Traders have reduced their bets this time because they overthought things before, and now they are awakened by the data.

Previously, everyone was shouting, "There will definitely be two rate cuts this year," essentially betting that the economy would cool down quickly and inflation would obediently drop to target, so they could gain some advantage from the policies. However, recently when looking at employment and consumption data, the economy is not that weak at all, and inflation has not completely calmed down—how could the Federal Reserve easily loosen its grip?

Now, they are no longer making blind bets; they have actually awakened from their self-made "rate cut script" and are starting to let real data speak. After all, the Federal Reserve's actions are not swayed by market noise; if a rate cut is really needed, it must wait until the economic data can no longer hold up, and it must be "crying out for a rate cut". This adjustment serves as a good lesson for their previous overly optimistic selves. $BTC $ETH #加密市场回调