🙋‍♂️ Hey guys.
The high open job numbers didn't please the market, talking about keeping an eye on the labor market back on Sunday, bitcoin fell 5% and here's why:
High JOLTS data is negative for stocks and cryptocurrencies because of:
1. Overheating economy : High job openings → wage growth → inflation 📈.
2. Tight Fed policy : Threat of rate hikes to fight inflation 💸.
3. Capital outflows: Investors choose safe assets (bonds) over risky assets 📉.
4. Profit decline: Companies' costs rise → margins fall 🤖📊.
This increases pressure on risk assets. 💼✨
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Next week, investors will focus their attention on the annual meeting of the Central Bank in Jackson Hole and the speech of the chairman of the Federal Reserve Powell.
- **Monday**: Speech by K. Waller from the Fed at 4:15 p.m.
- **Tuesday**: Speeches by Bostick and Barr (FED).
- **Wednesday**: At 21:00 the publication of the minutes of the FOMC.
- **Thursday**: Unemployment data at 3:30 p.m.
- **Friday**: Powell performs in Jackson Hole at 5:00 p.m.

🇺🇸US Retail Sales: Weak Growth

In August, nominal retail sales rose 0.1% m/m (July: +1.1%). Core sales excluding autos rose 0.1% m/m (July: +0.4%).

View:
Growth is weaker than inflation, i.e. sales are down in real terms. In our view, the statistics will not have a significant impact on the Fed's decision tomorrow.

But weak consumer demand may prompt the US Central Bank to cut rates faster in the future.
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🇨🇭 The Swiss National Bank began to reduce interest rates.

Will the Fed follow them? We'll find out soon

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