Data released by the U.S. on Thursday showed that the PPI annual rate in May was 2.2%, lower than the expected value of 2.5%, and the same as the previous value of 2.2%; the monthly rate of PPI in May was -0.2%, lower than the expected value of 0.10%, and lower than the previous value of 0.50%. The number of initial unemployment claims was 242,000, higher than the expected value of 225,000, and higher than the previous value of 229,000. The dot plot of the Federal Reserve's interest rate meeting showed that the expectation of interest rate cuts this year was cut from 3 to 1, and the number of interest rates next year was raised from 3 to 4; among the 19 members, 4 members believed that there should be no interest rate cuts in 2024, 7 members believed that there would be a one-time interest rate cut, and 8 members believed that there would be two interest rate cuts.

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Amanda Pritchard, chief executive of the UK's National Health Service (NHS), called on British lawmakers to take action to prevent young people from becoming addicted to cryptocurrency trading. The addictive habit has people investing their money in things with no fixed value, while the NHS is left to pick up the pieces, a growing problem that could create further demand for health services. Terraform Labs has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay the SEC a $4.47 billion fine, with the SEC filing a "proposed final consent judgment" with the District Court for the Southern District of New York on Wednesday. The SEC said DoKwon must also pay $204 million to compensate damaged investors. CMT Digital began raising $150 million for its fourth fund a month ago. Crystal Intelligence reported that nearly $19 billion worth of cryptocurrency has been stolen since 2011, with 785 cryptocurrency thefts, including 220 security breaches, 345 DeFi hacks and 220 fraud schemes. Defillama data shows that the top five centralized exchanges by assets have seen a total outflow of about $788 million in the past 24 hours. CryptoQuant released data showing that BTC whale addresses once again increased their holdings by more than 20,000 BTC at low levels, taking advantage of yesterday's BTC pullback and accumulating more BTC. Bitwise, the issuer of the US spot BTC ETF, said that by 2030, cryptocurrencies and AI could add $20 trillion to global GDP. Analyst Juan Leon believes that the diversification of mining companies and blockchain-based verification protocols is one of the use cases at the intersection of the two industries.

According to Glassnode data, all major entities hold a total of 4.23 million BTC, accounting for 27% of the supply (i.e., the total supply minus BTC that has been idle for more than seven years). Among them: US spot ETFs hold 862,000 BTC, Mt.Gox trustees hold 141,000 BTC, the US government holds 207,000 BTC, all exchanges hold 2.3 million BTC, and miners (excluding Patoshi) hold 706,000 BTC. Data released by the United States on Thursday showed that the annual rate of the US PPI (Producer Price Index) in May was 2.2%, lower than the expected value of 2.5%, and the same as the previous value of 2.2%; the monthly rate of PPI in May was -0.2%, lower than the expected value of 0.10%, and lower than the previous value of 0.50%. The monthly rate of PPI in May was -0.2%, the largest drop since October 2023. The number of initial jobless claims in the week ending June 8 was 242,000, higher than the expected value of 225,000 and higher than the previous value of 229,000. Initial jobless claims were 242,000, the highest since the week ended August 12, 2023. The Nasdaq rose 0.7% to a record high; Nvidia rose 3.3%, with an intraday market value of $3.19 trillion. The unexpected decline in the U.S. producer price index in May was another sign that inflation was retreating after surging in the first quarter. Earlier, CPI data cooled across the board, boosting financial market hopes that the Federal Reserve will start cutting interest rates in September. Economists are optimistic that the Fed will start cutting interest rates in September this year, with two rate cuts this year. Societe Generale said: Given that inflation is decelerating, slower growth will open the door to earlier rate cuts. ANZ said the dollar will weaken in the coming months because the Federal Reserve may implement two rate cuts in 2024. In previous easing cycles, the dollar's shift mostly occurred before the first and second rate cuts. On June 13, the dot plot of the Federal Reserve's interest rate meeting showed that the expectation for interest rate cuts this year was cut from three times to one time, and the number of interest rate cuts next year was raised from three times to four times; among the 19 members, four members believed that there should be no interest rate cuts in 2024, seven members believed that there would be one interest rate cut, and eight members believed that there would be two interest rate cuts.

Powell said: "Inflation has eased significantly, but it is still too high. So far this year, there is no greater confidence in inflation to cut interest rates; recent monthly inflation data has eased, and Thursday's CPI data is a step in the right direction; the first rate cut has an impact on the economy, and what is important is the entire interest rate path, not just the first rate cut. Once inflation is under control, interest rates can be lowered; ultimately, we believe that interest rates will need to fall to continue to support the target." The Fed's interest rate meeting on June 13 showed hawkishness, and Powell's voice after the meeting was equally hawkish. The US stock market once again chose to go against the Fed, ignoring the negative impact of the dot chart. The S&P 500 index rose 0.85% and the Nasdaq rose 1.53%. The latter two set new closing highs for three consecutive trading days. After Powell's speech, the S&P 500 index still closed above 5,400 points for the first time in history. Citigroup and Goldman Sachs expect the Fed's first rate cut to be in September, while JPMorgan Chase expects the Fed's first rate cut to be in November. According to a Bloomberg market survey, more than half of the 97 respondents said that the S&P 500's 14% surge during 2024 will continue. Economist Kathy Bostjancic said: The Fed's conservative stance is understandable, and the door to rate cuts remains open. Powell also said that the latest CPI data is encouraging, and hinted that the latest CPI data may not be fully reflected in the latest forecasts of monetary policy makers. Unfortunately, the currency market has not kept up with the rise of the US stock index. In an environment of falling inflation, the US stock index chose to ignore the Fed's hawks, and the big cake chose to obey. The US stock index is pragmatic, and the big cake is idealistic. The rise of the big cake requires countless reasons, and the most effective reason for the rate cut was weakened by the Fed on Thursday. The Fed's interest rate dot plot was formed before the release of the CPI and PPI inflation data in May, and did not fully reflect the decline in inflation. The old man continues to wait, and before the end of the summer, we may see the Fed relax monetary policy, and the big cake will also end this adjustment. #美国5月CPI超预期回落 #美联储何时降息？ #币安合约锦标赛