Last night, the expectation of rate cut spread like wildfire
The US stock market and the crypto market soared hand in hand, painting a prosperous picture.
The "evaporation" of 810,000 employment data, coupled with the dovish signals in the Fed minutes, gave the market an early insight into the subtle direction of the September interest rate meeting.
On Wednesday, US Treasury yields from two-year to 30-year all hit a two-week bottom, and the interest rate swap market placed high hopes on the extent of rate cuts this year, betting on a surge of more than 100 basis points. All these waves are due to two shocks: the US non-agricultural data unexpectedly encountered a cold wave that has not been seen in 15 years, and the market is in turmoil again. Traders have quietly laid out and waited for Powell's words on Friday to reveal the final answer
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