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Share link:In this post: Jerome Powell has agreed to resign as Fed Chair after sustained pressure from President Trump and his cabinet. Trump demanded a 300 bps rate cut, claiming it could save the U.S. over $1 trillion annually. The White House attacked Powell over a $2.5B renovation of the Fed’s Eccles Building.
Share link:In this post: Russian crypto criminal seeks U.S. President Trump’s pardon. Crypto exchange Bitzlato founder hopes to escape extradition to France. Anatoly Legkodymov served his sentence in America but may face more prison time in Europe.
Share link:In this post: Wall Street fell Friday, with the Dow down 297 points and the S&P 500 slipping 0.3%. The bond market is collapsing, with 10-year yields above 4.40% and on track for the worst decade. Jerome Powell is stepping down as Fed Chair, and volatility just saw its sharpest drop since 1987.
Share link:In this post: Global oil supply growth outpaces demand growth, but indicators point to tighter market conditions. Summer travel and higher power generation are boosting refinery runs and consuming spare barrels despite OPEC+ hikes. IEA expects the weakest demand growth since 2009 outside the pandemic, while its forecast trails OPEC’s projection.
- 18:48Ahead of Trump’s Visit, the Federal Reserve Invites Journalists to Tour Headquarters RenovationAccording to a report by Jinse Finance, Federal Reserve staff led journalists on a tour of the $2.5 billion renovation project at the Fed’s headquarters, just hours before U.S. President Trump was set to visit the site—a project he and his allies have criticized as wasteful and extravagant. In recent weeks, Trump and other Republicans have ramped up pressure on Fed Chair Jerome Powell over the renovation, questioning the project’s ever-increasing budget and scrutinizing Powell’s Senate testimony last month regarding the refurbishment. Fed staff said Thursday’s tour gave reporters a look inside the construction site, where about 700 to 800 workers rotate shifts each day. Journalists also visited the roof of the Eccles Building. Republicans have raised concerns about a document from the National Capital Planning Commission related to the renovation, which mentioned a “rooftop garden terrace” intended to provide a break area for Fed employees.
- 18:02RESOLV surges over 11% in a short period, market capitalization rises to $47 millionAccording to ChainCatcher, market sources indicate that RESOLV surged over 11% in a short period, with its market capitalization rising to $47 million, possibly influenced by the news that Resolv has announced the activation of its protocol fee switch to reward RESOLV stakers.
- 17:53Machi Big Brother Jeffrey Huang’s Total Long Position Unrealized Loss Narrows to $5.43 MillionAccording to ChainCatcher, on-chain data shows that "Machi Big Brother" Jeff Huang currently holds long positions worth $138.94 million on Hyperliquid, including ETH, HYPE, and PUMP. At present, the ETH long position is in profit, while HYPE and PUMP are still at a loss. The total unrealized loss has now narrowed to $5.43 million (excluding already incurred funding fees), after previously exceeding $8 million at one point.