#تقرير_وو_بلوك_تشين #الاقتصاد_الكلي #العملات_المشفرة #الاحتياطي_الفيدرالي
Global markets, including the cryptocurrency market, continue to react to monetary signals and economic policies. This report, compiled by Gary Ma for "Wu Blockchain," reviews the key indicators and events from last week, and provides a look ahead at major upcoming milestones.
Current Week Summary: The market this week is focused on the U.S. core inflation data (PCE) for July, which is the Federal Reserve's preferred gauge for measuring inflation. Investors will also look into the minutes of the European Central Bank's meeting and the adjusted U.S. GDP reading for the second quarter. This data will shape expectations around the monetary policy trajectory, especially after the dovish interpretations of Federal Reserve Chair Jerome Powell's speech last week.
Highlights of last week:
1. Federal Reserve Meeting Minutes (July): The minutes revealed expectations for a slowdown in GDP growth and a projected rise in the unemployment rate exceeding the natural level by the end of 2025. Most importantly for the crypto community, some participants indicated that the GENIUS Act (if passed) could enhance the use of stablecoins, potentially improving the efficiency of the payment system and supporting demand for their underlying assets like U.S. Treasury bonds. However, the minutes warned of the potential wide-ranging effects on the banking system and the necessity of monitoring its systemic risks.
2. Unemployment Claims: Weekly jobless claims jumped to 235,000, exceeding expectations and registering the highest increase in nearly three months, indicating further evidence of a softening labor market.
3. Jackson Hole Speech (Powell): In a critically important speech, Federal Reserve Chair Powell announced that the central bank would abandon the flexible average inflation targeting framework adopted in 2020. He affirmed that the impact of tariffs on prices has become clear and that a tight labor market does not necessarily justify tightening monetary policy, but the Fed is prepared to act preemptively if prices threaten.
Key events and indicators for this week (GMT):
· August 26 (09:30): The Reserve Bank of Australia releases the minutes of the August meeting.
· August 28:
· (19:30): The European Central Bank releases the minutes of the July meeting.
· (20:30): U.S. unemployment claims for the week ending August 23.
· (20:30): Adjusted U.S. GDP reading for the second quarter (year-on-year).
· Additional U.S. tariffs of 25% on India (bringing the total to 50%).
· August 29:
· (06:00): Federal Reserve Board Governor Christopher Waller speaks about monetary policy.
· (20:30): Core Personal Consumption Expenditures (PCE) Index for July (the most anticipated core inflation data).
· (22:00): Final reading of consumer sentiment from the University of Michigan for August.
· August 31 (09:30): Official Chinese manufacturing purchasing manager index (PMI) figures for August.
Conclusion: The cryptocurrency market still appears to be in a wait-and-see mode, closely tied to global monetary policy expectations. U.S. inflation data (PCE) will be the deciding factor this week in confirming or denying expectations for a rate cut in September, which will determine the short-term direction of risk assets including Bitcoin and Ethereum.
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