Last night, unexpected changes in the U.S. labor market and economic inflation, as well as a series of highly inflammatory remarks by Trump, jointly triggered violent shocks in global financial markets.
Specifically, the strong performance of the U.S. job market and the accelerated inflation in the service industry have become the focus of market attention.
In November, JOLTS job vacancies unexpectedly surged by 259,000, and the total volume climbed to a historical high of 8.098 million.
At the same time, the ISM non-manufacturing purchasing managers' index (PMI) jumped from 52.1 in November to 54.1, and the price index climbed from 58.2 to 64.4, hitting an 11-month high, which undoubtedly exacerbated the market's concerns about continued high inflation.
Against this background, the market's expectations for the Fed's upcoming interest rate cuts have been greatly weakened. The market generally expects that the probability of the Fed's interest rate cut in January is less than 5%. This news directly led to a plunge in risky assets such as BTC.
To make matters worse, Trump made a series of shocking remarks at last night's press conference, and his "new imperialism" rhetoric caused widespread panic in the market.
Trump not only said that he would not rule out the possibility of using force to seize Greenland and the Panama Canal, but also threatened that if Denmark did not cede Greenland, it would impose high tariffs on it, and planned to bring Canada into the US sphere of influence through economic means.
These remarks not only highlight Trump's tough stance in international affairs, but also arouse market concerns about the global political and economic landscape.
Senior political commentator Jonathan Chait pointed out that Trump's "new imperialism" remarks are highly performative, aiming to put pressure on allies through bluffing and cater to the emotions of some voters.
However, such extreme remarks and actions have undoubtedly exacerbated the panic in the market and caused violent fluctuations in global financial markets.
In summary, the unexpected changes in the US labor market and economic inflation last night and President Trump's extreme remarks together constituted the fuse for the market crash.
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