Fed Beige Book: Economic Outlook Slightly Pessimistic
According to the Fed Beige Book published on July 17, economic activity increased slightly from the end of May to the beginning of July. However, the economic outlook turned from neutral to pessimistic, with only two regions expecting growth and the others forecasting stagnation or weakening.
Fed’s Bostic: Inflation May Be at a Turning Point
Atlanta Fed President Raphael Bostic said inflation may have reached a turning point. Noting that the latest CPI data showed pressures were rising, he emphasized that more time should be allowed before considering interest rate cuts.
Senator Warren: New Fed Chair Nominee Should Not Be from Trump Administration
US Democratic Senator Elizabeth Warren said that the new Fed chair should not come from the Trump administration. Warren highlighted the need to preserve the Fed’s independence.
Trump May Consider Appointing Hassett to Fed-Related Position
Trump said he has no plans to remove Powell but wants to appoint a successful person and has many candidates. He said that former White House Economic Council Director Kevin Hassett could be considered for a Fed-related position.
Trump Responds to Claims That He Will Remove Powell
Trump said that he has no plans to remove Powell, but that he acted too late and finds his performance inadequate. Reiterating his criticism of Powell, Trump emphasized that they will continue to fight the economic battle.
Fed Spokesperson: Trump’s Removal of Powell Could Lead to Legal Battle
According to Nick Timiraos of the Wall Street Journal, Trump’s attempt to remove Fed Chairman Jerome Powell could lead to a serious legal battle. It seems highly unlikely that Powell’s term could be terminated without a court ruling or Senate approval.
US Senate May Delay Publication of Cryptocurrency Market Structure Draft
According to Eleanor Terrett, the Senate Banking Committee may delay the publication of the draft cryptocurrency market structure. Sources said they want to monitor the House’s steps and publish the draft once a clearer framework emerges.
Trump: Single Customs Duty to be Announced for 150 Countries
Trump said that the new customs duty policies to be announced on August 1 will be important. Trump stated that smaller countries may be subject to duties ranging from 10 to 15 percent and announced that a single rate will be announced for 150 countries.
Three Important Bills Progressing During the US’s “Crypto Week”: GENIUS Act Expected to Be Voted on Tomorrow
According to BlockBeats, as of July 17, there have been developments in three important bills in the US as part of “Crypto Week.” The GENIUS Act, which provides a regulatory framework for stablecoins, has passed the House debate and is expected to be voted on July 18. The CLARITY Act has not yet passed the debate stage; it provides a framework for digital asset classifications and regulatory division of labor. The CBDC Oversight State Opposition Act has not yet been debated, but it has been reported that provisions banning CBDC will be added to the NDAA.
EU May Impose Service Taxes and Export Restrictions on the US if Trade Talks Fail
According to EU officials speaking to the Financial Times, the EU is preparing a retaliation plan that includes potential tariffs on US services and export controls in the event that trade talks fail. The European Commission shaped this list of measures in response to Trump’s new tariffs.
SEC Postpones Decision on “Direct Return” for Bitwise Crypto ETFs
The US Securities and Exchange Commission (SEC) has postponed its decision on whether to allow “in-kind” or direct asset returns for Bitwise’s spot Bitcoin and Ethereum ETFs.
SEC: Merger of SEC and CFTC Not on the Agenda
According to Jinshi, the US SEC has stated that the merger of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is not currently a priority.
Tether Mints 1 billion USDT on Ethereum
According to Whale Alert, the Tether Treasury wallet minted approximately 1 billion USDT worth of 1 billion USDT on the Ethereum network at 4:51 PM. The transaction was recorded as a large-volume movement on the platform.
Pakistan and El Salvador Launch Crypto-Based Bilateral Cooperation
According to a report by Bloomberg, Pakistan’s special advisor on cryptocurrency, Bilal bin Sakib, met with El Salvador President Nayib Bukele to agree on crypto-based information sharing and cooperation. This development gains further significance as El Salvador became the first country to adopt Bitcoin.
Tether Issues an Additional 1 Billion USDT on the Ethereum Network
According to Whale Alert, Tether Treasury issued 1 billion USDT on the Ethereum blockchain. This brings the total amount of USDT issued in the past 24 hours to 3 billion units. This development indicates significant stablecoin activity in the markets.
by Darkex Research – 1 min read
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