Analyst: US PCE continues to be above target, the Federal Reserve faces challenges in September's interest rate cut prospects | Binance Morning Post (August 30)

● Analysts: US PCE continues to be above target, and the prospect of the Federal Reserve's interest rate cut in September faces challenges. According to Jinshi data, market analyst Matt Grossman pointed out that the inflation indicator favored by the Federal Reserve failed to reach the target level of 2% in July, which poses a challenge to the Federal Reserve's possible interest rate cut in September. Data from the U.S. Department of Commerce showed that the PCE price index rose 2.6% annually in July, and the core PCE price index rose 2.9% year-on-year. Despite the price increase above target levels, Fed Chairman Powell suggested that the Fed is considering the first rate cut this year in September, given the cooling of the labor market. ● The US court ruled that most of Trump's global tariff measures were illegal. According to Shenchao TechFlow, on the 29th local time, the US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal because it exceeded the authority of the International Emergency Economic Powers Act. The court said the tariff measures could be maintained until October 14 so that the government can appeal to the Supreme Court. The ruling does not affect the steel and aluminum tariffs imposed by the Trump administration under other regulations. Trump criticized the ruling for being "wrong" through social media, emphasizing that the current tax is still in effect. ● Matrixport: It is expected that the Bitcoin consolidation market will continue for 2-3 weeks, and uncertainty in September has increased. According to Shenchao TechFlow, the latest report from Matrix on Target shows that Bitcoin is in a critical stage of interweaving technical and macro factors. Bitcoin has fallen 3.9% since August, and the consolidation market is expected to continue for 2-3 weeks. The report pointed out that September will usher in key events such as non-farm employment data, CPI and Fed interest rate meetings. In addition, September has performed poorly, and market uncertainty has further increased. Bitcoin is currently fluctuating in the long-short boundary range, and most investors remain on the wait-and-see attitude. ● The total locked DeFi in Solana Eco DeFi reached US$11.78 billion, a record high this year. According to ChainCatcher, DefiLlama data shows that the total locked DeFi in Solana Eco DeFi (TVL) has risen to US$11.78 billion, the highest level since this year. ● The Japan Finance Department will reorganize the regulatory system in 2026 and set up a full-time department for crypto assets. According to PANews, the Japan Finance Department announced the 2026 budget plan on August 29, and plans to carry out major restructuring of the regulatory system. The Comprehensive Policy Bureau will be reorganized and the "Asset Management and Insurance Regulatory Bureau" will be established. At the same time, a "Crypto Assets and Innovation Room" and a "Fund Settlement Monitoring Room" were established to integrate existing departmental functions and be responsible for market monitoring, sales statement obligations and systemic risk response. The tax reform also explores the implementation of a separate tax system for crypto asset transactions, indicating that the Finance Department is building a "investor protection system equivalent to the stock market". ● Analyst: 92 crypto-related ETFs are being applied for, and the "gate is about to open." According to Cointelegraph, at least 92 crypto exchange-traded products (ETFs) are currently awaiting the decision of the Securities and Exchange Commission (SEC). Solana and XRP are the most popular crypto assets, with 8 and 7 ETF applications respectively. According to James Seyffart, an ETF analyst at Bloomberg Intelligence, another 20 ETF applications have been submitted in the past four months. Three pending ETFs propose to provide exposure to Bitcoin or Ether, while the rest are targeted at other altcoins. 21Shares and Grayscale are seeking approval for their Ether staking ETFs. Grayscale plans to convert its five trust funds into ETFs, including Litecoin, Solana, Dogecoin, XRP and Avalanche. BlackRock, a global asset manager, dominates the crypto ETF category. Its Bitcoin fund iShares Bitcoin Trust ETF has net inflows of $58.28 billion since its inception, while the Ethereum fund iShares Ethereum Trust ETF has net inflows of $13.12 billion. ● Tom Lee: ETH is one of the largest macro transactions in the next decade, and BTC remains the best store of value According to ChainCatcher, BitMine Chairman Tom Lee reiterated that Ethereum is one of the largest macro transactions in the next decade. Wall Street is rebuilt on blockchain, stablecoins are the starting point for asset tokenization, and proxy AI creates demand for the token economy. This will actively transform the U.S. financial industry and bring a huge downwind boost to Ethereum. And Bitcoin is still the best store of value.