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在S＆P和Fitch之後，穆迪將美國的信用評級從AAA降低到AA1。主要問題是由於財政赤字的持續擴展

The U.S. bids farewell to the top credit rating club, and the U.S. stock market rebound may end

美國向頂級信用評級俱樂部告別，美國股市反彈可能會結束

As expected, Moody's downgraded the U.S. credit rating from Aaa to Aa1, following S&P and Fitch. The main concern is the continued expansion of the fiscal deficit - the federal deficit as a percentage of GDP is expected to rise from 6.4% in 2024 to nearly 9% in 2035. The rising debt interest, increased welfare spending and insufficient tax revenue have formed a triple squeeze. The political deadlock has further exacerbated the fiscal dilemma. The House Budget Committee failed to pass Trump's tax reform plan with a cost of $3.8 trillion, and the draft budget shows that most of the increase in the deficit over the next decade will come from the extension of the Tax Cuts and Jobs Act.

正如預期的那樣，穆迪（Moody）在標準普爾（S＆P）和惠譽（S＆P）和惠譽（Fitch）之後將美國的信用評級從AAA降低到AA1。主要問題是財政赤字的持續擴張 - 預計GDP的一定百分比將從2024年的6.4％上升到2035年的近9％。債務利息的上升，福利支出的增加和稅收不足，已經形成了三重擠壓。政治僵局進一步加劇了財政困境。眾議院預算委員會未能以3.8萬億美元的成本通過特朗普的稅收改革計劃，而預算草案表明，未來十年赤字的大部分增加將來自《減稅和就業法》的延長。

The thinking of the rating agency is clear: the U.S. is sliding towards more debt and lower solvency, and it's time to downgrade. However, this move will likely have limited impact on markets in the short term. Firstly, the downgrade was widely anticipated and priced into the market. Since March, yields on U.S. Treasuries have risen sharply, especially on the long end. This indicates that market participants are already reacting to the deteriorating fiscal outlook and baking it into asset prices. Secondly, despite the downgrade, Moody's still expects the U.S. to fully repay its debt, which minimizes the solvency risk. Finally, the rating agency also highlighted the strengths of the U.S. economy, such as its diverse institutions, high productivity and flexible labor market.

評級機構的思想很明確：美國正在朝著更多的債務和較低的償付能力邁進，現在該降級了。但是，這一舉動在短期內可能會對市場產生有限的影響。首先，降級被廣泛預期並定價進入市場。自3月以來，美國國庫的收益率急劇上升，尤其是在長期內。這表明市場參與者已經對不斷惡化的財政前景做出了反應，並將其烘烤為資產價格。其次，儘管降級了，穆迪仍然希望美國完全償還其債務，從而最大程度地減少了償付能力風險。最後，評級機構還強調了美國經濟的優勢，例如其多樣化的機構，高生產力和靈活的勞動力市場。

In contrast to the bleak fiscal outlook, the U.S. economic data this week were mixed but largely better than expected. Consumer price index (CPI) inflation rose slightly less than expected in April, continuing the trend of sticky inflation. This may put pressure on the Federal Reserve to keep interest rates higher for longer. However, the University of Michigan's final May reading of the consumer sentiment index fell short of expectations, signaling that consumer confidence may be waning. This could pose a risk to future economic growth.

與荒涼的財政前景相反，本週的美國經濟數據混合在一起，但大大好於預期。消費者價格指數（CPI）通貨膨脹率略低於4月的預期，延續了通貨膨脹的趨勢。這可能會對美聯儲的壓力持續更長的時間，以使利率更高。但是，密歇根大學對消費者情緒指數的五月讀取期望不足，這表明消費者的信心可能正在減弱。這可能會給未來的經濟增長帶來風險。

In the cryptocurrency market, Bitcoin broke through the $107,000 mark this morning, and it only needs to rise 2.42% further to reach its all-time high of $109,800. As such, many crypto traders are expecting Bitcoin to hit a new all-time high today.

