Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

April 28 — The Federal Reserve’s two-day policy meeting wraps early Thursday Beijing time, marking Fed Chair Jerome Powell’s last meeting in the role. Markets widely expect the central bank to hold its benchmark interest rate steady at 3.5%-3.75%, but the key question is whether policymakers will signal rate cuts are off the table or merely delayed. Stagflation risks have reignited amid an Iran war energy shock and multiple supply disruptions — the U.S.’s fourth supply shock in five years (following the pandemic economic restart, Russia-Ukraine conflict, trade war, and current Middle East hostilities). Fed Governor Christopher Waller, who previously backed three 2023 rate cuts over labor market concerns, has shifted focus to inflation risks this month. Even with the Iran war ceasefire, the Strait of Hormuz remains partially blocked, driving up jet fuel prices. Fed officials project inflation will take at least a year to return to the 2% target. Wall Street Journal reporter Nic

April 28th — The cryptocurrency industry is currently grappling with a wave of shutdowns, hitting projects from exchanges to analytics tools. April’s latest casualty: decentralized email service Dmail announced it will cease operations due to sky-high infrastructure costs, failed funding rounds, and weak token utility. Roshan Dharia, CEO of crypto holding firm Echo Base, observed: “In past market cycles, projects could stretch their runway via new token issuances or VC backing. That playbook is now largely closed, leading to earlier loss recognition—and more shutdowns than recoveries.” The crypto space has long relied on rapid token-based fundraising but lacks a formal resolution framework during distress, making debt restructuring or stakeholder coordination tough as conditions worsen. Recent months have seen further deterioration amid sliding user activity, shrinking financial reserves, and narrowing funding channels: - DAO tool platform Tally said it’s gradually winding down

April 28 – Per Iranian state media, an Iranian military spokesperson said: "We don’t believe the war is over—we still view the situation as active combat, and our armed forces have updated their objectives and equipment." (Golden Finance)

April 28 – A deputy commander of Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy stated Wednesday that Iran has full control over the Strait of Hormuz and is requesting passage fees from vessels transiting the waterway. He emphasized the strait’s territorial sovereignty is inviolable, and foreign vessels must comply with Iran’s transit rules—including communicating in Persian. “Without the Supreme Leader’s orders and the people’s will, Iran will never allow even a drop of oil to flow through the strait,” he said. The Iranian military is currently “on alert” and in a state of high vigilance, he added. He also claimed U.S. military dominance in the Persian Gulf has ended, reiterating Iran can handle any form of maritime blockade. (CCTV News)

April 28 — U.S. President Donald Trump tweeted: “Iran just issued a major threat. They’ve announced they see the Houthis have faded from the scene and are trying to change their leadership approach (I believe they can do it!)”

On April 28, the United Arab Emirates (UAE) announced it will withdraw from OPEC and OPEC+ starting May 1. Nordea Bank analyst Jan von Gerich noted the UAE’s goal to boost oil production, which would weigh on oil prices. He also said OPEC won’t be able to control prices like it once did once the Iran conflict is resolved. Abu Dhabi Commercial Bank Chief Economist Monica Malik said this paves the way for the UAE to grab global market share once geopolitical tensions ease. She added the move would benefit consumers and the broader global economy. (Source: FXStreet)