#美联储政策沟通和市场反应 Looking back, the often-discussed topic of the Federal Reserve's policy communication and market reaction has resurfaced. This time, the main character is Fed Governor Milan, who is calling for substantial rate cuts, claiming that current monetary policy is too tight. This reminds me of the days following the 2008 financial crisis, when Bernanke also strongly pushed for easing policies, and the market reaction was nothing short of dramatic.

But times have changed, and Milan's remarks seem to have caused little stir. Some analysts say that given his appointment background, such comments are not surprising. The market's lukewarm response suggests that investors have become more rational and mature.

Throughout history, statements by Fed officials have always affected market sentiment. But as time goes on, the market seems to have gradually learned to "listen to their words and watch their actions." This may reflect a deeper trend: in an age of information overload, investors are increasingly focused on substantive policy changes rather than mere rhetoric.

This shift makes me wonder: in the future, will the effectiveness of central bank communication continue to decline? Do we need to re-examine the transmission mechanism of monetary policy? These are questions worth exploring in depth for those of us who have experienced multiple market cycles. After all, only by understanding history can we better grasp the present and anticipate the future.