Boston Fed: The U.S. May Experience a Period of Elevated Inflation

On July 4th, as monitored by Whale Alert, Tether minted 1 billion USDT on the Ethereum network just 3 minutes ago.

On July 4th, U.S. Treasury Secretary Benson refuted the idea that the recent depreciation of the U.S. dollar would have an impact on its status as the world's primary reserve currency. Benson said this week, "The price of the dollar has no relation to a strong dollar policy. The essence of a strong dollar policy lies in whether we are taking steps in the long term to ensure that the dollar remains the global reserve currency." He believes that the Trump administration is indeed taking such steps. The U.S. Dollar Index declined by nearly 11% in the first half of the year, representing its worst first-half performance since 1973. This depreciation took place against the backdrop of concerns regarding the policies of the Trump administration, especially the potential impact of tariff hikes on economic growth and the administration's tough diplomatic stance towards long-standing allies who have historically invested in the United States. Benson stated that the Republican tax bill "created

On July 4th, the White House announced that U.S. President Trump is going to sign the "Beautiful Act" on Friday at 5 p.m. (5 a.m. Beijing time the next day).

July 4th: As per market reports, the tax cuts and spending bill of Trump has been passed in the House of Representatives.

On July 4th, the International Monetary Fund (IMF) cautioned that the forthcoming Trump tax legislation might complicate the task of reducing the fiscal deficit and debt burden in the coming years. IMF spokesperson Julie Kozack mentioned that the US needs to gradually decrease public borrowing in order to start significantly reducing the debt-to-GDP ratio, which is also a crucial measure of debt sustainability. Kozack stated: "The bill appears to be contrary to the goal of reducing debt in the medium term." The IMF generally defines "medium term" as three to five years. According to Congressional Budget Office data, the bill will lead to an increase in the deficit by $3.3 trillion. (FXStreet)

July 4th: U.S. Treasury Secretary Yellen declared that the market is indicating a Fed rate cut. Thereafter, when asked by President Trump about his demand for a specific rate cut from the Fed, U.S. Treasury Secretary Yellen refrained from providing a definite response. (FXStreet)