If August CPI and PCE continue to rebound due to tariffs, the stagflation that the Federal Reserve is most worried about will become more apparent.

This is unfavorable for U.S. stocks and cryptocurrencies, but beneficial for gold and U.S. Treasuries.

Considering liquidity, there is still room for a pullback in U.S. stocks and cryptocurrencies from August to September.

After the rate cut in September, the economy will catch its breath, which will benefit cyclical sectors in U.S. stocks: real estate, industrials, energy, banks, and small-cap stocks are expected to perform well.

Bitcoin and Ethereum are experiencing declines tonight due to liquidity effects and profit-taking; be aware of the risk of continued declines over the weekend, as longs may be liquidated.

Support levels for Bitcoin are 115,000 and 110,000; support levels for Ethereum are 4,300 and 4,000.