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🔴 FOMC vs FED Powell Speaks vs US Job Data 🔴
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Crypto Market Poised for Major Shifts: Key Events
Market Expectations:
Investors are eagerly awaiting the FOMC's meeting, with a strong belief that the Fed will maintain current policy rates. However, the market is increasingly betting on three rate cuts in 2024, spurred by declining inflation data.
CME FedWatch Tool Insights:
According to the CME FedWatch Tool, there is an 89% chance of a 25 basis point rate cut announcement in September. Additionally, expectations for further cuts in November and December have risen, driven by recent economic indicators.
Powell’s Speech:
Federal Reserve Chair Jerome Powell’s speech is highly anticipated. Dovish comments could ignite a market rally, while hawkish remarks might temper enthusiasm.
Labor Market Health:
The release of July's US unemployment data on August 2 is crucial. Analysts forecast the unemployment rate to remain steady at 4.1%, with jobless claims expected to drop to 190,000 from June’s 206,000. This data will provide critical insights into the labor market’s health and its implications for Fed policy decisions.
Anticipation and Speculation:
The cryptocurrency market is buzzing with anticipation. Potential rate cuts, combined with Powell’s remarks and job data, could set the stage for significant market movements.
Recent Positive Momentum:
The market has recently benefited from positive developments, such as the SEC’s approval of the US Spot Ethereum ETF and the Bitcoin Conference 2024 in Nashville. These events have bolstered sentiment, with prominent speakers offering a bullish outlook on Bitcoin and the US’s evolving stance on the crypto sector.
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