@nancydelagrange1

The other risk facing Bitcoin, altcoins, and stocks is that the U.S. economy is doing better than expected. In a report, the Bureau of Economic Analysis said that the economy expanded by 2.8% in the second quarter, beating the median estimate of 2.0%. It was also better than Q1’s growth of 1.4%. Another report revealed that the initial jobless claims dropped from 245,000 to 235,000 last week. That number was also better than the median estimate of 237,000. These numbers mean that the Federal Reserve may decide to hold rates higher for longer than expected. In previous statements, Jerome Powell and other officials have expressed concerns that the economy was slowing. In particular, the Fed is more concerned about the labor market as the unemployment rate rose to 4.1% in June, its highest point since 2021. Still, economists expect the Fed will leave interest rates unchanged in its meeting next week. The CME Fed Watch tool estimates that the bank will cut rates in September.

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