Base and Optimism Share Revenue and Governance, Mastercard Terminates Binance Partnership
All eyes turned to Jackson Hole this morning as Jerome Powell says the Fed will âproceed carefullyâ on any further rate rises this year. Futures pricing imply that investors see a near-50% chance of another hike by year end. Ahead of Powell’s much-awaited speech, markets opened higher before retracing to flat relative to yesterday’s close after the speech. $SPX and $QQQ are both down by 0.1%, while yields on the US10Y surged to 4.29%. Digital asset markets are relatively flat over the past day. $BTC is 0.6% lower in the past 24 hours after spiking above, then getting rejected from the $26k level earlier in the week, while $ETH is trading 0.4% higher in the same period.
Reports you may have missed
The crypto market declined overnight, with BTC -1.95% dropping from $63k to $61k, SOL -3.26% from $150 to $145, and ETH -1.19% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY 0.00% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE 6.58% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC -1.04% ), possibly driven by...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the $SPX and $QQQ showing gains today. Crypto performance is mixed so far, with BTC -1.95% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -1.19% is still hovering just...
U.S. equities are extending Fridayâs rally, with the $SPY and $QQQ both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC -1.95% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
