policy

According to Jinshi, the parent company of the New York Stock Exchange (NYSE), Intercontinental Exchange Group (ICE) plans to launch new futures contracts linked to global monetary policy decisions and U.S. natural gas inventories, aimed at providing investors with a way to hedge against economic event risks. ICE plans to introduce futures products based on interest rate decisions from the Federal Reserve, European Central Bank, and Bank of England, expected to go live on August 10 after obtaining regulatory approval.

According to Jinshi reports, Federal Reserve's Williams stated that monetary policy is at a "suitable position" for the current economy.

According to The Block, a survey by CoinShares of 261 wealth management professionals in Europe shows that 52% of UK wealth advisors indicate that most of their clients' crypto asset exposure is outside their management scope (with a management gap exceeding 50%), while the overall percentage in Europe is one-quarter.The report points out that this "management blind spot" is primarily driven by company policies rather than a lack of advisor knowledge or client demand. In companies with explicit restrictions or a lack of internal guidance, the proportion of advisors actively recommending crypto assets is only 1%, while the management gap reaches 34%; in contrast, in companies with clear support, the recommendation rate is 48%, and the management gap is only 4%.The survey also found that the changes advisors most want to see are regulatory recognition of digital assets as a mainstream asset class (45%) and access to exchange-traded products (ETPs) (43%), rather than purely educational training.Currently, the UK's Financial Conduct Authority (FCA) has proposed allowing authorized funds to hold up to 10% in crypto ETPs, and the European regulatory environment is gradually shifting towards support, which may help narrow this management gap.

According to CoinDesk, Federal Reserve Chairman Kevin Warsh will testify before Congress for the first time on July 14 at 10 AM (Eastern Time), and traders are closely watching for signals regarding stablecoins, bank custody, and interest rate policy.

On June 23, five Democratic senators from the U.S. Senate, including Elizabeth Warren and Richard Blumenthal, jointly sent a letter requesting multiple Senate committees to hold hearings immediately regarding the $500 million investment by UAE officials in the Trump family's cryptocurrency project WLFI, to investigate whether this investment influenced the Trump administration's subsequent policy decisions towards the UAE.According to the letter, an agent for a member of the Abu Dhabi royal family signed an agreement with the Trump family to acquire a 49% stake in WLFI for $500 million, with the agreement completed four days before Trump's inauguration. The foreign buyer prepaid $218 million to entities associated with the Trump family and Middle East chief diplomat Steve Witkoff. The deal was reportedly endorsed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, and the senators described this move as "unprecedented in U.S. political history."More concerning is the policy direction following the completion of the deal. The letter lists a series of decisions made by the Trump administration within months of the agreement that were clearly favorable to the UAE: approval of $1.4 billion in arms sales to the UAE; the Treasury Department establishing a "known investor pilot" program, which opened the green light for a fast-track approval process for the UAE that had long been lobbied for by CFIUS; and the Commerce Department lifting chip export restrictions from the Biden era, authorizing UAE AI company G42 to acquire 35,000 Nvidia Blackwell chips, with a transaction amount exceeding $1 billion. However, U.S. intelligence officials reportedly found that G42 had provided U.S. technology that could enhance missile capabilities to China.The senators demanded that Trump administration officials "explain under oath when they became aware of the payments to the president and his chief regional diplomat's family," and provide clarification on how to restore public trust. Currently, neither WLFI nor the UAE government has responded to this matter.

Today, Bitget CFD Chief Analyst Lewis Huang pointed out in an online live broadcast themed "Logic of Gold Trend Analysis" that this week's market focus will be on the U.S. May PCE Price Index and the final value of Q1 GDP.Previously, CPI and PPI data reached new highs, non-farm employment showed robust performance, and signals of inflation rebound combined with the Federal Reserve's hawkish stance have led the market to gradually digest rate hike expectations. He emphasized that Waller has clearly stated that controlling inflation is the top priority, and the interest rate dot plot shows that rate hikes in 2026 are becoming an internal consensus, and the market needs to prepare for a higher and longer-lasting interest rate environment.Regarding the gold trend, Lewis Huang stated that due to the impact of geopolitical conflicts driving up energy prices, the overall year-on-year increase in the Personal Consumption Expenditures (PCE) Price Index may rise to 3.4% or even higher. If the Personal Consumption Expenditures (PCE) Price Index rises unexpectedly, the U.S. Dollar Index will gain strong momentum, while non-interest-bearing assets like gold will face weakening risks. He suggests that CFD traders closely monitor inflation expectation differentials and flexibly capture opportunities for U.S. dollar bullishness or guard against gold downturns.

