This week’s macroeconomic data has reinforced market optimism, confirming the U.S. economy’s resilience despite concerns over President Trump’s new trade tariffs. The Federal Reserve kept rates unchanged for the fifth consecutive meeting, even as two Trump appointees voted for a 25‑basis‑point cut, citing signs of labor market weakness. Fed Chair Jerome Powell pushed back against political pressure, stressing that inflation risks remain elevated.

Today’s  payroll report came in below expectations, showing the weakest monthly job gains since early 2023. The slowdown in hiring strengthens the case for a potential December rate cut, as the labor market loses momentum faster than the Fed anticipated.

Markets are now pricing in a 25‑basis‑point cut by year‑end, though some analysts expect a sharper 50‑basis‑point move — a shift that could provide a tailwind for crypto assets.

Meanwhile, the White House released its 180‑day crypto asset roadmap, an ambitious and overtly pro‑crypto agenda. It calls for expanded CFTC oversight of non‑security spot markets, embraces the integration of decentralized finance (DeFi) into traditional markets, and outlines long‑awaited tax clarity for digital assets. However, how AML/CFT rules will be applied to DeFi remains uncertain.

Hawkish Fed messaging earlier in the week slowed crypto ETF inflows: after a strong start, momentum faded as investors digested the FOMC’s stance and stronger‑than‑expected macro data.

Adding to the regulatory shift, SEC Chairman Paul Atkins announced “Project Crypto,” an initiative to modernize the agency’s digital asset oversight. The goal is to simplify compliance, increase transparency, and encourage innovation, while maintaining investor protection.

This week’s data shows the U.S. economy is cooling just enough to open the door for Fed easing — and that policy pivot could be the catalyst for the next wave of crypto inflows.

For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.