QCP Capital: Market optimism and risk appetite rise

QCP Capital's latest report pointed out that the Federal Reserve announced a 50 basis point rate cut last night, and plans to cut it twice more this year and four more times in 2025. Although Powell remains vague about the scale and rhythm of subsequent rate cuts, the market will pay close attention to the upcoming labor data. At the same time, the spread between the 2-year and 10-year U.S. Treasury bonds has been inverted since July 2022, but has recently risen to +8 basis points, indicating that market optimism and risk appetite have increased. In the options market, implied volatility fell sharply after the FOMC meeting, with BTC falling by 19 volatility points and ETH falling by 18 volatility points. After the FOMC, BTC rose from $59,000 to $62,000, and the price of ETH was about $2,400. The decline in market volatility provides opportunities for investors.