Syz the moment

👉This marks the first time the Senate has ever cleared a major piece of crypto legislation after years in which key Democratic members blocked the advancement of such legislation. 👉The bill heads to the House of Representatives, where its next steps remain uncertain while leading lawmakers work out a strategy for passage. The overwhelming bipartisan passage of the U.S. Senate's hashtag#stablecoin bill, with a 68-30 final vote that saw a huge surge of Democrats joining their Republican counterparts on Tuesday, sets a new high-water mark of hashtag#crypto policy efforts in the U.S. as the legislation now heads to the House of Representatives. The major Democratic backing for the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act helps give it momentum as it lands in the other chamber, where House lawmakers can either vote on it as written or pursue changes that will require a final round in the Senate before it can head to President Donald Trump's desk. As written, the bill would set up guardrails around the approval and supervision of U.S. issuers of stablecoins, the dollar-based tokens such as the ones backed by Circle, Ripple and Tether. Firms making these digital assets available to U.S. users would have to meet stringent reserve demands, transparency requirements, money-laundering compliance and regulatory supervision that's also likely to include new capital rules. Source: coindesk

It came lower than expectations of all 50 forecasters in Bloomberg’s survey. ▶️ June US PPI annual inflation rises 2.3%, below expectations for 2.5%. ▶️ Core PPI inflation increased 2.6% Y/Y, compared to forecasts for a gain of 2.7%. THIS IS THE LOWEST LEVEL SINCE SEPTEMBER 2024 The last time PPI was at this level, the Fed was cutting 50bps before the election. Source: Bloomberg, Geiger Capital

Maybe Trump & Bessent watched the market and decided to immediately "TACO"...

Trump had urged Republican lawmakers to “get the first vote done this afternoon” on legislation to regulate payment stablecoins as part of a larger effort to pass crypto legislation before the August recess. In a Tuesday post on his social media platform Truth Social, Trump ordered all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to regulate payment stablecoins in the US. House Speaker Mike Johnson reportedly said the chamber would take up another vote “this afternoon.”

1) Core CPI comes in cooler than expected (2.9% vs. 3.0% expected). Note however that this is the highest level since February. On a sequential basis, U.S. core CPI rose 0.2% M/M, below estimates for a 0.3% increase. 2) Headline CPI inflation increased 2.7% Y/Y, ABOVE forecasts for a 2.6% reading. This is also the highest level since February. On a sequential basis, US CPI rose 0.3% on the month, in line with estimates. 3) Looking at the various CPI components, it seems that tariffs are beginning to drive up prices for core goods like clothing, furniture, appliances, shoes & toys. However, falling car prices are helping to mask full impact. ▶️ All in all, today’s inflation report effectively eliminates any chance of a Fed rate cut at the July 30 FOMC meeting. And if subsequent inflation readings reiterate the rise in inflation, it could jeopardize future rate cuts as well. ✅ The CME Group’s FedWatch tool showed only a 2.6% probability of a fed rate cut at the meeting. 👉 Yes, indeed. The us inflation outlook remains highly uncertain. And so is the US tariff policy. On our side, we believe that the Fed might cut rates only once in 2025. Source: Bloomberg

Source: @MakeGoldGreat on X

It then rose to 40% after three months, it is still too early to see the full pass-through of tariffs on inflation. Source: Markets & Mayhem

Source: zerohedge