BitMine Chairman Tom Lee said that before last week’s nonfarm payrolls report, markets broadly expected the Federal Reserve to maintain a strongly hawkish stance, with three rate hikes priced in for the year and a 75% chance of a hike in October.
According to PANews, Lee said the latest nonfarm data came in below expectations, and the U.S. September inflation data will be released in two weeks. He said one-off factors that temporarily affected inflation are expected to fade over the next six months, allowing inflation to continue cooling and giving the Fed room to soften its aggressive tightening stance.
Lee added that U.S. Treasury yields may return to normal levels. He also said record highs in technology stocks and strength in cryptocurrencies are market signals, noting that such risk assets would be unlikely to rise in a tight monetary environment and that current market moves reflect expectations for easier financial conditions ahead.
