July CPI data has been released, the overall CPI data is better than expected, which is slightly favorable, while the core CPI data is below expectations, which is slightly detrimental. The overall data feels neutral, but $ETH has surged again.

Currently, traders are pricing in interest rate cut expectations, and as long as the data remains neutral without major negative surprises, a rate cut in September can be confirmed.

However, Federal Reserve Chairman Powell focuses more on the core CPI (the inflation indicator excluding food and energy) when formulating monetary policy, rather than the overall CPI. This should be assessed in conjunction with the Federal Reserve's official inflation target indicator — core PCE, which will be announced on August 29.

Tonight, dovish Federal Reserve official Barkin will speak, which may further drive up the prices of Bitcoin and Ethereum.

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