$BTC Although the US and China have reached a temporary agreement to suspend tariffs for 90 days, reducing the tariff rate from 145% to 30%, investors remain cautious. This agreement is only a first step, and the tax rates are still much higher than before the trade conflict began. This continues to create uncertainty about global economic growth and affects market sentiment.

The cautious monetary policy of the US Federal Reserve (Fed)

While many other central banks are cutting interest rates to support growth, the Fed maintains the current interest rate, citing strong fundamental economic factors such as stable growth, low unemployment, and inflation close to the 2% target. However, the lack of clarity in policy direction could pose risks if economic conditions worsen.

Concerns about global economic recession

Global growth forecasts are being downgraded, with increasing recession risks, particularly due to declining business and consumer confidence. Although 'hard' economic data such as employment and spending remains stable, 'soft' indicators like market sentiment show negative signs.