The Federal Reserve has once again turned the faucet, and the market's debate over "hidden QE" has become a thing of the past. History repeatedly proves that each large-scale liquidity injection precisely ignites a frenzy in asset prices.

At the recent FOMC meeting, the voting results were quite rare—9 in favor and 3 against. Hidden behind these numbers is a deep split among decision-makers regarding the future path.

However, the real key is not the rate cut itself. More noteworthy is the "hidden line": the Fed announced the resumption of Treasury bond purchases, with a first-month scale of about $40 billion. After the announcement, the Nasdaq closed up 0.33%. The market has already seen through this trick—no matter how it's explained, the fundamental nature of the balance sheet expansion is the same as QE, just a different way of saying it.

**Policy Contradictions Surface**

On the surface, a 25 basis point rate cut was entirely expected. But internal divisions have become public, with three officials voting against. The honest voices on the scene said: currently facing a "rare dual conflict"—inflation remains high, while employment is already declining.

This double squeeze has pushed monetary policy onto a tightrope. In a situation with incomplete economic data and uncertain prospects, the Fed's decision appears both hesitant and passive. This very uncertainty has become the biggest variable in the market.