The Federal Reserve's July meeting minutes indicate that, aside from two governors who voted against a rate cut in July, most other officials agreed to maintain the interest rate. This suggests a somewhat hawkish signal for the September meeting. However, the minutes were released before the disappointing employment report in July, making it hard to gauge future conditions based on them. Given the data released afterward, these minutes are clearly less relevant now. Additionally, Federal Reserve Chairman Powell's speech this week at Jackson Hole will likely provide us with clearer insights on whether there will be a rate cut in September.

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