Deep Tide TechFlow message: On July 16, according to CoinDesk, the latest Beige Book from the Federal Reserve shows that, compared with the previous reporting period, price growth rates in all regions are flat or have slowed. Combined with recent mild inflation data and dovish remarks from New York Fed Chair Williams, the market has largely ruled out the possibility of a rate hike in July.

CME FedWatch data shows that the probability of a September rate hike fell from nearly 70% a week earlier to 48%. On the day, the 2-year U.S. Treasury yield dropped 7 basis points to 4.12%. Bitcoin continues a narrow range of consolidation, with the price fluctuating around the $65k level.