Last night, the CPI data was positive, and there was a deep V rebound. Then the interest rate meeting and Powell's speech at 2:00 a.m. poured cold water on the market. Powell's speech was quite restrained, trying to dispel the market's premature optimism.

Originally, everyone thought that there would be two interest rate cuts. The dot plot cut the expected interest rate cuts this year from 3 to 1, and raised it to 4 next year.

The dream of interest rate cuts can only be put on hold. Old Bao does not want to open champagne in advance to avoid being slapped in the face by excessive inflation later.

From the on-chain data, stablecoins have rebounded in the past few days, and BTC in the exchange has flowed out.

The release of various economic data in the future is crucial. Subsequent employment, PMI and other data will become an important source of fluctuations in the currency circle. If various data show that inflation has cooled, the possibility of interest rate cuts in September will be strengthened.