According to PANews, Singapore-based crypto investment firm QCP Capital said that Wall Street is rumored to have a downward revision of at least 600,000 job growth in the United States, indicating that the job market has not been as strong as expected over the past year.
Markets are now focused on whether the Fed is slow to act, as it has held off on cutting rates amid stronger-than-expected job market and economic performance. Powell is expected to discuss the issue at the Jackson Hole conference, but will not make a decision.
A sharp downward correction or a particularly dovish Powell could reverse the stock market rally and push Bitcoin and Ethereum below support. Regardless of the outcome of the correction, the Fed appears ready to cut interest rates in September, with the market pricing in 3.7 cuts in 2024 and 4.5 in 2025. Bank of America has already begun cutting its time deposit rates.
