Tonight, the most anticipated interest rate cut decision of the year by the Federal Reserve will be announced.

The market widely expects a rate cut almost a certainty. But what really determines the trajectory of risk assets in the coming months is not a further 25 basis point cut, but a more critical variable: whether the Federal Reserve will re-inject liquidity into the market.
Therefore, this time, Wall Street is watching not the interest rate, but the balance sheet.
According to expectations from institutions such as US Bank, Vanguard, and PineBridge, the Federal Reserve may announce this week the launch of a $45 billion monthly short-term bond purchase program starting in January next year, as part of a new round of "reserve management operations." In other words, the Fed may be quietly restarting an era of "balance sheet expansion," allowing the market to enter a liquidity-friendly environment even before the rate cuts.
But what truly worries the market is the backdrop against which this scene unfolds—America is entering an unprecedented period of monetary power restructuring.
Trump is taking control of the Federal Reserve in a way that is much faster, deeper, and more thorough than anyone expected. It’s not just about replacing the chair; it’s about redefining the boundaries of monetary system authority, shifting control of long-term interest rates, liquidity, and the balance sheet from the Federal Reserve back to the Treasury Department. The decades-old "institutional axiom" of central bank independence is quietly loosening.
This is also why, from the Fed’s rate cut expectations to ETF capital movements, and from MicroStrategy and Tom Lee’s contrarian stock accumulations, all seemingly disparate events are converging on the same underlying logic: the United States is entering a "fiscal-led monetary era."
And what effects might these developments have on the crypto market?