According to CoinDesk, risk assets such as Bitcoin and some altcoins have risen since the Federal Reserve cut interest rates by 50 basis points last week, and the market believes this is a signal of monetary policy normalization. Some analysts expect Bitcoin to accelerate its rise after breaking through the $65,200 resistance level.
However, at least three indicators point to a slowdown. First, the U.S. Household Survey showed that unemployment rates rose in 57.7% of states in August, indicating that the labor market faces challenges that may lead to an economic slowdown. Second, the Conference Board's Leading Economic Index (LEI) fell to 100.2 in August, the lowest since October 2016, and fell for six consecutive months, triggering a recession signal. The ratio of leading and lagging indicators fell below 0.85, the lowest since the 1950s. Finally, the ratio of gold futures to Brent crude oil futures has risen by more than 35% this year to nearly 40 points, the highest since 2020. Gold has outperformed oil as a safe-haven asset, which usually indicates an economic slowdown.
