Federal Reserve Governor Jefferson: No Need to Hurry to Further Cut Interest Rates, Strong Economy Makes Caution Appropriate

Beating AI Express News reports that Cognition, the company behind AI coding agent Devin, has reached an annualized revenue of approximately $900 million. Calculated at its current monthly revenue of around $75 million, this represents a more than threefold increase from the start of this year. The firm is also in a new round of financing, with a potential valuation of roughly $45 billion, and its growth pace is accelerating. In May this year, when Cognition secured its previous financing, it disclosed an annualized revenue of just $492 million and a $26 billion valuation. In only three months, its annualized revenue has climbed by about 83%. However, Cognition is burning cash heavily. The Information states that the company is projected to consume roughly $800 million in cash this year, with $200 million of that burned in the second quarter alone. A major portion of this spending goes toward computing power: Cognition leases a large fleet of NVIDIA servers, used both to operate Devin and train its own models, with the server setup costing hundreds of millions of dollars annually. Currently, Cognition’s enterprise business has a gross profit margin of nearly 50%. Excluding spending on training its in-house models, the company is nearly cash flow neutral. Management forecasts that annualized revenue will exceed $1.5 billion by the end of this year, and reach $4 billion to $5 billion next year.

According to Lookonchain monitoring, Bitcoin treasury firm Metaplanet transferred another 1,350 BTC to Coinbase Prime an hour ago, worth approximately $108 million. Earlier, the company bought 43,000 BTC at an average price of $96,191, totaling around $3.48 billion.

According to views from Morgan Stanley, JPMorgan Chase, UBS, Barclays, and Goldman Sachs, markets are focusing on three key aspects of Federal Reserve Chair Powell’s first speech at the Jackson Hole symposium. The primary suspense is whether Powell is a clear hawk or a neutral-to-hawk, and what inflation level would trigger his support for interest rate hikes; the market still has no clarity on his policy reaction function. The second focus is whether Powell will adjust the Fed’s policy framework, including its inflation framework, balance sheet, forward guidance, the impact of AI on productivity, and the quality of economic data. Morgan Stanley argues that these long-term issues may be more important than whether to raise rates by 25 basis points in September. The third focus is how Powell will address potential policy conflicts between the Federal Reserve and the U.S. Treasury. The U.S. Treasury is expanding long-term U.S. debt repurchases to lower long-term financing costs; if the Fed maintains high interest rates to curb inflation, it could keep long-term yields elevated. This speech may serve as an opportunity for Powell to outline how the two sides can coordinate. (Jinshi)

Crypto analyst Ali Charts has posted that Bitcoin’s current price action is forming a fractal structure similar to that of the 2022 bottom phase. In 2023, after breaking through its long-term downtrend, Bitcoin first tested the prior year’s August high, then pulled back to around $20,000 before resuming its upward trajectory. Drawing on this historical structure as an analogy, the corresponding key level to watch now is near Bitcoin’s May 2026 high, roughly $83,000. If Bitcoin faces resistance in this zone and pulls back, it could present the next major buying opportunity. However, this judgment is based on historical fractals and does not mean the trend will necessarily repeat.

Goldman Sachs strategist Rich Privorotsky stated that oil price movements could have a more substantial impact on the market than the Jackson Hole Economic Symposium. Goldman Sachs argues the market is currently overfocused on remarks by Fed official Waller while underestimating oil prices’ influence on inflation and financial markets. If oil prices decline, they could sequentially lower inflation expectations, ease consumer pressure, and drive down long-term U.S. Treasury yields, thereby reducing stock valuation headwinds and benefiting risk assets. Privorotsky added that unless Waller’s remarks deviate significantly from his prior policy stance, this year’s Jackson Hole event is unlikely to present major event risks.

Beating AI News (Dongcha) reports that OpenAI is testing the Persistent mode for Codex, also known as the continuous operation mode. Unlike regular agents which typically stop after completing one task, this mode enables Codex to proceed to check and handle follow-up tasks after finishing its current assignment. The relevant code has appeared in Codex’s public repository, though OpenAI has stated there are no immediate plans to roll out the feature.