1. U.S. August PPI Year-on-Year at 2.6%, Below Expectations
The U.S. Producer Price Index (PPI) for August recorded a year-on-year increase of 2.6%, lower than the expected 3.3%. The month-on-month rate was -0.1%, also below the expected 0.3%, with the previous value at 0.9%. -Original
2. Multiple Banks Raise Expectations for Fed Rate Cuts
Several major banks now expect the Federal Reserve to cut rates more times than previously forecast. Barclays economists expect three 25-basis-point cuts this year, with two more in 2026. JPMorgan believes that if CPI data is hawkish, the Fed may adjust its strategy for the October and December meetings. The market has already priced in more than a 1 percentage point rate cut over the next year, but rising inflation could impact this trajectory. -Original
3. U.S. Department of Justice Recovers $12 Million USDT Related to Crypto Scam
The U.S. Department of Justice announced the successful recovery of $12 million Tether (USDT) related to a cryptocurrency scam. Federal prosecutors have filed a civil forfeiture lawsuit aiming to seize these funds traced back to fraudulent trading platforms. The scam recruited victims via text messages and lured them into depositing funds into fake investment accounts. According to Decrypt, civil forfeiture is becoming an important legal tool to combat such scams and recover funds for victims. -Original
4. White House Confirms Trump Legally Dismissed Fed Governor Lisa Cook
The White House stated that U.S. President Trump has legally dismissed Federal Reserve Governor Lisa Cook, but emphasized that this ruling is not yet final. Lisa Cook participated in several key policy decisions during her tenure at the Fed, and her dismissal has attracted widespread market attention. It is still unclear whether subsequent procedures will affect this ruling. -Original
5. U.S. Senators Push for Crypto Market Structure Bill to Pass This Year
U.S. Senators Cynthia Lummis and Kirsten Gillibrand stated that both parties are continuing to push for crypto market structure legislation, hoping to complete it by the end of the year. The Senate Banking Committee had previously set a target for the end of September, but progress has been delayed to October or even year-end. Gillibrand emphasized that Congress is currently facing fiscal cliff negotiations and that legislation should not have "artificial deadlines," noting that no "red lines" have been drawn in negotiations; Lummis stated that "it must be completed by the end of the year," describing the process as "like being pregnant for four years." Democrats propose that the bill should include consumer protection, regulatory authority delineation, and ethical clauses, prohibiting the president, vice president, and their families from profiting from crypto projects to prevent conflicts of interest. Gillibrand stressed that an ethical perspective is crucial for industry trust, while Lummis believes that restrictions on officials' investments should be legislated together with other securities, rather than targeting crypto alone. -Original
6. JPMorgan Says Institutional Adoption of Crypto Still in Early Stages
Institutions hold about 25% of Bitcoin ETPs, and a survey shows that 85% of companies have already allocated digital assets or plan to do so by 2025. -Original
7. Kyrgyzstan Parliament Approves Establishment of Strategic Bitcoin Reserve
According to The Bitcoin Historian, the Kyrgyzstan parliament has approved a bill aimed at establishing a strategic Bitcoin reserve. -Original
8. U.S. Credit Union Launches First Stablecoin Cloud Dollar
St. Cloud Financial Credit Union in Minnesota announced the launch of the stablecoin Cloud Dollar (CLDUSD). The stablecoin was jointly developed by Metallicus and DaLandCUSO and will be integrated into the credit union's banking system to provide members with instant, low-cost transaction services. -Original
