At the time of writing, the Services PMI
data
came in roughly 10% above expectations. This reflects the strength of the service sector, a key and resilient component for inflation. If demand here has increased abnormally and is rising rapidly above 50, it means the Fed’s fight against inflation will be prolonged. On the other hand, Gensler recently reiterated his previous statements, saying that most cryptocurrencies are securities. He did not speak very favorably on the day the ETH ETF approval was expected. Access
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