According to BlockBeats, on August 2, Wealth Alliance President and Managing Director Eric Diton expressed his views on the Federal Reserve's recent actions and the economic outlook. Diton stated, 'I believe the Fed should have cut rates by 25 basis points this week, but it clearly missed the opportunity. We then observed an increase in initial jobless claims and the ISM Manufacturing PMI index underperforming for the fourth consecutive month. Powell has indicated that he relies on data, and the performance of Friday's non-farm payroll data will be crucial. If we see very weak data, he is likely to cut rates by 50 basis points in September.'

Diton also highlighted concerns regarding federal debt, noting, 'Another issue is federal debt, which stands at $35 trillion. The interest we pay on this debt is now about 17% of our federal spending. So, interest payments are now consuming funds that we could use for decision-making.'