According to CoinMeta, a research report by CICC indicates that the Federal Reserve remained cautious at its October meeting. Policy makers held a firm stance against inflation but also believed that policy could be implemented with patience. Some hawkish officials have shifted to a wait-and-see approach, suggesting that the urgency for consecutive interest rate hikes has diminished. Since the rate hike in September, financial conditions in the United States have tightened slightly, and the inflation premium has eased, allowing the Fed to wait for further evidence of the policy's effects. Looking ahead, another rate hike is expected in December, followed by continued observation. This round of rate hikes is likely to be a moderate and gradual adjustment rather than a radical tightening. Additionally, Walsh announced that starting next year, the frequency of rate voting will be reduced, and some meetings will be dedicated to discussing the long-term monetary policy strategy, which continues his efforts to reform the Fed's policy framework since taking office. For the market, the risk of the Fed tightening more than expected in the short term has decreased, but in the medium term, a relatively tight monetary stance is expected to be maintained.