Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

The core development team funded by Optimism cast a decisive vote of 8.486 million OP tokens, which shifted the voting outcome and secured passage for a proposal to transfer approximately $49.7 million worth of OP tokens from the user airdrop allocation to a fund managed by the Optimism Foundation. The proposal aimed to reallocate the use of 546.9 million OP tokens, representing 12.7% of the total OP supply. These tokens, originally earmarked for the user airdrop allocation, were reassigned to the Optimism Foundation-managed "Strategic Ecosystem Fund" to support the adoption and growth of the OP Mainnet and enterprise business initiatives. Final voting results showed 17.974 million OP votes in favor and 10.931 million OP votes against. 16 minutes and 52 seconds before the voting deadline, a representative named Test in Prod cast a whale-sized 8.486 million OP vote in favor, lifting the proposal’s passage rate sharply from 45.77% to 61.84%. Excluding this vote, the final approval rate would have been just 46.47%. In other words, while the proposal met the quorum requirement, it would have failed to pass without this decisive vote, and the relevant funds would have remained in the user airdrop allocation.

According to HTX market data, Bitcoin rebounded to break through $72,000 after Trump delivered a speech in support of cryptocurrency. The altcoin rally continues, with details as follows: ETH is currently trading at $2,277, up 18.37% in 24 hours; BIO is at $0.03082, up 19.26% in 24 hours; MET is at $0.209, up 21.98% in 24 hours; FORM is at $0.2437, up 19.76% in 24 hours.

According to market data from BIT (bit.com), U.S. long-term bonds have extended their declines, with the yield on 30-year U.S. Treasury notes rising by 6 basis points to 5.25%.

Hudson River signs a multi-billion-dollar AI deal with Coreweave (CRWV.O).

According to Bitget's market data, spot gold has fallen 1% intraday, currently trading at $4477.46 per ounce.

Karen Manner, fixed income strategist and portfolio manager at Hermes Investment Management, noted in a report that U.S. inflation remains the top concern for policymakers. Federal Reserve officials have maintained remarkable consistency on this point. Policymakers have also repeatedly stated that the current U.S. labor market is no longer considered a major source of inflationary pressure; instead, employment conditions are increasingly viewed as approaching balance. Consequently, the policy framework has shifted from concerns about the labor market to inflation as the primary variable.