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(Bloomberg) -- Traders are overplaying the prospects of an aggressive series of Federal Reserve interest-rate cuts before the end of the year, according to Mohamed El-Erian. Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can Do“It is problematic in my mind that the market is pricing in so many

(Bloomberg) -- Federal Reserve Bank of Philadelphia President Patrick Harker said economic data in the coming weeks will help inform the appropriate magnitude of the US central bank’s first interest-rate cut.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can Do“In September we need to start a

Eleven assets in the CoinDesk 20 gained, with LINK joining RNDR as the strongest performers.

Bitcoin remains nearly 20% below its all-time high, while U.S. stocks and gold are at or within close shouting distance of record levels.

It will soon be appropriate for the Federal Reserve to begin a rate-cutting cycle, Boston Fed President Susan Collins said on Thursday, signaling her likely support for a rate cut at the U.S. central bank's policy meeting next month. "We've seen quite a lot of reduction in inflation. The reduction to me is consistent with more confidence that we are on that trajectory and with labor markets healthy overall, I do think that soon it is appropriate to begin easing," Collins said in an interview with Fox Business.

Ark Labs, a three-month old startup developing solutions to speed up bitcoin transactions and lower costs, has raised $2.5 million in a pre-seed funding round led by billionaire investor Tim Draper. Besides venture capital firm Draper Associates, Fulgur Ventures, Axiom Capital and angel investor Stephen Cole also participated in the round, the startup said on Thursday.

The memecoin generator launched in mid-August and has crossed $1 million in revenues in its first nine days - a large amount considering Tron’s low fees.