Linera Launches Babbage Testnet

April 30 – Brent crude hit its highest level since June 2022 overnight and this morning amid escalating U.S.-Iran tensions, while WTI crude jumped 8.2% to $108.11 per barrel. Markets are concerned the Strait of Hormuz stalemate could drag on, quickly shrinking the global supply cushion. Fed Chair Powell’s commitment to remaining in his role and internal Fed concerns about inflation have sparked sharp divisions over interest rate policy. Traders now view a rate hike this year as more likely than a cut. U.S. stocks were mixed on the news, but the Philadelphia Semiconductor Index climbed 1.8%—with NXP Semiconductors surging 25%. Post-market earnings moved major tech names: Meta fell on a raised capital expenditure outlook, Microsoft’s cloud growth failed to ease investor doubts about AI returns, and Alphabet rose on strong sales data. Bitcoin weakened again during U.S. trading, retracing its Asian-session gains from yesterday and briefly dipping below $75,000 early this morning.

The Wall Street Journal reported on April 30th that the U.S. is proposing forming an alliance to help ensure shipping safety in the Strait of Hormuz.

On April 30, Tether Investments proposed restructuring Twenty-One Capital (XXI) via a series of merger transactions—including a merger with Bitcoin financial services firm Strike and further integration with Bitcoin mining company Elektron Energy. Upon completion of the deal, the merged entity will combine a financial services platform, global distribution/compliance infrastructure, large-scale mining capacity, and computing power resources—creating a comprehensive platform covering Bitcoin reserves, mining, and financial services. Elektron founder Raphael Zagury is slated to serve as CEO.

**Post-Powell Speech, Wall Street Sees Fed More Likely to Hike Than Cut Rates This Year** Wall Street traders now view the Federal Reserve as slightly more likely to raise interest rates this year than cut them, following hawkish signals from policymakers and Chair Jerome Powell’s April 30 speech. Interest rate futures price in an 11% chance of a rate hike—up from 5% earlier Wednesday and 0% on Tuesday—while the odds of a rate cut stand at roughly 2%. Though the Fed retained language suggesting a cut was more likely, three regional Fed presidents dissented from that stance. Powell noted that amid persistent inflation, the central bank may soon drop that wording.

April 30 — U.S. President Donald Trump said "Mr. Too Late" Jerome Powell wants to stay at the Federal Reserve because he can’t find another job — no one wants him. Earlier, Fed Chair Jerome Powell announced after the central bank’s policy meeting Wednesday (local time) that he will remain a Fed Board member once he steps down as chair, with his term extending through early 2028. This breaks the tradition of past Fed chairs leaving the board at the same time their successors take office.

April 30: Federal Reserve Chair Jerome Powell said during a press conference he will remain a Federal Reserve governor for "some time" following his departure as chair. He noted the Fed has faced unprecedented challenges over the past three months and is determined to defend the central bank’s independence. Powell clarified the challenges referenced were not political criticism, but solely legal ones. "The past three months have left me no choice but to stay on," he said. He added the Justice Department will not reinvestigate him unless the Inspector General recommends a criminal referral. Still, Powell is not satisfied with this resolution. "I’ll remain a Fed governor—my term length is to be determined," he noted, and pledged to "keep a low profile." (FXStreet)