According to CoinDesk: The U.S. Federal Reserve’s recent 50 basis point rate cut has sparked debate on whether this is a normal return after an overly tight monetary policy or a prelude to an economic slowdown. Risk assets, including Bitcoin, have rallied since the Fed's decision, with some analysts predicting further gains once Bitcoin surpasses the $65,200 resistance. However, several economic indicators suggest caution, hinting at an impending economic downturn.Rising UnemploymentOne of the key concerns is the rising unemployment rate across the U.S. According to the U.S. Household Survey, more than 57% of states reported an increase in joblessness in August compared to the previous month and last year. This uptick signals potential risks to income, consumer spending, and investment. As consumer and business confidence wavers, the chances of an economic slowdown or even a recession increase, leading investors to pull back from riskier investments like Bitcoin and altcoins potentially.MacroMicro, which tracks these trends, pointed out that "57.7% of U.S. states reported higher unemployment rates than the previous month and year," indicating growing challenges in the labor market that could spell trouble for the broader economy.Lead/Lag Ratio Warning of SlowdownAnother concerning signal comes from the Conference Board's Leading Economic Index (LEI), which dropped to 100.2 in August, its lowest level since October 2016. The LEI, a widely followed indicator, tracks forward-looking economic factors such as jobless claims, stock prices, and manufacturing orders. Its sixth consecutive monthly decline has triggered recession warnings.Additionally, the ratio between leading and lagging indicators has fallen below 0.85, its lowest level since the 1950s. Historical data from WisdomTree's Jeff Weniger shows that similar drops have occurred before every U.S. recession in the past 70 years.Gold-Oil Ratio SurgeThe surge in the gold-to-brent crude ratio is another indicator of an impending economic slowdown. This year, the ratio has risen over 35%, reaching its highest level since 2020. Gold, traditionally seen as a safe haven asset, is outperforming oil, which is tied to global demand. The widening gap between gold and oil prices often signals weakening global economic activity and investor caution about future growth. While the post-Fed rally has energized risk assets, these three key indicators—rising unemployment, the lead/lag ratio, and the gold-oil ratio—suggest a more cautious outlook. If these trends persist, the market may soon see a pullback, despite the current optimism.