#特朗普数字资产政策新方向 $BTC $ETH $LUNC

The Bank of Canada suddenly turned hawkish.

Market expectations have done a complete 180-degree turn in just 48 hours—now traders are betting not on rate cuts, but on rate hikes. And the timing is already locked in: before October 2026.

Was the turning point really so unexpected? In fact, the signals were there all along. On the day the November employment data was released, the drop in the unemployment rate far exceeded expectations. What does an overheated labor market mean? The risk of inflationary pressures making a comeback. In this situation, the central bank has no choice.

The bond market is already voting with its feet. Government bonds are being sold off en masse, and the yield curve is steepening noticeably. This is a classic signal that the “tightening trade” is back on.

What’s interesting is this: while major central banks around the world are still discussing the pace of easing, Canada is already considering the opposite move. Independent monetary policy isn’t new, but the timing is very delicate. It breaks the linear narrative of “Fed leads rate cuts → global liquidity is released in sync.”

If Canada really does move to tighten first, the logic of cross-border capital flows will change. In asset pricing models, the weight of the interest rate differential factor will have to be recalibrated.

A quick question: do you think this is an isolated case, or a sign of a broader trend? If more central banks delay easing because of strong domestic economic data, can the liquidity expectations in the crypto market still hold?