Trump: Delivered Clear Messages in a Short Speech
Trump said he had never considered withdrawing troops from Poland and could send more troops if necessary. Stating that he would meet with Putin in a few days, he sent the message that “he knows where I stand” and said he would clarify his position on Russia after this meeting. Arguing that the budget extension would pass, he also reiterated his view that “one day tariffs could replace income tax.”
Trump: Tariffs Vital to US Success; Supreme Court Decision Will Be Decisive
Trump, who said tariffs could make the US rich or poor, wanted the Supreme Court to approve global tariffs. He noted that if they lose the case, they may have to roll back some trade agreements, adding, “It’s harder to win the AI race against China without tariffs.”
Trump Administration Asks Supreme Court to Expedite Comprehensive Tariffs
The Justice Department filed an appeal and expedited request for broad tariffs based on emergency powers. The parties are aiming for oral arguments in early November; the final decision could be delayed until summer 2026.
Fed’s Kashkari: Inflation Still High, Soft Landing Possible
Kashkari said the job of bringing inflation down to 2% is not done, noting they are seeing signs that the labor market is cooling. He noted that tariffs are driving up goods inflation, that it remains to be seen whether this is permanent, and emphasized that there is room for a “gentle” decline in interest rates and that he does not expect a recession.
US July JOLTS and Fed Beige Book: Risks to Employment Rising, High Probability of September Cut
The July JOLTS open job count fell to 7.181 million, below expectations; declines in the healthcare, retail, and hospitality sectors were notable. The Beige Book reported sluggish demand, flat employment, and the gradual impact of tariff-related cost pressures; the market raised the probability of a 25 bp cut in September to ~97%.
Fed Members: Divergence in Tone, But Data Supports Cuts
Waller advocates for a cut path likely to begin this month and extend to a total of 100–150 bp. Musalem awaits more data, while Bostic favors a single 25 bp cut this year; Kashkari sees limited downside without specifying timing.
U.S. Customs Revenue Hits Record; Year-End $500 Billion–$1 Trillion Debate
Customs duties peaked at $31.37 billion in August; the fiscal year total reached $183.56 billion. The Treasury forecasts that annual revenue could exceed $500 billion and even approach $1 trillion.
Ukraine–Russia: Meeting Offer in Moscow Rejected; Multilateral Meeting on the Way
While Putin brought up the idea of a meeting in Moscow and a land swap in exchange for security guarantees, Kiev found the venue “unacceptable.” Trump announced that he would be in contact in the coming days and that a multilateral meeting would take place in Paris on Thursday.
Putin–Kim Meeting: “Full Support” from Pyongyang
Kim Jong Un described his support for Russia as a “brotherly duty.” Messages of defense and economic cooperation stood out on the Moscow–Pyongyang line.
American Bitcoin President: Three-Tier BTC Accumulation Strategy
The company announced a plan for mining below cost (tier 1), strategic reserve management with capital markets (tier 2), and ecosystem leadership–adoption through products/partnerships (tier 3). The goal is efficient accumulation at an institutional scale and expanding influence in the BTC economy.
Fed to Host Payment Innovation Conference on October 21
Agenda: TradFi–DeFi convergence, new business models for stablecoins, AI & payments, and tokenization of financial products. The event will be livestreamed; details to follow.
China to Impose Anti-Dumping Duties of Up to 78.2% on US Optical Fiber
MOFCOM is imposing anti-dumping duties on US producers, including Corning, effective September 4. The duties are expected to remain in effect until April 21, 2028.
BoE: Systemic Stablecoins May Hold Some Bonds
Deputy Governor Sarah Breeden said systemic stablecoin issuers could hold part of their reserves in short-term government bonds. Stablecoins and tokenized deposits will be used for trading in the UK Digital Securities Sandbox.
The board approved a plan allowing open market purchases depending on market conditions. If the share price is above net asset value, capital will be raised to purchase TON tokens; if below, the buyback option is on the table.
Lagarde: “Equivalent Regulation” Required for Non-EU Stablecoins
The ECB President emphasized the need for a strong equivalent regime and full reserve–100% redemption guarantee for issuers outside the scope of MiCA. Otherwise, she said, a run on these stablecoins could lead to systemic risk.
Bitcoin Hash Rate Hits Record: 1,279 ZH/s Daily Level
According to CoinWarz data, the daily hash rate reached an all-time high; the 7-day average also exceeded 1 ZH/s. As rewards decline after the halving, miners are turning to efficiency and HPC revenues to cover costs.
USDC Treasury Mints 250 Million USDC on Solana
According to Whale Alert, the mint amount is worth approximately $250 million. The transaction reflects stablecoin supply dynamics and institutional use cases.
Address Dormant for 12.8 Years Activated with 479 BTC
Whale Alert reported that an old address containing 479 BTC, worth ~$53.7 million, has been activated. The activation of long-term dormant wallets is closely monitored in terms of supply dynamics.
New Wallet Withdraws 692 BTC from Galaxy Digital
According to Onchain Lens, an outflow worth approximately $77.3 million occurred. The transaction is being evaluated as a possible redistribution signal regarding institutional–OTC flows.
Ripple Expands RLUSD to Institutional Users in Africa
RLUSD distribution begins in partnership with Chipper Cash, VALR, and Yellow Card. Automatic stablecoin payments triggered by drought and excessive rainfall are being tested in Mercy Corps Ventures’ climate insurance pilot in Kenya.
