經過三個星期的關稅，削減稅率和加密混亂，市場需要喘息

上週標誌著關稅戲劇的三個星期，降低猜測和加密混亂，使市場以及市場觀察家避免了。

Last week saw three weeks of tariff drama, rate cut speculation, and crypto chaos come to an end, leaving markets—and market watchers—exhausted.

上周有三個星期的關稅戲劇，降低猜測和加密混亂結束，使市場（市場和市場觀察家）不足。

This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished.

該社論來自上週的《評論新聞》一周。訂閱每週的新聞通訊，以獲取第二個新聞通訊。

Markets Need To Catch Their Breath

市場需要屏住呼吸

From Sunday through Friday morning, Bitcoin and most other crypto assets have seen relatively muted price action. I like to think this reflects a collective breather—from market participants, pundits, policymakers, and world leaders—after three intense weeks of tariff-driven global trade maneuvering. Personally, I hit exhaustion at the end of last week, barely able to skim the US-China tit-for-tat headlines, let alone read the full stories. My co-hosts on this week’s episode of Token Narratives shared this feeling.

從周日到週五早上，比特幣和大多數其他加密資產的價格動作相對較重。我喜歡認為這反映了從市場參與者，專家，決策者和世界領導人開始的集體呼吸器，這是在關稅驅動的全球貿易操作的三週後。就我個人而言，我在上週結束時筋疲力盡，幾乎無法瀏覽美國 - 中國山雀的頭條新聞，更不用說閱讀完整的故事了。我在本週《代幣敘事》一集中的共同主持人分享了這種感覺。

I think this post on X by Eric Balchunas supports my idea that at least market participants are rather exhausted, or overstimulated:

我認為Eric Balchunas在X上的這篇文章支持我的想法，即至少市場參與者筋疲力盡或過度刺激：

Powell kills the Fed Put, China’s gonna cause COVID-era supply chain issues, predictions of declining GDP revisions, and one economist calling for another 2008 and yet… $SPY is up pre-market (not a lot but its up) and still +4% since Cramer’s Black Monday prediction. Wild.

鮑威爾殺死了美聯儲的積極，中國將引起共同時期的供應鏈問題，預測GDP修訂的預測以及一位經濟學家要求另一個2008年的經濟學家，但……$ SPY在Cramer's Black Black星期一預測以來，$ SPY卻在上市（不多，但它的興趣很多），但仍然 +4％。荒野。

— Eric Balchunas (@EricBalchunas) August 9, 2023

- 2023年8月9日

The biggest news of the week was Jerome Powell’s speech Wednesday at an Economic Club of Chicago event in which he directly addressed the tariffs, Trump’s calls for Powell to cut interest rates, and more. In his speech, Powell made it clear the Fed will not be intervening in markets any time soon. Utilizing a little humor, Powell commented on the rising level of uncertainty:

本週最大的消息是杰羅姆·鮑威爾（Jerome Powell）週三在芝加哥經濟俱樂部舉行的演講，他直接解決了關稅，特朗普呼籲鮑威爾降低利率的呼籲等等。鮑威爾在演講中明確表示，美聯儲不會很快在市場上乾預。利用一點幽默，鮑威爾評論了不確定性的上升水平：

“As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast.’ For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance.”

“正如那個偉大的芝加哥弗里斯·布雷爾（Ferris Bueller）曾經指出的那樣，'生活快速移動。'目前，我們有能力等待更明確的清晰度，然後考慮對我們的政策立場進行任何調整。”

Markets didn’t seem to like Powell’s statements, dropping after the speech. However, in the broader context of the past couple of weeks, the market reaction was unremarkable and recovered afterwards.

在演講後，市場似乎不喜歡鮑威爾的陳述。但是，在過去幾週的更廣泛的背景下，市場反應並不明顯，隨後恢復了。

Trump definitely did not like Powell’s comments, posting on Truth Social that, “Powell’s termination cannot come fast enough.”

特朗普絕對不喜歡鮑威爾的評論，並在“真理社交”上發表：“鮑威爾的終止不能足夠快。”

As is the case with nearly every incendiary thing Trump does, his post sparked a flurry of speculation on whether the U.S. president will take the legally dubious step of attempting to fire Powell. Trump is truly a master of continuously generating attention and “newsworthy” stories. I’ll refrain from adding to this story for the time being.

就像特朗普所做的幾乎所有煽動性的事情一樣，他的職位引發了一系列猜測，即美國總統是否會採取法律上可疑的步驟來解僱鮑威爾。特朗普確實是不斷引起關注和“新聞價值”故事的大師。我暫時避免將這個故事添加到這個故事中。

The biggest story in crypto was Mantra’s OM token collapse. OM was a top 25 token that dropped 90% from a $5.9 billion to $500 million market cap in about 90 minutes. That’s the sexy headline anyway, because a drop of that magnitude in such a short time frame indicates it was never worth nearly that much. Details are emerging of fishy or fraudulent tokenomics and price action. For example, potentially lying about the circulating supply and manipulating the price of that constrained, highly illiquid supply. Coffeezilla’s interview with the CEO is worth a watch if this kind of thing piques your interest.

加密貨幣中最大的故事是Mantra的OM令牌崩潰。 OM是前25名代幣，在大約90分鐘內從59億美元降至5億美元的市值下降了90％。無論如何，這就是性感的標題，因為在如此短的時間範圍內，這麼大的幅度表明它的價值幾乎是那麼多。詳細信息是浮躁或欺詐性令牌學和價格動作的出現。例如，有可能撒謊，說明循環供應和操縱那些受約束，極度流動性供應的價格。如果這種事情引起您的興趣，Coffeaczilla對首席執行官的採訪值得一看。