Analysts at Bitunix suggest that a Democratic-controlled Congress may restrict President Donald Trump's ability to influence Federal Reserve appointments. Specifically, the Senate Banking Committee, potentially chaired by Senator Elizabeth Warren, could increase oversight of Fed nominees and monetary policy transparency.
Despite initial market optimism following election results, risk assets including Bitcoin and tech stocks faced downward pressure by Thursday. Analysts note that resilient US labor data complicates the outlook for monetary easing, as the Federal Reserve may maintain current rates to monitor inflation.
Recent reports highlight labor market strength: private employers added 86,000 jobs in October, surpassing the expected 69,000. Additionally, job openings rose by 333,000 to 7.523 million in September, while layoffs fell to 1.641 million. Median base pay growth held at 3.2%.
Market participants are now awaiting Friday's nonfarm payrolls report, with forecasts predicting 65,000 new jobs and an unemployment rate of 4.2%. Analysts emphasize that the trajectory for Bitcoin and other risk assets remains tied to incoming employment and inflation data.
