeFi protocols. These indicators may provide early signals of market expectations for Fed policy. At the same time, be alert to other macro factors such as bond issuance by AI companies and trends in the cryptocurrency market, as they may impact overall market sentiment.