美联储2025年更新四位轮值投票委员会成员，“鹰派”倾斜或引发更多分歧

据美联储官网显示，2025年，美联储将迎来两名“鹰派”投票委员、一名“鸽派”投票委员和一名中立投票委员。

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

美联储将在2025年更新四名轮值投票委员会成员，“鹰派”倾斜可能会导致更多分歧。

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.

据美联储官网显示，2025年，美联储将迎来两名“鹰派”投票委员、一名“鸽派”投票委员和一名中立投票委员。芝加哥联储主席奥斯坦·D·古尔斯比、波士顿联储主席苏珊·M·柯林斯、圣路易斯联储主席阿尔贝托·G·穆萨勒姆和堪萨斯城联储主席杰弗里·R·施密德将成为新的轮值投票成员，以取代2024年的四名轮值投票成员：里士满联储行长托马斯·巴金（Thomas I. Barkin）、亚特兰大联储行长拉斐尔·博斯蒂克（Raphael W. Bostic）、旧金山联储行长玛丽·戴利（Mary C. Daly）和克利夫兰联储行长贝丝·哈马克（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.

彭博社分析认为，2025年，联邦公开市场委员会（FOMC）投票成员的立场将更加分散，中立性降低，可能会导致更多分歧。 《巴伦周刊》认为，轮流投票委员会可能会让美联储2025年的决策偏向“鹰派”。路透社分析认为，随着时间的推移，美联储政策制定者可能会再次发现分歧，特别是当劳动力市场降温速度快于通胀时。联邦公开市场委员会中鹰派投票成员的增加可能会增加意见分歧的风险，尽管这可能不会改变政策结果。

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.

美联储官网显示，2025年美联储将共召开8次会议，分别为1月、3月、5月、6月、7月、9月、10月和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

美联储2024年12月发布的点阵图显示，美联储下调了未来降息次数，将2025年降息次数从9月预测的4次减少到2次，降息预测中位数利率已从 9 月份的 3.4% 提高至 3.9%。Aave 将 Ethena 的 USDe 与 USDT 挂钩的治理提案引发社区担忧

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.

据 Protos 报道，Aave 治理论坛最近提出了一项将 USDe 与 Tether 的 USDT 以 1:1 的比例挂钩的提议，这一提议引发了人们对潜在利益冲突的担忧，尤其是考虑到两者之间脱钩风险的差异。

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.

该提案目前正处于咨询阶段，旨在通过硬编码 USDe 价格以匹配 Aave 定价源中的 USDT 价格来取代现有的 Chainlink USDe/USD 预言机，以确保无缝集成并减少 USDe 价格波动造成的干扰。然而，该提案的两位共同作者来自与 Ethena 相关的风险管理公司 ChaosLabs 和 LlamaRisk，这引起了 MakerDAO 社区成员“ImperiumPaper”的利益冲突质疑，后者将其比作代表双方买家的房地产经纪人和卖家。

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）完全由链下资产支持，确保 USDT 可以在链下以 1:1 的比例兑换成美元。相比之下，USDe 受到多空头寸 Delta 中性平衡的支撑，并面临“资金利率持续为负”的风险，如果市场情绪转为看跌，这种情况可能会发生。一位用户将此举比作“激进的增长建议”，而另一位用户批评了承认不同风险然后将资产视为具有相同价值而不是采取适当行动的循环逻辑。

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

作为回应，Ethena 创始人 Guy Young 否认存在任何利益冲突，并强调了该项目的风险委员会，该委员会旨在“为产品的持续管理提供外部纪律和问责制。”盈透证券正在采取行动，大幅减少其在 MSTR 中的风险敞口

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

据比特币新闻报道，盈透证券正在收紧其对 MicroStrategy（股票代码：MSTR）的敞口，将于 2025 年 1 月 13 日逐步将保证金要求提高至最低 50%。这是一个明显的迹象，表明他们正在为即将到来的大幅波动做好准备。 Vitalik：很多加密技术都可以用在 d/acc 的主题领域

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.

以太坊联合创始人 Vitalik Buterin 在最新博文中分享了他对 d/acc（去中心化加速）的最新看法，指出 d/acc 和加密货币之间其实存在着重要的联系。

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 将加密货币的底层价值，如去中心化、抗审查、开放的经济和社会概念扩展到其他技术领域。作为早期采用者，加密货币用户社区自然成为 d/acc 技术的试验场。社区重视实践而非空谈，使得加密货币社区成为 d/acc 技术的理想孵化器，特别是在信息和生物防御等面向群体的领域。加密货币从业者善于合作。

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

此外，区块链、零知识证明等加密货币技术可应用于d/acc的金融、