*Foreign-born workers: +635K in Aug.
*Native-born workers: -1.325M in Aug.

November or December Is in Focus for a Jumbo Rate Cut: @infinityhedge

RATE FUTURES TRADERS REVERSE EARLIER BETS, NOW SEE 25 BPS FED RATE CUT IN SEPT AS MORE LIKELY (63% CHANCE) THAN 50 BPS (37% CHANCE)

*A federal judge rejected Coinbase's bid to dismiss a proposed class action by shareholders who accused Coinbase of downplaying the likelihood it would be sued by SEC

*New York court grants Coinbase access to some SEC documents but blocks Gensler’s subpoena

Fed's Waller says it's time to lower rates, open to larger cuts

TRUMP HUSH MONEY SENTENCING DELAYED UNTIL NOVEMBER 26, 2024 — AFTER THE 2024 ELECTION

*WISDOMTREE ETHEREUM TRUST FILES TO WITHDRAW REGISTRATION STATEMENT

The Week Ahead: Sept:

Macro:
⊷ Apple Event [iPhone 16 & AI] on Sept. 9
⊷ Trump VS Harris debate Sept. 10 on ABC News [9PM ET]
⊷ U.S. CPI on 11
⊷ U.S Anniversary of 9/11 attacks
⊷ ECB Interest Rate Decision on 12
⊷ U.S. Jobless Claims and PPI on 12

Crypto:
⊷ Coinbase CEO [Brian] will speak at the Goldman Sachs Communacopia & Technology Conference on 10 [at 1:10 pm ET]
⊷ SEC vs. Binance, SEC’s motion for leave to amend the complaint is due by 12 [SEC intends to amend its complaint against Binance, including with respect to the 'Third Party Crypto Asset Securities, This likely means that the Judge won't have to decide whether tokens such as Solana are unregistered securities or not just yet]: @infinityhedge

Token Unlocks: $400M
⊷ APT: $68M: 2.3% on 11
⊷ STRK: $27M: 3.6% on 15
⊷ XAI: $6.5M: 6.3% on 9

Earnings/Charts/Articles ⬎

Spot BTC ETFs Update:

tl:dr
*inflows now outflows
*advisors < 10% of holdings (boomers never came)
*avg trade size now < $12k

It's not an adoption vehicle. Instead a small tourist tool and on-chain is returning to Tradfi: report

Users lost more than $5.6B in 2023 through crypto-related fraud — a 45% jump from 2022: FBI

*People over 60 years old were most scammed, they lost ~$1.6B
*Investment scams were the most common, accounting for 71% of losses with 32k complaints & $3.9B loss

China needs to spend up to Rmb10tn [$1.4T] over two years in stimulus funds to reflate its economy and return it to sustainable growth: FT

*The stimulus, which would be up to 2.5 times the “bazooka” package China enacted after the global financial crisis in 2008, would need to directly target households through social welfare spending rather than investment and infrastructure.

*Morgan Stanley’s Xing said in a “bull case”, Beijing could issue Rmb10tn in stimulus funds over two years — Rmb7tn to boost social welfare spending. The other Rmb3tn would be used to accelerate the sale of China’s massive housing inventory and more quickly stabilise property prices.

BOJ IS SAID TO SEE LITTLE NEED TO HIKE INTEREST RATE NEXT WEEK

The misuse of Worldcoin is under investigation in Singapore for perpetrating money laundering and terrorism financing: link

Bank of Japan board member Nakagawa said on Wednesday the central bank will continue to raise interest rates if the economy and inflation move in line with the bank's forecasts.

TRUMP VS HARRIS Debate Ended: No Crypto Mention

*Trump odds down 3% on Polymarket & Predictit — Harris odds jumped 3%

*After Debate ended Harris campaign called for a second presidential debate in October

Taylor Swift Endorses Harris for President After Debate

*Taylor Swift: I will be casting my vote for Kamala Harris and Tim Walz in the 2024 Presidential Election.

August CPI

*MoM: 0.2% [Est. 0.2%, Prev. 0.2%]
*YoY: 2.5% [Est. 2.5%, Prev. 2.9%]
*Core MoM: 0.3% [Est. 0.2%, Prev. 0.2%] ⚠️
*Core YoY: 3.2% [Est. 3.2%, Prev. 3.2%]

*TRADERS BET FED TO START RATE CUTS WITH 25 BPS NEXT WEEK, SEE 100 BPS TOTAL OF RATE CUTS THIS YEAR

OpenAI Said To Discuss Raising Funds At $150 Billion Valuation - Bloomberg

*Set To Raise About $6.5 Billion From Investors
*Also Discussing Raising $5 Billion In Debt From Banks

*US JOBLESS CLAIMS 230K IN SEPT. 7 WEEK; EST. 227K
*US CONTINUING CLAIMS 1.85M IN AUG. 31 WEEK; EST. 1.850M

GOLD HITS NEW ATH

Grayscale will announce the launch of the U.S.’s first XRP trust, a so-called "closed-end" fund that will offer accredited investors direct exposure to XRP: Fox Business

*A trust and an ETF are two different investment products. An ETF must be approved by the SEC since it is marketed directly to retail investors, while a trust’s structure and sales pitch to so-called accredited investors gets a lighter regulatory touch. Even so, a trust can become an ETF with the right regulatory approvals; two of Grayscale’s single-asset investment trusts – bitcoin and ether – have evolved into ETFs this year.