BitUnix analyst: Federal Reserve meeting minutes show resonance between inflation stickiness and policy lag, market enters pricing stage of 'interest rate ceiling extension' According to BlockBeats, on April 9th, with the temporary ceasefire in Meida, it did not return to stable equilibrium, but instead turned to another more challenging structure - the supply shock has not completely dissipated, but demand resilience remains, leading to a passive extension of the time for inflation to remain high. Nick Timiro, the spokesperson for the Federal Reserve, explained that the signals released this time essentially point to the same core: the end of the war did not reduce the difficulty of policy, but instead pushed the Fed into a middle range where it was "unable to loosen and difficult to further tighten". From a policy perspective, the minutes of the FOMC meeting have clearly rejected the narrative of "war=trigger for interest rate cuts". The three structural factors that truly constrain policy are delayed tariff transmission, energy price penetration into core inflation, and the risk of re anchoring expectations to long-term high inflation. Although the ceasefire reduces the tail risk of energy prices spiraling out of control, market data also eliminates the last condition that forced the Federal Reserve to turn to recession, making policy more inclined to maintain high interest rates for a longer period of time. This means that the market will gradually shift from "trading at the time of interest rate cuts" to "trading during the duration of high interest rates". From a cross market perspective, the rebound of risk assets is not essentially an improvement in fundamentals, but a repricing of extreme risk mitigation. Energy prices are no longer explosively rising, but it is also difficult to return to pre conflict levels. This "high-level passivation" state will continue to erode corporate costs and consumption capacity, while financial conditions will be marginally relaxed due to a rebound in risk appetite, forming a combination that is more unfavorable for inflation. The result is that the probability of recession has decreased, but inflationary pressure has increased, and policy adjustments have been passively postponed. Returning to the structure of the cryptocurrency market, the rise of BTC this time is essentially a "liquidity replenishment after risk release", rather than a trend market dominated by new funds. From the clearing map observation, there is a clear high-density liquidity and potential pressure zone in the area of 73000-73300 above, which has not been stably undertaken after short-term breakthroughs, indicating insufficient funds for price chasing; The middle range of 70100-69800 is the current main turnover and oscillation core; Below, there is a strong accumulation area of taking over and clearing long positions between 66600-64800. The overall structure presents a typical symmetrical distribution of "upward induced liquidity and downward accepted liquidity", and BTC is still closer to the outcome variable of risk preference until macro uncertainty is truly resolved.