JPMorgan Chase: Trump's New Tariff Will Raise US Effective Tax Rate to 14.6%

July 10th: The minutes of the June meeting of the Federal Reserve that were recently released showed that the participants noticed the stability of long-term inflation expectations and emphasized the significance of maintaining stability. Several participants remarked that short-term inflation expectations had increased. This development could spill over into long-term expectations or have an impact on price and wage setting in the near term. While a few participants pointed out that tariffs would cause a one-time price increase without influencing long-term inflation expectations, most participants indicated that tariffs could have a more lasting effect on inflation. Some participants emphasized that this sustained effect could also affect inflation expectations. Some participants noted that since inflation has been rising for some time, if inflation continues to rise, the risk of losing control of long-term inflation expectations would increase. (Jin10)

On July 10th, in the "Fed Heard" column, Nick Timiraos pointed out that the minutes of the Fed meeting disclosed some things that we were already aware of. Officials were divided into three main camps regarding the interest rate path: - Cut rates later this year but rule out July (the mainstream camp); - Keep rates steady throughout the year; - Advocate for immediate action at the next meeting (the minutes show that only "a few" participants support this, suggesting Fed Governors Waller and Bowman). (FX168)

On July 10th, based on HTX market data, Ethereum has exceeded $2700, and the 24-hour percentage change is 3.46%.

July 10: Minutes of the Federal Reserve Meeting: The majority of participants thought it would be suitable to reduce the federal funds rate later this year. Several participants stated that, provided the economy developed as they currently anticipate, they would be inclined to contemplate a cut in interest rates during the July meeting. (Xinhua Finance)

July 10th. The most recent release of the minutes from the Federal Reserve's June meeting indicates that the participants noted that risks and uncertainties were significant factors influencing their decisions and emphasized the necessity of formulating a policy strategy aimed at attaining the Committee's maximum employment and price stability goals within a period of high uncertainty. The participants recognized that economic risks and uncertainties were widespread and presented challenges to the design and communication of monetary policy. They pointed out that it is difficult to measure and assess risks and uncertainties, and the Committee relies on a wide range of indicators and information from businesses and community contacts to assess the evolving risks. This is particularly helpful during periods of heightened uncertainty and is beneficial to the Committee. (FXStreet)

On July 10th, the minutes of the Federal Reserve meeting stated that all participants believed that keeping the federal funds rate within the current target range was appropriate. Several participants pointed out that the current federal funds rate might not be far from the neutral rate. (Kryptonite)