QCP: The independence of the Federal Reserve draws attention, gold and Bitcoin become safe-haven assets

ChainCatcher news, QCP released a briefing indicating that the market focus has shifted from the rate cuts themselves to the issue of Federal Reserve independence. Analysis shows that the market is pricing in a higher term premium at the long end while lowering the threshold for a dollar down cycle. Against this backdrop, even with the implementation of easing policies, the yield curve tends to steepen, the dollar weakens, and gold and Bitcoin gain support as investors seek to hedge against inflation and governance risks.

After the Jackson Hole meeting, rate cuts are still seen as possible, although inflation is unlikely to quickly return to the 2% target. The market expects two rate cuts this year, but new tariffs may raise inflation expectations, which is worth noting.