Bitcoin price was hovering at $66,450 at the time of writing, and altcoins turned red after the recent drop. The most important event of the week for cryptocurrency investors will be the stance Powell and his team take at the Fed meeting. A further softening of the hawkish stance and signals of a rate cut in September are needed.
JOLTS Data Released
For most cryptocurrency investors, until the Fed raised rates at the beginning of 2022, JOLTS, Non-Farm Payrolls, PMI data, and more were insignificant. However, since the Fed has upended risk markets with the fastest tightening in history, we have had to closely monitor these data for a long time. Because we are looking for signals of rate cuts in these data.
Indeed, while the latest inflation data pointed to a decline, the PCE data had dampened spirits. However, a loosening on the employment side could increase the Fed’s courage to cut rates. The downward revision of Non-Farm Payrolls data for several months has raised hopes at this point. JOLTS is data that allows us to see open job positions. So? Yes, this data needs to come in below expectations and be lower than the previous month.
The data was released. While the expectation was 8 million, the actual data came in above this at 8.184 million. This indicates that there is no loosening on the employment front that would bring rate cuts forward. Additionally, consumer confidence also came in above expectations.
