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BlockBeats News, May 25th: U.S. financial website Investinglive analyst Eamonn Sheridan pointed out that the minutes of the Federal Reserve's April meeting showed a significant change in the Fed's stance. The previous emphasis on reacting "flexibly and quickly" based on economic data has been replaced by new wording: persistently high inflation, combined with the uncertainty of the economic impact of the ongoing Iran conflict, may mean that policy needs to remain on hold for a longer period than previously expected. The inflation situation faced by the new Chair Powell is not simply an energy issue. Officials noted that the high cost of fuel is gradually being transmitted to shipping rates, airfares, and fertilizer costs, spreading inflationary pressures to a wider range of areas. This transmission effect makes inflation more difficult to be seen as a transitory factor and gives hawkish officials a more sustainable rationale for advocating to maintain high interest rates or even hike. The current market expectation is that if inflation fails to ease, the Fed may resume rate hikes at the end of 2026 or early 2027. Powell himself leans toward easing, but this stance sets up a potential clash with a visibly hardening committee; as Powell's leadership style gradually emerges, this dynamic could intensify the volatility of FOMC's internal communication.

Glonghui May 25th｜According to market sources, Toyota has expanded its overseas production cuts to approximately 83,000 vehicles due to issues in the Middle East.

According to ChainCatcher, Aave founder and CEO Stani Kulechov posted on Twitter that DeFi lending protocol valuations should not primarily reference TVL, as it measures net collateral rather than lending activity. Comparing end-of-2025 data: Aave had a supply scale of around $52 billion, active loans of about $22 billion, lending interest flows exceeding $700 million, and DAO retention of roughly $150 million. SoFi had deposits of approximately $37.5 billion, loan book of about $38 billion, loan income around $1.8 billion, and net profit of about $481 million. Stani stated that in traditional finance, deposits are liabilities or capital costs, loans are interest-bearing assets, and lenders usually assess based on loan book, interest income, interest spread, and asset growth. However, the DeFi market mainly focuses on TVL and DAO retained fees. He believes Aave, under a traditional financial accounting framework, is closer to over $700 million in lending business rather than a $150 million revenue protocol. TVL is not the income foundation for lending protocols; loan books and interest flow are the core.