December 31 News, the latest Federal Reserve meeting minutes have been released. Regarding the pace of future rate cuts, officials' attitudes are not uniform.

Most support this round of rate cuts, but their underlying logic varies. Some believe it is a necessary move after weighing multiple factors, while others insist maintaining the current rate is equally feasible — this divergence largely reflects differing views within the Federal Reserve on the economic outlook and inflation trends.

Interestingly, several officials pointed out that after rate cuts, it may be necessary to keep rates stable for a period and avoid frequent adjustments. At the same time, if inflation falls as expected, most lean towards the view that further rate cuts are reasonable.

However, there are also risk warnings: some officials caution that inflation still faces stubborn risks. They worry that excessive rate cuts could be misinterpreted by the market as a lack of commitment by the Fed to the 2% inflation target, which could, in the long term, push up inflation expectations — signals that require ongoing attention for on-chain assets and price volatility.