San Francisco Fed President Mary Daly has explicitly stated her support for a December interest rate cut, citing current labor market conditions as a key driver. Combined with comments from NY Fed President Williams, this has pushed market expectations for a December cut to approximately 80%, shifting focus to upcoming economic indicators. Tonight's PPI and retail sales data are now critical to confirm the economic outlook, while investors are also monitoring the upcoming Beige Book for further clues on the Fed's policy path. [Update 1] Recent reports circulating in the crypto space reinforce this sentiment, highlighting that the probability of a cut has surged to 80%. This shift is viewed as significant for risk assets, including cryptocurrencies, as lower interest rates generally provide a more favorable liquidity environment. Traders are closely monitoring macro correlations as confidence in a continued dovish pivot grows.