The minutes of the Federal Reserve's December meeting were recently released, sparking quite a bit of discussion. The FOMC indeed agreed to cut interest rates this time, but the story behind it is much more complex than it appears on the surface.

The most interesting aspect is the attitude of the officials. The minutes show that even those supporting the rate cut explicitly stated that the decision was "the result of weighing both positive and negative factors." In other words, they could have chosen to keep rates unchanged. This sense of internal conflict is clearly visible in the meeting records.

Some participants explicitly stated that after reviewing the economic outlook, they lean towards keeping interest rates stable for the foreseeable future and not making further adjustments. On the other hand, most officials still believe that if inflation indeed gradually declines as expected, further rate cuts are necessary.

A key feature of this meeting is the divergence within the Federal Reserve. The differences in stance among officials have become a hallmark of this unusual period. Notably, this high level of disagreement has appeared in two consecutive meetings, reflecting the complexity of the current economic situation and the difficulty in policy formulation.

For traders concerned with macroeconomic trends, this policy uncertainty often creates ripple effects in the market. As risk assets, cryptocurrencies are more sensitive to such signals.