🌳 Donald Trump Calls for Unity After Assassination Attempt; MakerDAO Plans $1B Investment in Tokenized U.S. Treasury Products

Macro & TradFi

Donald Trump (https://www.ft.com/content/df6617ae-c59b-439b-9647-bad8310fd5f4) called for national unity after he survived an assassination attempt at a campaign rally in Butler, Pennsylvania. Arriving in Milwaukee on Sunday, where he will be formally nominated as the Republican presidential candidate. At the rally in Pennsylvania, a critical state for the upcoming election, Trump was injured by a shot that struck his right ear. The FBI is investigating the incident as domestic terrorism, with the shooter, 20-year-old Thomas Crooks, killed by Secret Service agents. Trump stressed resilience and faith, attributing his survival to divine intervention. President Joe Biden condemned the violence, ordered a security review, and emphasized the need for unity. This attack, which resulted in one death and two injuries, shows an urgent necessity for enhanced security measures and bipartisan cooperation to address political violence.

Elsewhere in the U.S., wholesale prices (https://www.cnbc.com/2024/07/12/wholesale-prices-rose-0point2percent-in-june-slightly-hotter-than-expected.html) rose 0.2% in June, exceeding expectations and complicating Wall Street's projections for Federal Reserve rate cuts. The producer price index (PPI), reported by the Labor Department’s Bureau of Labor Statistics, now stands at a 2.6% increase year-over-year, with the rise in service prices offsetting a decline in goods prices. This marks an upward revision from May's data, initially reported as a 0.2% decline but later adjusted to unchanged. Despite this hotter-than-expected PPI, recent consumer-focused inflation data, particularly the consumer price index (CPI), indicated a cooling trend, with headline inflation at 3% annually. The Federal Reserve's next policy meeting in late July is expected to maintain current rates, with market attention shifting to September for potential rate cuts. The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, will be released on July 26, providing further insight into inflation trends.

Last Friday, US shares rose with the S&P 500 closing above 5,600, marking its 10th weekly gain in 12 weeks. The Nasdaq increased by 0.59%, the S&P 500 by 0.55%, and the Dow edged up by 0.62%. Meanwhile, Canadian Finance Minister Chrystia Freeland is engaging with business and labor groups to discuss implementing broader trade barriers against Chinese-made electric vehicles. Kuwait Oil announced the discovery of substantial light oil reserves offshore, with the Al-Nukhida field estimated to hold about 2.1 billion barrels. Additionally, market attention is focused on the People's Bank of China's medium-term lending facility rate decision, expected at 09:20 SGT today.

DeFi & CeFi

   •   MakerDAO plans to invest $1B into tokenized US treasury products

   •   SEC drops investigation of STX

   •   Polymarket bet on Trump’s Victory rises to 70% after the shooting

   •   Celsicus to liquidate its assets following settlement with KeyFi founder

   •   Dutch court denies bail for Tornado Cash dev Alexey Pertsev

MakerDAO announced its $1 billion investment plan (https://www.coindesk.com/business/2024/07/12/makerdaos-1b-tokenized-treasury-investment-plan-draws-interest-from-blackrocks-buidl-ondo-superstate/) into tokenized U.S. Treasury products through its Spark Tokenization Grand Prix, which has generated significant interest from major players like BlackRock's BUIDL, Superstate, and Ondo Finance. This move represents a strategic pivot for MakerDAO under founder Rune Christensen's leadership, aiming to bolster DAI's stability with off-chain U.S. government bonds and bills. Scheduled to open applications on August 12, the competition not only boosts MakerDAO's position in DeFi but also catalyzes growth in the tokenized real-world asset market.

🌳 Donald Trump Calls for Unity After Assassination Attempt; MakerDAO Plans $1B Investment in Tokenized U.S. Treasury Products

Macro & TradFi

Donald Trump (https://www.ft.com/content/df6617ae-c59b-439b-9647-bad8310fd5f4) called for national unity after he survived an assassination attempt at a campaign rally in Butler, Pennsylvania. Arriving in Milwaukee on Sunday, where he will be formally nominated as the Republican presidential candidate. At the rally in Pennsylvania, a critical state for the upcoming election, Trump was injured by a shot that struck his right ear. The FBI is investigating the incident as domestic terrorism, with the shooter, 20-year-old Thomas Crooks, killed by Secret Service agents. Trump stressed resilience and faith, attributing his survival to divine intervention. President Joe Biden condemned the violence, ordered a security review, and emphasized the need for unity. This attack, which resulted in one death and two injuries, shows an urgent necessity for enhanced security measures and bipartisan cooperation to address political violence.

Elsewhere in the U.S., wholesale prices (https://www.cnbc.com/2024/07/12/wholesale-prices-rose-0point2percent-in-june-slightly-hotter-than-expected.html) rose 0.2% in June, exceeding expectations and complicating Wall Street's projections for Federal Reserve rate cuts. The producer price index (PPI), reported by the Labor Department’s Bureau of Labor Statistics, now stands at a 2.6% increase year-over-year, with the rise in service prices offsetting a decline in goods prices. This marks an upward revision from May's data, initially reported as a 0.2% decline but later adjusted to unchanged. Despite this hotter-than-expected PPI, recent consumer-focused inflation data, particularly the consumer price index (CPI), indicated a cooling trend, with headline inflation at 3% annually. The Federal Reserve's next policy meeting in late July is expected to maintain current rates, with market attention shifting to September for potential rate cuts. The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, will be released on July 26, providing further insight into inflation trends.

Last Friday, US shares rose with the S&P 500 closing above 5,600, marking its 10th weekly gain in 12 weeks. The Nasdaq increased by 0.59%, the S&P 500 by 0.55%, and the Dow edged up by 0.62%. Meanwhile, Canadian Finance Minister Chrystia Freeland is engaging with business and labor groups to discuss implementing broader trade barriers against Chinese-made electric vehicles. Kuwait Oil announced the discovery of substantial light oil reserves offshore, with the Al-Nukhida field estimated to hold about 2.1 billion barrels. Additionally, market attention is focused on the People's Bank of China's medium-term lending facility rate decision, expected at 09:20 SGT today.

DeFi & CeFi

   •   MakerDAO plans to invest $1B into tokenized US treasury products

   •   SEC drops investigation of STX

   •   Polymarket bet on Trump’s Victory rises to 70% after the shooting

   •   Celsicus to liquidate its assets following settlement with KeyFi founder

   •   Dutch court denies bail for Tornado Cash dev Alexey Pertsev

MakerDAO announced its $1 billion investment plan (https://www.coindesk.com/business/2024/07/12/makerdaos-1b-tokenized-treasury-investment-plan-draws-interest-from-blackrocks-buidl-ondo-superstate/) into tokenized U.S. Treasury products through its Spark Tokenization Grand Prix, which has generated significant interest from major players like BlackRock's BUIDL, Superstate, and Ondo Finance. This move represents a strategic pivot for MakerDAO under founder Rune Christensen's leadership, aiming to bolster DAI's stability with off-chain U.S. government bonds and bills. Scheduled to open applications on August 12, the competition not only boosts MakerDAO's position in DeFi but also catalyzes growth in the tokenized real-world asset market.