聯準會2025年更新四位輪值投票委員會成員，「鷹派」傾斜或引發更多分歧

根據聯準會官網顯示，2025年，聯準會將迎來兩名「鷹派」投票委員、一名「鴿派」投票委員和一名中立投票委員。

The Federal Reserve will update its four rotating voting committee members in 2025, and the "hawkish" tilt may lead to more divisions.

聯準會將在2025年更新四名輪值投票委員會成員，「鷹派」傾斜可能會導致更多分歧。

According to the Fed's official website, in 2025, the Fed will welcome two "hawkish" voting members, one "dovish" voting member and one neutral voting member. Chicago Fed President Austan D. Goolsbee, Boston Fed President Susan M. Collins, St. Louis Fed President Alberto G. Musalem, and Kansas City Fed President Jeffrey R. Schmid will become new rotating voting members to replace the four rotating voting members in 2024: Richmond Fed President Thomas I. Barkin, Atlanta Fed President Raphael W. Bostic, San Francisco Fed President Mary C. Daly, and Cleveland Fed President Beth M. Hammack.

根據聯準會官網顯示，2025年，聯準會將迎來兩名「鷹派」投票委員、一名「鴿派」投票委員和一名中立投票委員。芝加哥聯邦儲備銀行主席奧斯坦·D·古爾斯比、波士頓聯邦儲備銀行主席蘇珊·M·柯林斯、聖路易斯聯邦儲備銀行主席阿爾貝托·G·穆薩勒姆和堪薩斯城聯邦儲備銀行主席傑弗裡·R·施密德將成為新的輪值投票成員，以取代2024年的四名輪值投票成員：里士滿聯儲行長托馬斯·巴金（Thomas I. Barkin）、亞特蘭大聯邦儲備銀行行長拉斐爾·博斯蒂克（Raphael W . Bostic）、舊金山聯邦儲備銀行行長瑪麗·戴利（Mary C. Daly）和克利夫蘭聯邦儲備銀行行長貝絲·哈馬克（Beth M. Hammack）。

Bloomberg analysis believes that in 2025, the positions of the Federal Open Market Committee (FOMC) voting members will be more dispersed, and the neutrality will decrease, which may lead to more differences. Barron's believes that the rotating voting committee may make the Fed's decision-making in 2025 lean toward the "hawks". Reuters analysis believes that over time, Fed policymakers may find their differences again, especially when the labor market cools faster than inflation. The increase in hawkish voting members in the Federal Open Market Committee may increase the risk of disagreement, although this may not change the policy outcome.

彭博分析認為，2025年，聯邦公開市場委員會（FOMC）投票成員的立場將更加分散，中立性降低，可能會導致更多分歧。 《巴倫周刊》認為，輪流投票委員會可能會讓聯準會2025年的決策偏向「鷹派」。路透社分析認為，隨著時間的推移，聯準會政策制定者可能會再次發現分歧，特別是當勞動市場降溫速度快於通膨時。聯邦公開市場委員會中鷹派投票成員的增加可能會增加意見分歧的風險，儘管這可能不會改變政策結果。

The Fed's official website shows that the Fed will hold a total of 8 meetings in 2025, in January, March, May, June, July, September, October and December.

聯準會官網顯示，2025年聯準會將共召開8次會議，分別為1月、3月、5月、6月、7月、9月、10月及12月。

The dot plot released by the Federal Reserve in December 2024 shows that the Federal Reserve has lowered the number of future interest rate cuts, reducing the number of interest rate cuts in 2025 from 4 predicted in September to 2, and the median forecast for the interest rate has been raised from 3.4% in September to 3.9%.Aave governance proposal to link Ethena’s USDe to USDT sparks community concerns

聯準會2024年12月發布的點陣圖顯示，聯準會下調了未來降息次數，將2025年降息次數從9月預測的4次減少到2次，降息預測中位數利率已從9 月的3.4% 提高至3.9%。

According to Protos, the Aave governance forum recently proposed a proposal to link USDe to Tether's USDT at a 1:1 ratio, a suggestion that has raised concerns about potential conflicts of interest, especially given the difference in decoupling risks between the two.

