Why Trump Inflation Predictions Moved Treasury Yields, ETFs
WSJ, Morgan Stanley see higher inflation in a Trump second term.
WSJ, Morgan Stanley see higher inflation in a Trump second term.
British and European stock markets fell today, while the euro retreated, on concerns about the potential economic fallout should the far-Right win power in France in weekend elections.
Wall Street wrapped up a blockbuster first half of the year. In the current scenario, investors should bet on ETFs that were winners in the first half and have a solid Zacks ETF Rank #1 (Strong Buy) or 2 (Buy).
According to an official announcement: On June 27, 2024, Binance took a significant step towards enhancing security and compliance within the digital finance ecosystem by partnering with the Organized Crime and Triad Bureau (OCTB) of the Hong Kong Police Force. This collaboration underscores Binance's ongoing commitment to working closely with law enforcement agencies to combat financial crime and promote safety within the cryptocurrency industry. Main Takeaways: 1. Invitation by OCTB: - The OCTB, a distinguished division within the Hong Kong Police Force known for its successful efforts in neutralizing major criminal organizations and triad groups, invited Binance to a law enforcement sharing session at the Hong Kong Police Headquarters. 2. Recognition of Binance’s Efforts: - The invitation from the OCTB highlights the recognition of Binance’s dedication to security and compliance within the crypto industry. - This session marks a significant step in Binance’s ongoing efforts to collaborate with law enforcement in combating threats and enhancing operational security. 3. Participation and Insights: - During the session, Carlos Mak, a specialist from Binance’s Investigations team, emphasized Binance's commitment to protecting users and ensuring a secure online financial environment. - A spokesperson from the OCTB appreciated Binance’s insights and highlighted the importance of this partnership in fighting organized crime and protecting the community from emerging threats. Notable Quotes: - Carlos Mak: "We are deeply grateful for the invitation from the OCTB. By deepening our cooperation with the global law enforcement community, Binance is able to further its commitment to protect users and build a secure online financial environment. We will continue to be at the forefront of combating financial crime." - OCTB Spokesperson: "We are pleased to welcome Binance to our headquarters and anticipate their valuable insights into fighting organized crime. This partnership is essential as we continue to protect our community from emerging threats. We appreciate Binance’s dedication to fostering security and compliance in the crypto industry." Mission to Maintain Security: Binance's participation in the sharing session with the OCTB represents a milestone in the company’s journey towards maintaining and enhancing security within the digital finance ecosystem. Furthermore, it exemplifies Binance’s dedication to fostering strong relationships with law enforcement agencies worldwide. - Past Engagements: In 2023 alone, Binance participated in 120 online and offline law enforcement training sessions globally. - Upcoming Engagements: Binance has also been invited to the Hong Kong International Symposium on Cyber Policing and the Virtual Asset Investigation Course (VAIC) organized by the Cyber Security and Technology Crime Bureau (CSTCB) of the HKPF. By continuously engaging in such collaborative initiatives and training sessions, Binance aims to equip law enforcement officials with the knowledge and skills necessary to combat novel financial crimes effectively. This effort strengthens Binance’s mission to ensure a safe and transparent environment for all crypto users. The partnership with Hong Kong's OCTB and participation in the recent law enforcement sharing session are indicative of Binance’s unwavering commitment to security, compliance, and cooperation with global enforcement entities. As Binance continues to lead in these collaborative efforts, it sets a strong example for the industry, working towards a safer and more secure digital finance ecosystem for all stakeholders.
