How much longer will the Federal Reserve officials' frequent remarks about further rate hikes continue?

Federal Reserve officials are speaking frequently—how much longer will the rate hikes continue? Considering the central bank's comments yesterday, this round of market activity has an intriguing contradiction.
On September 16, the Federal Reserve will raise interest rates by 25 basis points to 3.75%–4%, while also saying that inflation remains too high. In recent days, officials such as Moussalaam have continued to signal that further tightening may be needed. Moussalaam even believes that if there is no additional tightening, the risk that inflation will be significantly above the 2% target over the next 18 months is greater.
So what the market is really trading now is no longer whether to hike rates in September, but where the endpoint of this rate-hike cycle lies—and how long high interest rates will remain.
If inflation continues to stay above the target, and the Federal Reserve keeps raising rates or extends the period of high interest rates, the US dollar and US Treasury yields may continue to put pressure on BTC, gold, and overvalued technology stocks. Conversely, if economic data starts to cool significantly while inflation declines in parallel, the market may price in an “end to rate hikes” earlier, and the liquidity pressure on risk assets could ease.
But interestingly, BTC has not weakened directly because the Federal Reserve has taken a more hawkish stance. Instead, it has pushed back toward and challenged the previous highs again. This suggests that there are other forces supporting the BTC market at present, including global risk appetite, institutional capital, and short covering.
Let’s look at what the People’s Bank of China said yesterday.
On September 22, the People’s Bank of China again emphasized that conducting virtual-coin-related business within the country constitutes illegal financial activity. It also made clear that, without legally obtained approval, stablecoins that are pegged to the renminbi may not be issued overseas.
At the same time, however, at a symposium with foreign financial institutions, the People’s Bank of China also clearly stated that it will implement a suitably accommodative monetary policy, continue to promote high-level financial opening up, optimize cross-border payments, and facilitate the international use of the renminbi.
So here, there are actually two lines running at the same time:
China’s domestic financial system: liquidity remains relatively friendly, but regulation of virtual-coin businesses continues to be strict.
The global crypto market: BTC prices mainly depend on US dollar liquidity, the Fed’s policy, and global capital risk appetite.
This also explains why the phrase “the central bank reaffirmed regulation” did not directly interrupt the rise in BTC.
Next, I think there are three signals that are most worth watching:
**First, whether speeches by Fed officials shift from “keeping inflation in check” to “waiting for the data.”** If hawkish remarks become more concentrated, the market will likely raise its expectations for future rate hikes again.
**Second, watch US Treasury yields.** The yield on the 10-year US Treasury is already close to 5%. If it continues to move higher, the pressure on risk assets will increase noticeably.
Third, see whether BTC can turn the breakout level into support. If BTC remains at high levels despite a hawkish Fed stance and renewed domestic regulatory emphasis, it indicates that the market has strong absorption capacity. But if later US Treasury yields continue rising and BTC falls back into the breakout range, then investors should be cautious that macro liquidity may once again become a suppressing factor.
So the real question now is not simply whether the Fed will still hike rates, but rather: how long can high interest rates be maintained? And when will the market start pricing in the next stage of liquidity improvement?
For the crypto world, this could be more important than the next standalone 25-basis-point move.