Today's homework is a bit challenging. Overall, it involves CPI, tariffs, monetary policy, and internal conflicts within the Republican Party. From a macro data perspective, although CPI data is rising, the market has lowered its expectations for a rate cut in September. However, since Bessenet emphasized that the selection process for the successor to the Federal Reserve Chair has already begun, the market has become much more tolerant of inflation and rate cuts.

Tariffs and monetary policy remain the focal points of the current game. Even if the new Federal Reserve Chair can differentiate their power from Powell's, U.S. inflation must at least be controlled before any rate cuts can occur. Otherwise, even if they take office, they won't be able to dictate the Federal Reserve's actions, so future negotiations will still be unavoidable.

Today, there was already pressure from ancient whales selling $BTC, causing some investors to worry about a potential crash and choose to exit early. In the early morning, there was also news that the stablecoin bill and other cryptocurrency bills were rejected by the House of Representatives. Especially since Trump and the Republican Party had previously confidently declared this week as Cryptocurrency Week, the outcome was quite disappointing. Essentially, the failure of the bill was due to internal dissent and absences within the Republican Party.

Trump is very angry, while the Democrats voted unanimously against it. It is still uncertain whether voting can be restarted during Cryptocurrency Week. If it cannot be restarted, this Cryptocurrency Week will truly become a joke.

Additionally, the URPD data still cannot be updated. It should be ready by tomorrow, but we can still see that there are two gaps at $112,000 and $114,000 that have not been filled. Historically, there have never been gaps in URPD that were not filled.

This article is sponsored by #Bitget ｜ @Bitget_zh

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