Fed's rate reductions are imminent, predicts financial guru Jeffrey Gundlach, as he casts doubt on the integrity of US inflation data, implying it may be fabricated.
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Gundlach Questions the Reliability of Economic Data
DoubleLine Capital CEO Jeffrey Gundlach has expressed concerns about the reliability of the economic data used by the Federal Reserve, particularly the Consumer Price Index (CPI) and jobs reports. Gundlach believes that these data feel much less reliable and that this deterioration in trustworthiness has been building for a long time.
His concerns stem from structural issues such as budget cuts affecting data collection at the Bureau of Labor Statistics (BLS) and political interference, including the recent firing of the BLS commissioner. Gundlach has noted that only about 60% of surveys sent out for the jobs report actually receive responses, raising further doubts about the accuracy of those figures.
Moreover, Gundlach has suggested that the US inflation data "now appears to be largely fabricated out of thin air," implying a severe skepticism about the integrity of the official inflation numbers influencing Fed policy.
The Fed's Jobs Report Falls Short
The Fed's recent jobs report showed jobs grew by 73,000 last month, short of the expected 100,000, and July and May job numbers were drastically revised downward by a combined 258,000.
A Surge in Bitcoin Staking Protocol Activity
A new Bitcoin staking protocol has seen a surge in GitHub activity, indicating growing interest in this area of the cryptocurrency ecosystem.
Goldman Sachs Executive Bullish on Stocks and US Dollar Decline
Meanwhile, a Goldman Sachs Executive has expressed optimism towards stocks and forecasts further US dollar decline.
Clear Digital Asset Regulations on the Horizon
SEC Chair Paul Atkins predicts clear digital asset regulations are incoming.
Gundlach has predicted that the Fed will likely cut rates at its next meeting in September, and make at least one other cut before the year's end.
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[1] Source: CNBC [4] Source: Yahoo Finance [5] Source: Bloomberg
- The Daily Hodl covers various aspects of the cryptocurrency industry, including Bitcoin staking protocols, as seen in the recent surge of GitHub activity.
- Despite concerns about the reliability of economic data, such as the Consumer Price Index (CPI) and jobs reports, DoubleLine Capital CEO Jeffrey Gundlach predicts the Fed will likely cut interest rates in September and potentially again before the end of the year.
- Goldman Sachs executives are demonstrating optimism towards stocks and predict a decline in the US dollar.
- SEC Chair Paul Atkins anticipates clear digital asset regulations will soon be implemented, and news about these regulations is a regular feature on The Daily Hodl.
