Bitcoin rebounded to a 3-month high; The bulls once again focused on the $50,000 mark

The Federal Reserve Bostic urged a faster-than-usual speed reduction:

Expect interest rate hikes late in 2022: Raphael Bostic, President of the Federal Reserve Bank of Atlanta, said that if employment data continues to remain strong in the next one to two months, the Fed should reduce the size of debt purchases and move forward with this process faster than in the past. . “We are on the way to make substantial progress towards achieving our goals,” Bostic told reporters after giving a speech at a webinar on Monday. Last month, non-agricultural employment in the United States increased by 943,000. He said, “From this perspective, the data is absolutely inspiring. I feel that if we can maintain this momentum in the next one or two months, we will achieve the goal. “Sexual progress’, we should consider the new policy stance.”

The number of job vacancies in the United States in June hit a record high and exceeded market expectations:

The number of job vacancies in the US in June exceeded expectations and hit a record high, highlighting the continuing challenges faced by companies in recruiting enough workers to keep up with the economic rebound. According to the Job Vacancies and Labor Turnover Survey (JOLTS) released by the US Department of Labor on Monday, the number of job vacancies rose to 10.1 million in June and was revised to 9.5 million in May. Bloomberg survey economists forecast the June data to be 9.27 million.

The Fed survey shows that consumer inflation expectations have reached an eight-year high:

A survey by the Federal Reserve Bank of New York showed that US consumers’ mid-term inflation expectations rose to the highest level in eight years in July. Respondents’ median inflation rate for the next three years is 3.7%, the highest level since August 2013 and higher than the 3.6% in June. The expected median inflation rate for the next year rose to 4.8%, a record high.

The Democrats announced their budget resolutions in an attempt to bypass the Republicans’ push for Biden’s 3.5 trillion dollar agenda:

The Democrats in the Senate announced the text of the budget resolution on Monday, which included the US President Joe Biden’s $3.5 trillion economic agenda. It will also cause a showdown between the two parties on the debt ceiling in September. After Biden’s $550 billion bipartisan infrastructure package is finally passed, it is expected that this budget blueprint will soon be voted on in the Senate this week. The budget resolution allows the Democrats to bypass the Republicans to expand the social safety net and combat climate change. Part of its funding will come from raising taxes on the wealthy and businesses.

Bitcoin rebounded to a 3-month high. The bulls once again focused on the $50,000 mark:

Bitcoin rose to a nearly three-month high on Monday as policymakers reached a compromise on how to tax crypto assets at the last minute. During New York trading hours, the largest digital currency rose 5.4% to $46,245. This rise is a continuation of recent momentum-it has risen by approximately 17% in the past week. Other cryptocurrencies such as Ethereum and Litecoin all rose by at least 5%. The Bloomberg Galaxy Cryptocurrency Index climbed 8.1% at one point and hit its highest level since May.

The China Central Bank’s cargo policy report emphasized the risks of economic growth and reiterated that PPI is expected to fall in the future:

The People’s Bank of China stated that domestic inflationary pressures are “controllable” as a whole, and pointed out the risks faced by the economic growth prospects. In the quarterly monetary policy implementation report released on Monday, the People’s Bank of China basically reiterated its policy stance and promised to maintain the stability of its monetary policy and enhance its macro policy autonomy.

Bank of America: History and experience indicate that the dollar will rise sharply in the second half of the year:

Bank of America stated that judging from the “historical abnormal” market and economic conditions, the dollar’s ​​gains in the second half of the year may be stronger than the bank’s previous expectations. Senior foreign exchange strategist Ben Randol wrote in a report on Monday that compared with the previous recession, the economic recovery from the Covid-19 shock has brought about a stronger rise in stocks and commodities and a higher inflation rate. Although the stock market may be weak now, strong fiscal expansion may lead to tightening of monetary policy, heralding a full appreciation of the dollar.