BlockBeats News, September 9th, JPMorgan Asset Management’s Chief Global Strategist David Kelly warned that a Federal Reserve rate cut might backfire, failing to truly improve the economic outlook. He pointed out that the rate cut would reduce retirement income, suppress corporate borrowing, and exacerbate the “uncertainty tax,” potentially leading to deeper economic pressure. This view contrasts sharply with the market’s widespread expectation that a rate cut would boost growth.
On the macro market front, despite the CME FedWatch Tool showing a 100% probability of a 25 basis point rate cut in September, experts warn that the rate cut may not necessarily reverse the weakness seen in job data and the slowdown in corporate investment. U.S. bond yields edged lower, the dollar remained range-bound, and safe-haven demand supported a rise in gold prices. The market is currently caught in a tug-of-war between “policy optimism” and “deteriorating economic fundamentals.”
In the crypto market, the BTC liquidation heat map shows significant liquidity support in the range of 108,500–109,000 and resistance in the range of 113,800–114,200. ETH continues to fluctuate above the 4,250–4,300 support area, with upper resistance levels around 4,480–4,500.
Bitunix Analyst Recommendation
In the short term, market sentiment still leans towards a “rate cut bullish” trade. However, if the rate cut fails to bring about substantial economic improvement, it could trigger a correction in risk assets. Investors should also keep an eye on U.S. non-farm payroll data and future inflation trends. In the crypto market, attention should be paid to BTC support at 108,800 and resistance at 114,200, as well as ETH support at 4,250 and resistance at 4,500.