在加密貨幣市場中，比特幣今天早上打破了107,000美元的分數，它只需要進一步上漲2.42％即可達到其歷史最高點109,800美元。因此，許多加密貨幣交易者預計比特幣今天將達到新的歷史最高水平。

According to American crypto analyst Alan, who is known for his bold predictions, Bitcoin is expected to break its all-time high in the next few days, with a target price of $116,000. He claims that the thinking of large institutions and hedge funds, which control a large portion of the market, will determine the direction of the market. Currently, these institutions are bullish on Bitcoin, and they are likely to drive its price up to reach new highs.

據美國加密分析師艾倫（Alan）表示，他以其大膽的預測而聞名，比特幣預計將在未來幾天打破其歷史最高水平，目標價為116,000美元。他聲稱，控制大部分市場的大型機構和對沖基金的思想將決定市場的方向。目前，這些機構對比特幣看漲，它們可能會推動其價格提高到新高。

American billionaire investor Tim Draper continues to increase his holdings of Bitcoin. In a recent interview, Draper said that he prefers to invest in cryptocurrencies over the stock market because he believes in the future of blockchain technology. He predicts that Bitcoin's price will rise to $250,000 this year, and he is optimistic about the long-term value of cryptocurrencies.

美國億萬富翁投資者蒂姆·德雷珀（Tim Draper）繼續增加他對比特幣的持股。德雷珀（Draper）在最近的一次採訪中說，他更喜歡在股票市場上投資加密貨幣，因為他相信區塊鏈技術的未來。他預測，今年比特幣的價格將上漲至25萬美元，他對加密貨幣的長期價值感到樂觀。

Robert Kiyosaki, author of the bestseller "Rich Dad Poor Dad", also expressed his bullish view on Bitcoin. He predicts that Bitcoin will rise to $250,000 this year due to the failure of the U.S. dollar and the global economy. He advises people to sell their stocks and invest in cryptocurrencies, gold, and silver.

暢銷書《富有爸爸爸爸》的作者羅伯特·基亞薩基（Robert Kiyosaki）也表達了他對比特幣的看漲看法。他預測，由於美元和全球經濟的失敗，今年比特幣將上漲至25萬美元。他建議人們出售股票並投資加密貨幣，黃金和白銀。

Crypto analyst Scott Melker believes that with the participation of traditional financial institutions such as pension funds and ETF issuers, the Bitcoin market is becoming more mature and stable. Its volatility has dropped from three times the S&P 500 index in the past to less than two times, making it less risky than investing in the stock market. He predicts that the current price of Bitcoin could rise another 2.5 times to reach $250,000.

加密分析師斯科特·梅爾克（Scott Melker）認為，隨著養老基金和ETF發行人等傳統金融機構的參與，比特幣市場變得越來越成熟和穩定。它的波動率從過去的三倍的標準普爾500指數下降到不到兩次，這比在股票市場上投資的風險較小。他預測，當前比特幣的價格可能會再上漲2.5倍，達到25萬美元。

As for Ethereum, its price fell back to below $2,400 after breaking through $2,700, and more than $200 million in long orders were liquidated in the past 24 hours. However, market technical analysis shows that Ethereum prices are still in a bullish flag pattern, and if it breaks through the current resistance level, the target price may point to $3,700. According to the weekly stochastic relative strength index, Ethereum still has the potential to rise further.

至於以太坊，它的價格跌至2,700美元後，回到了2,400美元以下，在過去的24小時內清算了超過2億美元的長期訂單。但是，市場技術分析表明，以太坊價格仍處於看漲的旗幟模式，如果它突破了當前的阻力水平，目標價格可能會指向3,700美元。根據每週的隨機相對強度指數，以太坊仍然有可能進一步上升。

According to the analysis of Titan of Crypto, the stochastic relative strength index shows that although the price of Ethereum has dropped rapidly this week, it is

根據對加密泰坦的分析，隨機相對強度指數表明，儘管以太坊的價格本周迅速下降，但這是