🌳 US Retail Sales Show Strength in U.S. Economy; Trump Embraces Crypto with New NFT Collection and Donations

Macro & TradFi

US retail sales (https://www.bloomberg.com/news/articles/2024-07-16/us-retail-sales-excluding-autos-rise-by-most-in-three-months?srnd=homepage-uk&embedded-checkout=true), excluding autos, saw their largest increase in three months in June, indicating consumers regained stability at the end of Q2 despite a cyberattack on auto dealerships. Retail sales excluding motor vehicles rose 0.4%, following a revised 0.1% increase in May, while total sales remained flat due to a 2% drop at auto dealers. This growth, excluding autos and gas, jumped 0.8%, the highest since early 2023. Key contributors included non-store retailers and health and personal care stores. These figures suggest resilience in consumer spending despite high interest rates and a cooling labor market, supporting the outlook for potential monetary policy easing by the Federal Reserve.

In other news, Donald Trump (https://www.ft.com/content/11bc931f-5c5e-4e3c-9ceb-9bdca25430ad) has cautioned Federal Reserve Chair Jerome Powell against cutting US interest rates before the November presidential election but indicated he would allow Powell to complete his term if reelected and if Powell "was doing the right thing." In an interview with Bloomberg News, Trump acknowledged the possibility of a rate cut but stressed it should not happen before the election. Trump also addressed concerns about potentially politicizing the Fed, stating he would not attempt to unseat Powell early unless he deemed Powell's actions inappropriate. This stance leaves some uncertainty about Trump's commitment to maintaining Powell's position. Trump criticized President Biden for the inflation surge during the COVID-19 pandemic and reiterated his demand for Taiwan to compensate the US for its defense support, likening the arrangement to an insurance policy. This commentary comes amidst the Fed's contemplation of lowering its benchmark rate from a 23-year high due to easing inflation and a cooling labor market.

US stocks closed higher yesterday as investor optimism about potential interest rate cuts extended gains beyond the technology sector. The S&P 500 rose by 0.64%, the Nasdaq increased slightly by 0.06%, and the Dow Jones Industrial Average surged by 1.85%. Notable declines included Nvidia, down 1.54%, and AMD, down 1.30%, as traders shifted focus from megacap tech stocks to smaller caps. Bank of America saw a significant rise of 5.35% after exceeding earnings expectations and raising its Q4 net interest income forecast, driven by strong investment banking and asset management fees. Meanwhile, according to sources, Russia plans additional crude output cuts to offset exceeding its OPEC+ quota. In the Eurozone, provisional EU tariffs on Chinese electric vehicle imports are gaining support, as revealed by a non-binding ballot.

DeFi & CeFi

   •   Trump to release his fourth NFT collection

   •   FTX and CFTC agree to a $12.7B settlement

   •   Detained Binance Executive Tigran Gambaryan Wheeled into Nigerian Court

   •   Cypherpunk Holdings has significantly increased its SOL holding to $14M

Former President Donald Trump (https://www.coindesk.com/policy/2024/07/16/trump-says-hell-release-fourth-nft-collection-the-people-want-me-to-do-another-one/) plans to launch his fourth NFT collection, as revealed in a recent interview with Bloomberg Businessweek. Trump highlighted the success of his previous NFT releases, noting their rapid sell-out and enthusiastic reception from supporters. Embracing the crypto industry further, Trump emphasized the importance of the U.S. competing in this sphere, suggesting that China or others might dominate if the country doesn’t lead. Trump's pivot towards crypto includes accepting substantial donations in cryptocurrencies like BTC and ETH for his presidential campaign, amounting to about $3 million last quarter alone. His evolving stance marks a significant shift from previous skepticism towards enthusiastic support, reflecting his campaign's engagement with major crypto figures and initiatives.

🌳 US Retail Sales Show Strength in U.S. Economy; Trump Embraces Crypto with New NFT Collection and Donations

Macro & TradFi

US retail sales (https://www.bloomberg.com/news/articles/2024-07-16/us-retail-sales-excluding-autos-rise-by-most-in-three-months?srnd=homepage-uk&embedded-checkout=true), excluding autos, saw their largest increase in three months in June, indicating consumers regained stability at the end of Q2 despite a cyberattack on auto dealerships. Retail sales excluding motor vehicles rose 0.4%, following a revised 0.1% increase in May, while total sales remained flat due to a 2% drop at auto dealers. This growth, excluding autos and gas, jumped 0.8%, the highest since early 2023. Key contributors included non-store retailers and health and personal care stores. These figures suggest resilience in consumer spending despite high interest rates and a cooling labor market, supporting the outlook for potential monetary policy easing by the Federal Reserve.

In other news, Donald Trump (https://www.ft.com/content/11bc931f-5c5e-4e3c-9ceb-9bdca25430ad) has cautioned Federal Reserve Chair Jerome Powell against cutting US interest rates before the November presidential election but indicated he would allow Powell to complete his term if reelected and if Powell "was doing the right thing." In an interview with Bloomberg News, Trump acknowledged the possibility of a rate cut but stressed it should not happen before the election. Trump also addressed concerns about potentially politicizing the Fed, stating he would not attempt to unseat Powell early unless he deemed Powell's actions inappropriate. This stance leaves some uncertainty about Trump's commitment to maintaining Powell's position. Trump criticized President Biden for the inflation surge during the COVID-19 pandemic and reiterated his demand for Taiwan to compensate the US for its defense support, likening the arrangement to an insurance policy. This commentary comes amidst the Fed's contemplation of lowering its benchmark rate from a 23-year high due to easing inflation and a cooling labor market.

US stocks closed higher yesterday as investor optimism about potential interest rate cuts extended gains beyond the technology sector. The S&P 500 rose by 0.64%, the Nasdaq increased slightly by 0.06%, and the Dow Jones Industrial Average surged by 1.85%. Notable declines included Nvidia, down 1.54%, and AMD, down 1.30%, as traders shifted focus from megacap tech stocks to smaller caps. Bank of America saw a significant rise of 5.35% after exceeding earnings expectations and raising its Q4 net interest income forecast, driven by strong investment banking and asset management fees. Meanwhile, according to sources, Russia plans additional crude output cuts to offset exceeding its OPEC+ quota. In the Eurozone, provisional EU tariffs on Chinese electric vehicle imports are gaining support, as revealed by a non-binding ballot.

DeFi & CeFi

   •   Trump to release his fourth NFT collection

   •   FTX and CFTC agree to a $12.7B settlement

   •   Detained Binance Executive Tigran Gambaryan Wheeled into Nigerian Court

   •   Cypherpunk Holdings has significantly increased its SOL holding to $14M

Former President Donald Trump (https://www.coindesk.com/policy/2024/07/16/trump-says-hell-release-fourth-nft-collection-the-people-want-me-to-do-another-one/) plans to launch his fourth NFT collection, as revealed in a recent interview with Bloomberg Businessweek. Trump highlighted the success of his previous NFT releases, noting their rapid sell-out and enthusiastic reception from supporters. Embracing the crypto industry further, Trump emphasized the importance of the U.S. competing in this sphere, suggesting that China or others might dominate if the country doesn’t lead. Trump's pivot towards crypto includes accepting substantial donations in cryptocurrencies like BTC and ETH for his presidential campaign, amounting to about $3 million last quarter alone. His evolving stance marks a significant shift from previous skepticism towards enthusiastic support, reflecting his campaign's engagement with major crypto figures and initiatives.