#劳动力市场 Powell is going to fight a desperate battle now, with half of the Fed opposing interest rate cuts directly targeting him. This is a scene we haven't seen in decades!

The key issue is whether the labor market is facing weak demand or a contraction in supply due to reduced immigration. These two logics are too far apart— the former supports continued cuts, while the latter requires holding steady. The unemployment rate has already soared to 4.4%, and non-farm data has also taken a hit, but price pressures are still firmly pushing against the ceiling💀.

The curse of stagflation in the 1970s is right there, with starts and stops ultimately allowing high inflation to take root. Now Powell has only three meetings left before handing over the reins, and he still has to deal with such a hot potato...

The crypto market is going to depend on how the Fed decides. If they really accelerate the pace of interest rate cuts, liquidity will return, and meme coins might take off again 🚀. However, if the hawkish stance really solidifies, we might see a period of consolidation and shaking out of weak hands in the short term. Keep an eye on the results of Tuesday's meeting; this time the decision really rests in Powell's hands 👀.