A magical moment is coming at 8:30 tonight: U.S. Q3 GDP is expected to come in at 3.2%, surging well above the previous 2.2%. Warsh just said the economy is strong, so if the data really is that good, we should be popping champagne.
But the crypto market may not be celebrating tonight—the September PCE data released at the same time is expected to hit 3.6%, hotter than the previous 3.4%, while core PCE is also moving up to 3.1%. That’s basically telling the Fed: the stronger the economy, the more reason it has to hike rates. The Fed just held rates steady at 3.75%–4%, and the market is still pricing in nearly an 80% chance of another hike in December.
So tonight’s a real split-personality moment: good data gives stocks a reason to rise; good data makes crypto even more worried about a hawkish Fed. $BTC has been grinding around $80,000 all day, just waiting for this final push to set the direction.
Time to pick a side: A. A strong economy is ultimately a good thing, and crypto will catch up sooner or later; B. The better the data, the more certain a rate hike becomes—stay bearish tonight. Which side are you on?
$ETH $SOL
#GDP #PCE #FederalReserve
But the crypto market may not be celebrating tonight—the September PCE data released at the same time is expected to hit 3.6%, hotter than the previous 3.4%, while core PCE is also moving up to 3.1%. That’s basically telling the Fed: the stronger the economy, the more reason it has to hike rates. The Fed just held rates steady at 3.75%–4%, and the market is still pricing in nearly an 80% chance of another hike in December.
So tonight’s a real split-personality moment: good data gives stocks a reason to rise; good data makes crypto even more worried about a hawkish Fed. $BTC has been grinding around $80,000 all day, just waiting for this final push to set the direction.
Time to pick a side: A. A strong economy is ultimately a good thing, and crypto will catch up sooner or later; B. The better the data, the more certain a rate hike becomes—stay bearish tonight. Which side are you on?
$ETH $SOL
#GDP #PCE #FederalReserve