Caution in the Near-term Still Warranted, Q4 Setup Remains Compelling (Core Strategy Rebalance)
Sep 5, 2024
• 5
Min Read
Author
This Week’s Economic Data Skews Toward Hard-Landing
For this week’s note, we will begin by revisiting our market map for the near-term outlook on crypto. Over the past few months, the market has oscillated between expectations of a hard landing, soft landing, and no landing. However, since Powells’s speech at Jackson Hole, market outcomes have narrowed, leaving only the two scenarios furthest to the left—hard landing and soft landing. Both scenarios are cyclically favorable for crypto, though the hard landing carries short-term downside risk.
This week, we received a sub...