#美联储货币政策走向 The policy dilemma currently facing the Federal Reserve is indeed concerning. Economic data shows clear contradictions: the job market is weak, but productivity and GDP remain strong. This "jobless growth" situation presents significant challenges for policymakers. Even more troubling is that the Fed’s internal consensus mechanism appears to be breaking down, making it likely that the December meeting will see multiple dissenting votes. This not only affects current policy but could also lead to more divided decisions in the future. From on-chain data, market uncertainty regarding the Fed's policy direction is rising. It is recommended to closely monitor various on-chain indicators, especially stablecoin flows and changes in DeFi lending rates, to gauge market expectations for monetary policy. At the same time, be wary of potential political influences on the Fed’s independence.