Recently, the Federal Reserve has sent out another significant signal.

This time, the speaker is Board Member Christopher Waller, who is no ordinary figure—he is a top contender for the Chairmanship. His core message is clear: current interest rates are indeed still high, and rate cuts need to continue, but the pace should slow down.

**How high are the interest rates?**

Waller used a precise figure: the current rate is 0.5 to 1 percentage point above the "neutral rate" (the level that neither stimulates nor cools the economy). What does this mean? It indicates that there is still room for policy easing; rate cuts are not a sudden whim but have a solid theoretical basis.

**How will rate cuts happen?**

The wording here is quite clever. He said they can "act at a moderate pace without taking drastic measures." To translate: the direction is set, but don’t expect aggressive easing. This is akin to pouring cold water on market speculation—gradualism remains the main theme.

**What does this mean for the market?**

For risk assets, good news and hidden concerns coexist:

On the positive side, the long-term easing tone provides macro support for assets like BTC and ETH. On the negative side, aggressive expectations may need to be repeatedly adjusted, and short-term volatility is unlikely to be absent.

Be patient. Waller’s outlook paints a picture of cautious easing—enough certainty to bolster investor confidence, but at a slow enough pace to test your resolve.