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Jinse Finance reported that Michael Feroli, Chief U.S. Economist at JPMorgan, stated that Federal Reserve Chairman Jerome Powell's latest speech "solidified expectations for further rate cuts, which will begin at the next meeting from October 28 to 29." Feroli pointed out that the market was already quite convinced that the Federal Reserve was inclined to ease policy, but Powell's wording left almost no room for ambiguity. He said, "While hardly anyone doubts that the Fed will cut rates at the next meeting, today's speech is a strong confirmation of that expectation." Powell's remarks further strengthened investors' belief that, following a series of weaker inflation and labor market data, the Fed is preparing to lower interest rates again, thereby reinforcing market bets on a rate cut at the end of October.

Jinse Finance reported that New York City Mayor Eric Adams has signed an executive order to establish the nation’s first “Office of Digital Assets and Blockchain,” aimed at coordinating cooperation between the crypto industry and the government and promoting compliant blockchain and crypto projects in New York. The office will be led by Moises Rendon, who has long been involved in the city government’s digital asset affairs. Its goals include promoting the responsible application of blockchain, attracting fintech talent, expanding financial inclusion, and driving New York to become a center for crypto innovation. Adams stated: “The era of digital assets has arrived, bringing us opportunities for economic growth, talent attraction, and service innovation.” Adams previously received his first three paychecks after taking office in bitcoin and led New York’s first crypto summit. His mayoral term will end at the end of the year, and he has withdrawn from the re-election race due to campaign funding issues.