根據Protos 報導，Aave 治理論壇最近提出了一項將USDe 與Tether 的USDT 以1:1 的比例掛鉤的提議，這一提議引發了人們對潛在利益衝突的擔憂，尤其是考慮到兩者之間脫鉤風險的差異。

The proposal, which is currently in the consultation stage, aims to replace the existing Chainlink USDe/USD oracle by hard-coding the USDe price to match the USDT price in the Aave pricing feed to ensure seamless integration and reduce disruptions caused by USDe price fluctuations. However, the two co-authors of the proposal are from ChaosLabs and LlamaRisk, risk management companies associated with Ethena, which has raised questions about conflicts of interest from MakerDAO community member "ImperiumPaper", who likened it to a real estate agent representing both buyers and sellers.

該提案目前正處於諮詢階段，旨在透過硬編碼 USDe 價格以匹配 Aave 定價來源中的 USDT 價格來取代現有的 Chainlink USDe/USD 預言機，以確保無縫整合並減少 USDe 價格波動造成的干擾。然而，該提案的兩位共同作者來自與 Ethena 相關的風險管理公司 ChaosLabs 和 LlamaRisk，這引起了 MakerDAO 社區成員「ImperiumPaper」的利益衝突質疑，後者將其比作代表雙方買家的房地產經紀人和賣家。

In addition, Tether is (ostensibly) fully backed by off-chain assets, ensuring that USDT can be exchanged for dollars at a 1:1 ratio off-chain. In contrast, USDe is supported by a Delta neutral balance of long and short positions and faces the risk of "continuous negative funding rates", which could happen if market sentiment turns bearish. One user likened the move to an “aggressive growth proposal,” while another criticized the circular logic of acknowledging different risks and then treating assets as having the same value instead of taking appropriate action.

此外，Tether（表面上）完全由鏈下資產支持，確保 USDT 可以在鏈下以 1:1 的比例兌換成美元。相較之下，USDe 受到多空頭寸 Delta 中性平衡的支撐，並面臨「資金利率持續為負」的風險，如果市場情緒轉為看跌，這種情況可能會發生。一位用戶將此舉比作“激進的成長建議”，而另一位用戶批評了承認不同風險然後將資產視為具有相同價值而不是採取適當行動的循環邏輯。

In response, Ethena founder Guy Young denied any conflict of interest and highlighted the project’s risk committee, which is designed to “provide external discipline and accountability for the ongoing management of the product.”Interactive Brokers is taking action to significantly reduce its exposure to MSTR

作為回應，Ethena 創始人Guy Young 否認存在任何利益衝突，並強調了該項目的風險委員會，該委員會旨在「為產品的持續管理提供外部紀律和問責制。」盈透證券正在採取行動，大幅減少其在MSTR 中的風險敞口

According to Bitcoin News, Interactive Brokers is tightening its exposure to MicroStrategy (ticker: MSTR) by gradually increasing margin requirements to a minimum of 50% on January 13, 2025. This is a clear sign that they are preparing for the upcoming large fluctuations.Vitalik: Many crypto technologies can be used in the subject area of d/acc

根據比特幣新聞報道，盈透證券正在收緊其對MicroStrategy（股票代號：MSTR）的敞口，將於2025 年1 月13 日逐步將保證金要求提高至最低50%。顯示他們正在為即將到來的大幅波動做好準備。

Ethereum co-founder Vitalik Buterin shared his latest views on d/acc (decentralized acceleration) in his latest blog post, pointing out that there is actually an important connection between d/acc and cryptocurrency.

以太坊聯合創始人 Vitalik Buterin 在最新部落格文章中分享了他對 d/acc（去中心化加速）的最新看法，指出 d/acc 和加密貨幣之間其實存在著重要的聯繫。

d/acc extends the underlying values of cryptocurrency, such as decentralization, censorship resistance, and open economic and social concepts, to other technical fields. As early adopters, cryptocurrency users' communities naturally become testing grounds for d/acc technology. The community attaches great importance to practice rather than empty talk, making the cryptocurrency community an ideal incubator for d/acc technology, especially in group-oriented fields such as information and biodefense. Cryptocurrency practitioners are good at working together.

d/acc 將加密貨幣的底層價值，如去中心化、抗審查、開放的經濟和社會概念擴展到其他技術領域。身為早期採用者，加密貨幣使用者社群自然成為 d/acc 技術的試驗場。社群重視實踐而非空談，使得加密貨幣社群成為 d/acc 技術的理想孵化器，特別是在資訊和生物防禦等面向群體的領域。加密貨幣從業者善於合作。

In addition, cryptocurrency technologies such as blockchain and zero-knowledge proofs can be applied to the construction of d/acc's financial,

此外，區塊鏈、零知識證明等加密貨幣技術可應用於d/acc的金融、