#美联储政策 Seeing Powell's approval rating so high, I actually become a bit cautious. It's not that he's doing a poor job, but this narrative of being "most popular" can easily be exploited by those who want to cut leeks in the crypto circle—"Look, the Federal Reserve is stable, the economy is improving, now is a good time to enter."

I've fallen for this trap before. A few years ago, every time there was a positive policy announcement, project teams would seize the opportunity to hype up "macro improvement, a big bull market is coming," but what happened? One wave of liquidation after another. True value investors should think the opposite: what does policy stability actually mean? It means no black swan, and it also means the market lacks the thrill of high profits. Projects built on FOMO are most afraid of stable fundamentals.

What does the high approval rating of Powell indicate? It shows that the Federal Reserve's independent decision-making power is solid, and policy implementation will be more determined, not swayed by Trump's bluster. This is a safe bet for long-term allocation, but for those betting on policy reversal or rate cuts in short-term contracts, it's a trap.

So don’t be blinded by "positive news." Ask yourself, how many projects truly have fundamentals backing them? Most are still betting on sentiment. When sentiment comes, exit quickly. Don’t be greedy for the last bullish candle—that’s the secret to lasting longer.