According to The Kobeissi Letter, following this morning's data, the probability of the Federal Reserve implementing rate cuts beginning in June 2024 has increased to 61%. However, markets do not anticipate immediate cuts, signaling persistent stagflation risks and heightened uncertainty over the Fed's policy direction. This macroeconomic ambiguity has led to short-term volatility in major cryptocurrencies, as traders reassess risk exposure and await further signals from the Fed’s dual mandate. Source: The Kobeissi Letter on Twitter, April 30, 2025.