On July 2, 2024, a pivotal ruling emerged from the United States District Court for the District of Columbia. Judge Amy Berman Jackson dismissed several core claims by the Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency exchange by volume. This decision represents a significant moment in the regulatory landscape of the cryptocurrency market. Key Takeaways: - Rejection of Key SEC Claims: The court dismissed multiple critical arguments by the SEC, notably that crypto tokens, including BNB and Binance’s fiat-backed stablecoin BUSD, could be categorized as securities. - Secondary Market Sales: The SEC's contention that secondary market sales of BNB tokens on crypto exchanges were securities transactions was also rejected, diminishing the SEC’s capacity to assert its enforcement over these activities. - Continued Claims: Despite these dismissals, certain claims from the SEC remain active in the lawsuit, yet these face considerable hurdles for validation. Critical Findings from the Court: 1. The Meaning of “Investment Contract”: - SEC’s Broad Assertion Rejected: The SEC’s broad assertion that crypto tokens are investment contracts was deemed legally untenable. The focus, per the court's opinion, should be on the circumstances surrounding each transaction, not on the tokens themselves. - Legal Precedents: The court highlighted the SEC’s approach as inconsistent with Supreme Court precedent, emphasizing that the mere existence of a token does not classify it as a security. 2. BNB Sales on Secondary Crypto Exchanges: - Dismissed Claim on Secondary Sales: The court ruled that the SEC failed to provide sufficient facts to suggest that secondary market sales of BNB tokens were conducted with the expectation of profits, a crucial element for something to be classified as a security under the Howey Test. - Limiting SEC’s Enforcement Ability: This ruling notably restricts the SEC’s authority to impose regulations on secondary market transactions facilitated by exchanges. 3. Binance’s Stablecoin, BUSD: - Investment Contract Argument Rejected: The assertion that Binance’s BUSD is an investment contract was dismissed. The court found no evidence to suggest that BUSD was marketed with an expectation of profit due to Binance's efforts. - Consistency in Regulation: Points of inconsistency among various U.S. regulatory bodies regarding stablecoins were highlighted, illustrating the complexities and uncertainties in the crypto regulation landscape. SEC’s Remaining Claims: While several claims were dismissed, the court allowed certain aspects, such as the SEC's argument on direct sales of BNB as securities transactions, to proceed. However, proving these claims will be challenging for the SEC, as they must demonstrate that token purchases were made with investment expectations. Implications and Future Steps: - Significance for Binance and Crypto Industry: This ruling sets a significant precedent by recognizing strict boundaries on the SEC’s regulatory reach over the crypto industry. It is a substantial victory for Binance and the broader crypto sector. - Calls for Consistent Regulation: The judgment underscores the need for coherent and sensible regulation, instead of a piecemeal approach that creates ambiguity and inconsistency. - Ongoing Defense: Binance remains committed to defending against the SEC's regulatory attempts and will continue to advocate for fair and consistent oversight that fosters innovation and growth within the crypto market. The decision by Judge Amy Berman Jackson marks a crucial development in the ongoing regulatory battles within the cryptocurrency industry, signalling a call for more structured and sensible approaches to regulation. As the case progresses, it underscores the continued tension and complexities between regulatory ambitions and the rapidly evolving digital asset landscape. This ruling is a step toward establishing clearer regulatory frameworks that can support both innovation and market integrity.
We have highlighted 10 ETFs that have seen higher average volumes in the second quarter and are thus the top 10 funds in terms of trading volume.
Federal Reserve Chair Jerome Powell is speaking at the European Central Bank (ECB) Forum on Central Banking in Sintra, Portugal on Tuesday, stating the US Fed has "made quite a bit of progress" on tamping inflation down to its 2% target. The Morning Brief welcomes on Marketgauge.com chief strategist Michele Schneider, who believes the market (^DJI, ^IXIC, ^GSPC) is moving in-line with Powell's comments and the Fed's overall interest rate policy. "Essentially there's a there's a double-edged sword when it comes to these yields. You want the yields not to get too soft in essence because, to date, we've actually had the S&P 500 outperform the long bonds," Schneider says on Treasury yields (^TYX, ^TNX, ^FVX). "And the junk bonds relationship to the long bonds is also important because they have really been more on a risk on. So even though the yields pinch and certainly pinch areas that are very interest rate sensitive... It's also really giving confidence." Schneider also comments on Nvidia (NVDA) in the semiconductor industry and various commodities. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
Bond investors seek direction from Fed, economic data.
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Heartbeat trades were prominent last week.