经过三个星期的关税，削减税率和加密混乱，市场需要喘息

上周标志着关税戏剧的三个星期，降低猜测和加密混乱，使市场以及市场观察家避免了。

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

上周有三个星期的关税戏剧，降低猜测和加密混乱结束，使市场（市场和市场观察家）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.

该社论来自上周的《评论新闻》一周。订阅每周的新闻通讯，以获取第二个新闻通讯。

Markets Need To Catch Their Breath

市场需要屏住呼吸

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.

从周日到周五早上，比特币和大多数其他加密资产的价格动作相对较重。我喜欢认为这反映了从市场参与者，专家，决策者和世界领导人开始的集体呼吸器，这是在关税驱动的全球贸易操作的三周后。就我个人而言，我在上周结束时筋疲力尽，几乎无法浏览美国 - 中国山雀的头条新闻，更不用说阅读完整的故事了。我在本周《代币叙事》一集中的共同主持人分享了这种感觉。

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

我认为Eric Balchunas在X上的这篇文章支持我的想法，即至少市场参与者筋疲力尽或过度刺激：

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.

鲍威尔杀死了美联储的积极，中国将引起共同时期的供应链问题，预测GDP修订的预测以及一位经济学家要求另一个2008年的经济学家，但……$ SPY在Cramer's Black Black星期一预测以来，$ SPY却在上市（不多，但它的兴趣很多），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:

本周最大的消息是杰罗姆·鲍威尔（Jerome Powell）周三在芝加哥经济俱乐部举行的演讲，他直接解决了关税，特朗普呼吁鲍威尔降低利率的呼吁等等。鲍威尔在演讲中明确表示，美联储不会很快在市场上干预。利用一点幽默，鲍威尔评论了不确定性的上升水平：

“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.”

“正如那个伟大的芝加哥弗里斯·布雷尔（Ferris Bueller）曾经指出的那样，'生活快速移动。'目前，我们有能力等待更明确的清晰度，然后考虑对我们的政策立场进行任何调整。”

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.

在演讲后，市场似乎不喜欢鲍威尔的陈述。但是，在过去几周的更广泛的背景下，市场反应并不明显，随后恢复了。

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

特朗普绝对不喜欢鲍威尔的评论，并在“真理社交”上发表：“鲍威尔的终止不能足够快。”

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.

就像特朗普所做的几乎所有煽动性的事情一样，他的职位引发了一系列猜测，即美国总统是否会采取法律上可疑的步骤来解雇鲍威尔。特朗普确实是不断引起关注和“新闻价值”故事的大师。我暂时避免将这个故事添加到这个故事中。

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.

加密货币中最大的故事是Mantra的OM令牌崩溃。 OM是前25名代币，在大约90分钟内从59亿美元降至5亿美元的市值下降了90％。无论如何，这就是性感的标题，因为在如此短的时间范围内，这么大的幅度表明它的价值几乎是那么多。详细信息是浮躁或欺诈性令牌学和价格动作的出现。例如，有可能撒谎，说明循环供应和操纵那些受约束，极度流动性供应的价格。如果这种事情引起您的兴趣，Coffeaczilla对首席执行官的采访值得一看。