$BTC Several key U.S. economic indicators released; fundamentals show resilience beyond market expectations:

1. Unemployment data: For the week ending June 20, initial jobless claims were 215,000, below the forecast of 225,000—job conditions remain strong;
2. GDP sharply revised up: The Q1 actual GDP annualized final reading was 2.1%, well above the market’s expectation of 1.6%, indicating a stronger economic growth pace;
3. Inflation data: May core PCE year-over-year was 3.4%, matching expectations, but it hit the highest level since October 2023. The pace of disinflation is slower than expected.
With both employment and economic growth strengthening, alongside inflation remaining elevated, expectations for Fed rate cuts are likely to be greatly weakened. The U.S. dollar is likely to strengthen, which creates pressure on risk assets such as gold and cryptocurrencies.
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