Following the Fed’s new interest rate decision announced on Wednesday evening, the highly anticipated employment and unemployment data came in. While the employment figure for July came in below expectations (176K) with 114K, the unemployment rate was 4.3%. The expectation here was 4.1%.

Therefore, it is seen that the Fed is on its way. Both the decrease in employment and the increase in unemployment can be seen as the biggest signs that the economy is cooling.

As it is known, the Fed, which has not cut interest rates for more than 4 years, is waiting for the economy to cool down to start cuts. Like the branch presidents, Powell, the head of the institution, constantly said that they act depending on the data. Therefore, these two data were very important in order to understand whether there will be a rate cut in September.

Unemployment, which fell to 3.4% last year, then gradually increased and finally became 4.1% in June. The manufacturing industry purchasing managers index announced yesterday in the US was also well below expectations.

Bitcoin, on the other hand, remained stable despite these data, which can be seen as positive in terms of interest rate cuts. The largest cryptocurrency is trading around $64,800 at the time of writing.