The latest release of the U.S. retail data for July met market expectations, and compared to the previously announced Producer Price Index (PPI) which exceeded expectations, it can be seen as a positive signal. This indicates that the impact of tariffs on the economy may be gradually diminishing. Although some traders have begun to lower their expectations for interest rate cuts, the market generally believes that the Fed will implement a rate cut in September. Analysts expect at least two rate cut actions from the Fed this year. Overall, these economic indicators are slightly favourable for the market. However, the market's digestion and reaction to these data still require further observation. It is worth noting that the cryptocurrency market, including Ethereum (ETH), may also be affected by these macroeconomic factors. Moving forward, investors will closely monitor the Fed's policy direction and its potential impact on various assets.