For defensive rate cuts and last-ditch rate cuts, time is one aspect, and the U.S. economy is another aspect. Defensive rate cuts may turn into last-ditch rate cuts, while last-ditch rate cuts are difficult to turn into defensive rate cuts.

In layman's terms, if interest rates start to be cut in September, the U.S. economy will not have any problems, and the market will think that it has entered a defensive rate cut, but there will be no interest rate cuts for a period of time, causing the U.S. economy to collapse directly, and then it will enter interest rate cuts again. This is the possibility of turning from defensive rate cuts to last-ditch rate cuts.

Once the economy collapses, even if the Fed starts to cut interest rates, it will be difficult to play a role in advance defense, and it can only keep "wiping its ass".

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