US Macro Data and PCE Figures
Data released in the US was largely in line with expectations. The August PCE price index came in at 2.7% year-on-year (previous 2.6%) and 0.3% month-on-month. Core PCE remained steady at 2.9%. The University of Michigan consumer confidence index fell to 55.1, signaling a weakening. One-year inflation expectations fell to 4.7%, while 5-10 year expectations fell to 3.7%. This picture shows that although consumer confidence is fragile, inflation expectations remain high.
Risk of Government Shutdown
Partisan tensions are rising in Washington. President Trump canceled a planned meeting with Democrats, saying he may allow the government to shut down. The meeting with top leaders from both parties at the White House on September 29 will be the first official contact before the funding deadline expires. If the government shuts down, the release of the Nonfarm Payrolls (NFP) report may be delayed, as the Bureau of Labor Statistics will have to suspend its operations.
US Tariff Policy: Pharmaceuticals and Semiconductors
The Trump administration will impose high tariffs on furniture and trucks, as well as pharmaceuticals, starting October 1. White House officials have stated that the drug tariffs will not apply to countries that have trade agreements with the US. The impact is expected to be limited, as most major drug companies have investment plans in the US.
The administration is also considering a plan that would impose a 1:1 ratio on semiconductor imports. Companies that do not manufacture in the US will be subject to tariffs, but a transition period is being considered.
Stability Message from Chinese Premier Li Qiang
Meeting with businesspeople and academics in New York, Li Qiang likened US-China relations to a “marriage”: “There are arguments, but we need each other.” Li did not meet with government officials but called on the business community to be a balancing factor in the relationship.
China Central Bank (PBOC) Policy Message
The PBOC Monetary Policy Committee’s third-quarter meeting noted that the economic outlook had shifted from a “recovery trend” to “steady progress.” In line with the Politburo’s statement, the phrase “gradual policy intensification” was removed. This indicates that the need for additional stimulus in the short term has decreased and that interest rate cuts are not expected for the remainder of the year.
Russia-Ukraine and US Support
A Ukrainian delegation will visit the US in September-October. Zelensky stated that he did not rule out the possibility of the US withdrawing from negotiations, but that this was not yet the case. The Trump administration may consider easing restrictions on Ukraine’s use of US-made long-range weapons against Russian targets. This could be a new pressure factor in the course of the war.
SEC Plans Regulatory Relaxation
According to the Financial Times, US SEC Chairman Paul S. Atkins is considering accelerating Trump’s proposal to remove the quarterly reporting requirement for companies and replace it with semi-annual reporting. Atkins said that minimum regulation is necessary to protect investors, but beyond that, the business world should be free to develop.
This initiative is part of the Trump administration’s strategy to increase control over independent agencies while creating a more business-friendly environment for Wall Street.
BTC Address Wakes Up After 11.9 Years
According to Whale Alert, an address that had been inactive since 2013 reactivated 400 BTC ($44.32 million). The asset was worth only $236,900 in 2013. Such long-term wallet movements can have an impact on market psychology.
Major Token Unlocks Coming Up
According to Token Unlocks data, there will be significant unlocks for SUI, EIGEN, ENA, and OP next week:
- SUI: 44M tokens (~$137M), 1.23% of circulating supply
- EIGEN: 36.82M tokens (~$66.6M), 13.77% of circulating supply
- ENA: 40.63M tokens (~$23M), 0.62% of circulating supply
Permissionless Spot Markets on Hyperliquid
Hyper liquid has launched permissionless spot-quoted asset functionality on the mainnet. Stable assets that meet on-chain conditions can now be used as “quote assets.” USDH was the first to be deployed by Native Markets, and HYPE/USDH trading has been opened. More permissionless trading pairs are expected to be deployed soon.
New BTC Purchase from Capital B
Capital B, listed on the French stock exchange, announced that it spent €1.2M to purchase 12 BTC. The company’s total BTC holdings have reached 2,812 BTC. Since the beginning of the year, the company’s Bitcoin investment return has been 1,656%.
$51M Burn Transaction in USDC
According to Whale Alert, the USDC Treasury burned $51M USDC on the Ethereum network. Such transactions are interpreted as steps to optimize the stablecoin’s reserve balance by reducing supply.
October Campaign from dYdX
dYdX announced its Affiliate Booster: Pocket Pro Edition promotional campaign. The event, running from October 1–31, features a total prize pool of $50,000. Of this, $30,000 will be distributed to the first 15 affiliates, and $20,000 will be allocated as a “whale bonus.”
Stablecoin Market Value on the Rise
According to DeFiLlama data, the total market value of stablecoins rose to $2.967T last week, an increase of $38.99B. This represents a weekly growth of 1.33%. USDT remains the clear leader in the sector with a market share of 58.77%.
