The Federal Reserve's December meeting minutes reveal a signal: many officials are hesitant about continuing to cut interest rates early next year. The reason is not hard to understand—rising inflation beyond expectations has made the decision to cut rates quite tricky.

From an economic fundamentals perspective, consumer spending remains strong, and although the unemployment rate has slightly increased, it is still within a manageable range. This situation makes Fed officials more cautious. Their dilemma is: the economy is not bad, inflation has not yet peaked, is it really appropriate to cut rates significantly at this time?

The key next step is the economic data next month. If new data still shows inflationary pressures, then the decision direction for the January rate meeting is likely to be adjusted. This is something that Bitcoin and the entire crypto market need to monitor closely.