1 min readThe materials on this website or any third-party websites accessed herein are not associated with and have not been reviewed or approved by: (i) Valkyrie Funds LLC dba CoinShares, its products, or the distributor of its products, or (ii) CoinShares Co., its products, or the marketing agent of its products.
Disappointing manufacturing PMI data and higher-than-expected prices are causing concern.
As markets continue to speculate whether the September 17th rate cut will be 25 or 50 basis points, disappointing manufacturing PMI data and higher-than-expected prices are causing concern. This has led to a sell-off in various risk assets, including Bitcoin and equities. Adding to the anxiety, the JOLTS job openings report—a key indicator closely monitored by the Federal Reserve—fell significantly short of expectations, suggesting that Friday’s payroll figures might also disappoint. Leading indicators for payrolls show that two major sources of job growth over the past year—construction and local government education—are likely to decelerate sharply. If Friday's payroll data misses expectations, a 50 basis point cut becomes more likely than 25 basis points. With the Consumer Price Index (CPI) data due next Tuesday, we will gain a clearer picture of the U.S. economy's health and whether the Fed might pivot back to monetary easing.
