According to CoinMeta, Xinhuo Research Institute pointed out that Kevin Warsh advocated for reducing forward guidance during normal times in the Jackson Hole speech, opposed the mechanical application of Taylor Rule or overreacting to single data points, while maintaining a 2% inflation target. The approach also focuses on using short-term interest rates as the primary policy tool and limits balance sheet policies to crisis periods. If this framework continues to be pursued, market interest rate expectations may shift from gradual, smooth adjustments based on officials' speeches to lower volatility under normal circumstances, with more significant fluctuations occurring when important data is released. For the crypto market, Xinhuo Research Institute believes that, given the overall liquidity has not yet expanded significantly, crypto may be more sensitive to short-term interest rates than long-term ones. In the coming 30 days, the focus will be on the non-farm payroll data on September 4th, CPI on September 11th, and FOMC on September 15-16th. If the data continues to be strong, interest rate hike trading may continue; if the data weakens, it could lead to a "hawkish peak" in market trading.