Friday's Coinbase Weekly market report cited macroeconomic data indicating that the U.S. economy has begun to slow down. The report referenced numerous data points in manufacturing, unemployment, and domestic demand to support this claim.

Some indicators include the U.S. unemployment rate rising to 4.1% in June and the Treasury yield curve being inverted since mid-2022, a historically strong recession indicator.

"We think it’s very likely that the economy peaked in 2Q24 –  one of the reasons we think the Fed will cut interest rates starting September 18, this month is too soon and there’s no August meeting," Coinbase analysts David Duong and David Han said.

Despite rate-cut optimism, recession indicators remain

The Coinbase analysts added that even though a rate cut should boost …