According to BlockBeats, on August 24th, Minneapolis Federal Reserve President Neel Kashkari stated that he has not yet seen signs of a failure in the US Treasury market. While the 10-year Treasury yield is near 4.7%, which is high, it is not historically abnormal. Therefore, the Fed can continue to prioritize controlling inflation rather than adjusting policy in response to fluctuations in Treasury yields. This means that even if US government debt surpasses $40 trillion, the Fed will not prioritize stabilizing the long-term debt market as a policy objective in the short term.

This contrasts sharply with the Treasury's recent efforts to lower financing costs through expanded long-term bond repurchase agreements. While the Treasury aims to reduce long-term yields, the Federal Reserve has not committed to policy support, meaning long-term yields remain primarily determined by inflation expectations, fiscal supply, capital demand from AI investment, and term premiums. If Treasury intervention fails to sustainably lower yields, it may further highlight the impact of US fiscal fundamentals on bond market pricing.

Meanwhile, market bets on a Bank of Japan rate hike on September 18 have risen to approximately 82%, a significant increase from before the July meeting, pushing the yen close to the 160 mark again. If Bank of Japan officials further signal a rate hike before the meeting, it could push the yen higher and increase pressure on capital outflows from Japan, further impacting global bond and risk asset allocation.

Furthermore, the breakdown of US-Canada trade negotiations and the US's increased tariffs on Canadian goods have reignited supply chain and inflation risks. Against the backdrop of US fiscal pressure, inflation risks stemming from energy and trade, and the potential divergence in US-Japan monetary policies, the market's real focus is no longer just on interest rate cut expectations, but rather on whether global capital costs can stabilize. This week's Jackson Hole meeting will be a crucial window of observation; Warsh's statements on inflation, long-term yields, and the Fed's policy framework will directly impact the subsequent pricing of the US dollar, US Treasuries, and risk assets.

According to BlockBeats, on August 24th, renowned trader Killa posted an article stating that, comparing the current Bitcoin bottoming pattern with that of 2022, he expects the current pullback after the surge to be relatively shallow, with $70,000-$73,000 potentially forming a bottom, supporting a subsequent breakout above the $80,000 mark. "I anticipate a range forming, accumulating long positions and building liquidity. The market might even see another sweep above $79.5K before finally reaching the $70,000 low, followed by further expansion."

Killa, a quantitative trader specializing in BTC, predicted the peak of this bull market in May 2025 and has over 200,000 followers on the X platform. In mid-April, he shorted Bitcoin at $74,688 and then switched to a long position during the market-wide decline on June 5th.

According to BlockBeats, on August 24, Bitget reported that the Hang Seng Tech Index fell by 4%, and the MINIMAX-W dropped by more than 10%.