PANews reported on August 21 that QCP Capital, a crypto investment institution in Singapore, said that Wall Street is rumored that the growth of US employment will be revised downward by at least 600,000. This would indicate that the US job market has not been as strong as the market expected over the past year. Now, everyone is wondering whether the Fed is slow to act because the Fed has delayed interest rate cuts against the backdrop of stronger-than-expected job market and economic performance. We expect Powell to discuss this issue at the annual Jackson Hole meeting, but we don't think Powell will make a decision because there is still a month to go before the Fed's September meeting. A sharp downward revision, or Powell being particularly dovish, could reverse the two-week stock market rebound and push Bitcoin and Ethereum below support. Regardless of the revision, the Fed seems ready to cut interest rates in September, with the market expecting 3.7 cuts in 2024 and 4.5 cuts in 2025. Bank of America has begun to lower its time deposit rates in anticipation of a rate cut cycle.
