Equities opening weak this morning but reprieve after 10am data & surprisingly crypto bouncing after a week of selling into low volumes –
ISM Manufacturing 48.7 (vs 49.0 exp)
ISM Prices Paid 63.7 (vs 65.0 exp)
ISM New Orders 51.4 (vs 48.0 exp)
ISM Employment 43.8 (vs 45.0 exp)

8:30am PCE data: In-line personal income, personal spending and PCE, and a wider-than-expected trade balance
Nothing to see here... Core PCE unrounded 27.3bp. Stocks are relieved with the print, vol will melt as we head into our 3day weekend

Trump trying to fire Fed gov Lisa Cook dominating market narrative today (& Taylor Swift💍)
possible, yes but due to narrow majorities will not easily be replaced w/ dovish alternative
it does mean there is a higher % either her or the replacement for Powell will be his pick

ETH hitting all time high today further supports the next move to 0.05-0.06 area on ETH/BTC
Price action was decisive in its continued outperformance relative to both SOL and BTC
Where we may see ETH next under different BTC price scenarios⤵️
120/6-7
130/6.5-7.5
140/7-8

Market running with the dovish narrative as Powell opens the door to rate cuts given the weakness in job growth seen while acknowledging inflation risks
POWELL: SITUATION SUGGESTS DOWNSIDE RISKS TO EMPLOYMENT RISING
POWELL: SHIFTING BALANCE OF RISKS MAY WARRANT ADJUSTING POLICY

*POWELL: SITUATION SUGGESTS DOWNSIDE RISKS TO EMPLOYMENT RISING
*POWELL: SHIFTING BALANCE OF RISKS MAY WARRANT ADJUSTING POLICY
*TRADERS ADD TO BETS ON FED INTEREST-RATE CUT IN SEPTEMBER

Have referral codes for @footballdotfun
Very cool/addictive app with reputable team giving early topshot/fantasy vibes
Inflows look to be 2.3mm right now, as this number explodes all player values will skyrocket
Catalyst may be TG interview soon