The storm that never happened.
So Powell once again gave nothing.
The only effect today had is making a September cut less likely, it was 77% yesterday and now it is 73%, nothing major.
I am honestly surprised by how little today effected the market but at the same time if you "Zoom out" it makes more sense.
As i said yesterday this is likely politically motivated, Powell and the Fed know that Trump is most likely going to win, and when he does the interest rates are coming down and consumer spending will increase- more inflation.
The labour market will cause a recession i have no doubt, its already at a worrying level and even "Bullish" news sources are starting to change their tone with regards to bad news becoming bad news.
I could write all day about the labour market worries, i am nearly certain in the next 6 months the labour market will break down in a way nobody can ignore any longer.
For now that does little to the market, this is not just regarding crypto its for everything, the worldwide market is waiting for a catalyst to fomo in more or to rush to the exit doors.
As Powell gave nothing today the Market will have laser focus on the CPI data and unemployment on Thursday(July 11th)
I wish i had more to offer but for now there is no direction.
Peace
#TheWolfThatWins #US_Job_Market_Slowdown #Market_Update #SOFR_Spike