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This week, all three major U.S. equity indices, the S&P 500, Nasdaq, and Dow Jones, pushed to fresh all-time highs, fueled by growth stocks and expectations of imminent Fed easing. The market’s risk-on mood has spilled over into alternative assets, with crypto looking primed to benefit from looser financial conditions.

Bond markets confirmed the dovish pivot, as the 10-year Treasury yield dropped back after briefly breaking above 4%. For crypto investors, the mix of record equity strength, softer yields, and rate-cut bets paints a highly supportive backdrop heading into September’s pivotal Fed decision.

Here’s what we’ll cover today:

Let’s dive in 👇

All major U.S. equity indices have pushed to fresh all-time highs, led by the Nasdaq as growth stocks benefit from the shifting rate environment. This renewed risk-on sentiment often extends beyond equities, sparking increased demand for alternative assets like cryptocurrencies as investors chase higher returns in a lower-rate world. The momentum in stocks therefore strengthens our conviction that both Bitcoin and altcoins remain well-positioned.

August’s CPI data, however, delivered an unwelcome surprise. Headline inflation rose 0.4% month-over-month, double July’s pace and above the expected 0.3%, while annual inflation accelerated to 2.9%, the fastest since January. Core CPI rose 0.3% M/M and 3.1% Y/Y, underscoring persistent underlying pressures. 

Despite the inflation rebound, markets have shifted sharply dovish. Following the CPI release and weak jobless claims, markets are now pricing in aggressive Fed easing starting at next week’s FOMC meeting, with expectations extending into 2025. This marks a pivotal turn in policy expectations and provides a powerful tailwind for risk assets. For crypto, this is particularly important: looser monetary conditions have historically been the single strongest tailwind for Bitcoin and altcoins.

Bond markets are confirming this view. The 10-year Treasury yield, which broke above 4%, has since retreated meaningfully, signaling expectations of a more accommodative Fed and a lower terminal rate. Falling long-term yields reduce the relative appeal of fixed income and increase the attractiveness of growth assets, including digital assets.

For crypto investors, the combination of equity strength, softer yields, and aggressive rate-cut bets paints a bullish macro backdrop heading into the September FOMC.