Today, the yields on U.S. Treasuries rose across the board, indicating that the market is redefining its expectations for the Federal Reserve's interest rate cuts. Previously, there was a belief that after halting the balance sheet reduction, there would be a continuous path of rate cuts, but this has now been largely denied by Powell. Long-term U.S. Treasury rates are rising, and investors are beginning to lower their expectations for continued rate cuts in 2025. Next, we should watch Trump's performance.

Especially within the Federal Reserve, apart from Milan, there seems to be no one else executing Trump's strategy of aggressive rate cuts. Let's see if Trump has any counterattacks. However, I personally believe this will not change the direction of U.S. monetary policy towards easing.

Moreover, I still think that when U.S. stocks, especially tech stocks, dominate, their movements are highly correlated with $BTC.

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