Federal Reserve staff wrote a note themselves, and the title is pretty blunt:
"New Forms of Money and the U.S. Money Supply"

This is not about a rate-cut decision, nor a hint of rate hikes.
It is discussing whether payment stablecoins should eventually be included in M1 / M2.

Simply put:
Payment stablecoins are not currently counted in the money supply.
If they are mainly used for everyday payments in the future, they would be closer to M1;
if they are mainly used for crypto trading and short-term value storage, they would be closer to M2.

But the note repeatedly emphasizes three things:
the author’s personal views, not a Fed policy decision;
there are still issues to solve, including data reporting, whether reserve assets would be counted twice, and how to separate U.S. circulation from global circulation.

Wu Shuo also cross-posted this this morning.
The original date is the September 4 FEDS Notes.

I think this is more worth watching than "it went up again" —
it is changing the statistical ruler, not shouting slogans.

Reference prices: Coinbase Spot BTC≈79846 / ETH≈2495 (Beijing 22:02)
Not investment advice.