The macroeconomic picture is gradually shifting towards a more positive scenario for risk assets.

In June, several US economic indicators began to signal a cooling down:
• Manufacturing PMI and Services PMI both weakened, reflecting slowing economic growth.
• The Commodity Price Index fell sharply, its biggest drop in months, indicating easing inflationary pressures from goods.
• Hourly Wages continued to cool, contributing to reduced wage inflation risk.
• The High Yield Bond Spread remained stable, with no signs of credit crunch.
Although Core CPI and PPI haven't fallen fast enough for the Fed to immediately reverse policy, the overall trend suggests the economy is moving closer to a disinflation phase.
If inflation continues to cool in the coming months, the room for the Fed to cut interest rates will become increasingly clear, creating positive momentum for #Bitcoin and other risk assets.