ETH was grinding all night, and when I woke up, it had broken its all-time high again, reaching 4888. But BTC seems a bit weak—this breakout doesn’t feel very strong. Looks like we’ll see more wide-range consolidation before the PCE data drops next Friday, 8/29. Also, even though Powell was pretty dovish yesterday, he still left some room to maneuver. Basically, a rate cut in September will still depend on upcoming data like NFP, PCE, and CPI. If inflation doesn’t drop but employment worsens, then a rate cut is possible. But ever since Trump replaced the head of the Bureau of Statistics, the way this data comes out has been a bit tricky. If employment data is bad, it reflects poorly on Trump’s leadership. If it’s good, there’s no rate cut, and Trump ends up stuck between a rock and a hard place. In that case, they might have to focus on inflation-related data like PCE and CPI to find a way out. But with the impact of tariffs still in play, it’s hard for those numbers to come down. Let’s wait and see what next week’s PCE looks like (probably won’t be great).