Trump’s Tariff Threats and FOMC Minutes in Focus

Turns in the Tariff Agenda

• The main dynamic driving asset prices in global markets continues to be the trade war agenda. In addition, the US President’s remarks about the Chairman of the Federal Reserve (FED) were also noteworthy.
• Donald Trump’s comments yesterday were harsher after his previous statements, which were considered to be relatively moderate. The President said that the August 1 deadline for the implementation of high tariffs will not be extended. Trump said that high tariffs would be imposed on copper and the pharmaceutical industry, and that other countries would receive letters about tariffs today. According to Trade Minister Lutnick, 15-20 more letters will be sent to countries in the coming days.
• The renewed unease over trade tensions seems to be causing investors to avoid taking big steps and remain cautious, but it is worth noting that the markets remain resilient.
• On the other hand, President Trump reiterated his call for Fed Chairman Powell to cut interest rates. He added that he thinks Powell should resign and someone who will cut interest rates should be the chairman instead.
• Developments and announcements on tariffs are likely to continue to determine the price of digital assets, but the minutes of the last meeting of the Federal Open Market Committee (FOMC), which will be released today, will also be closely monitored.

For a detailed review of our twice-daily technical analysis report and the latest developments in digital assets click here.

FOMC-Sitzungsprotokolle

Under the influence of tariff developments and US macro indicators, global markets will focus on the latest Federal Open Market Committee (FOMC) meeting today. After the meeting, where the US Federal Reserve (FED) left interest rates unchanged as expected, the messages to be taken between the lines of the minutes will inform investors about the timing of the FED’s next rate cut and how many rate cuts may be made until the end of the year. Therefore, it is worth noting that this will be an important development in the direction of financial markets. However, we do not expect a major change in market expectations and we do not foresee a change in the pricing that the first rate cut will be made at the September meeting. After the latest non-farm payrolls data, according to the CME FedWatch Tool, markets expect to see two rate cuts from the Fed by the end of the year. We think that even the FOMC minutes, which may cause this expectation to evolve towards three, may not cause deep changes in pricing.

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