According to Jinshi reports, Castle Securities stated that Federal Reserve Chairman Waller's commitment to lowering inflation has enhanced the credibility of the Federal Reserve, thereby supporting U.S. long-term Treasury yields and suppressing term premiums. Following last week's Federal Reserve meeting, trading in the U.S. Treasury market, which amounts to $31 trillion, showed that long-term yields were more stable compared to the two-year yields that are more sensitive to policy. The company's head of fixed income sales, Nohshad Shah, stated, "A highly credible Federal Reserve should benefit long-end rate performance."

According to a Reuters report, the Bank of England released the final policy and draft rules for stablecoins on Monday, easing some of the recommendations proposed in last year's industry consultation. The Bank of England has scrapped the plan for a personal holding limit and instead imposed a cap on the total issuance of each stablecoin, with an initial limit of £40 billion (approximately $52.84 billion). The central bank has also slightly relaxed the reserve asset requirements and plans to finalize the rules by the end of this year.

The recently released policy simulation report "Europe 2031" points out that, constrained by a shortage of computing power and reliance on external models, Europe may face the risk of economic and political marginalization in the global AI competition if it does not make significant strategic adjustments. The report notes that Europe currently accounts for only 5% of global AI computing power, lacking leverage in technological competition, and its advocated "technological sovereignty" may be difficult to achieve due to insufficient funding and lagging policies, even facing the risk of losing autonomous control over core technology companies (such as ASML).To address the aforementioned challenges, the report proposes a series of countermeasures. It suggests that Europe should mobilize public and private capital on a large scale, focusing investments on foundational computing infrastructure such as energy, semiconductors, and data centers; and form a technology alliance with countries like the UK and Japan to integrate supply chain advantages for international negotiation leverage. Additionally, the report calls for Europe to advance labor market reforms to adapt to the proliferation of AI and tighten scrutiny of foreign investment in local manufacturing to consolidate its existing advantages in industrial AI and robotics.

According to Jinshi reports, Federal Reserve Chairman Waller stated that among the 19 people, no one believes that tightening policy is necessary today.

According to Jinshi News, Lombard Odier's macro chief Florian Ielpo believes that market trends reflect a repricing of the Federal Reserve's credibility and independence. Inflation has clearly become the core of the Federal Reserve's response mechanism again, and someone is at the helm of this. He pointed out that the Federal Reserve "has adjusted its tone, with information being more concise and more instructive, no longer emphasizing any dissent—most of the wording from previous statements has been discarded, which should be seen as a small monetary policy revolution."

According to Jinshi, Ryan Detrick, Chief Market Strategist of Carson Group, stated that the meeting hosted by Waller for the first time did not cause much of a stir. The market realizes that inflation is clearly heating up, but the economy remains resilient. The market generally expects that there is a high probability of no interest rate cuts this year, which has been further confirmed. The next question is whether there will actually be an interest rate hike, or if the Federal Reserve will remain on the sidelines for the rest of the year.

According to Jinshi reports, the Federal Reserve FOMC statement reiterates the policy of maintaining ample reserves in the banking system and instructs the open market operations department to increase securities holdings when appropriate.

According to The Block, the International Monetary Fund (IMF) stated that the widespread adoption of dollar-pegged stablecoins in Nigeria is challenging the country's existing monetary policy and regulatory framework.The IMF pointed out that the devaluation of the naira, high inflation, and limited access to official foreign exchange are driving local households and small to medium-sized enterprises to turn to stablecoins for cross-border payments and to hedge against exchange rate risks.

According to Jinshi reports, Bank of Japan Deputy Governor Shinichi Uchida stated that today's decision took into account the risk of needing to raise interest rates significantly if policy adjustments are delayed.

According to Jinshi reports, the Bank of Japan stated that it will continue to raise policy interest rates based on the developments in economic activity, prices, and financial conditions.

According to Jinshi, the American asset management company PGIM expects the Federal Reserve to raise interest rates three times this year to curb economic overheating, and then reverse the rate hikes in 2027. PGIM pointed out that the U.S. economy is "exceptionally strong," with inflation remaining high, necessitating new strategies. The company also stated that it expects the Federal Reserve to cut rates three times in 2027, with the final rate dropping to 3.375%, below the current level.

According to The Block, the Hyperliquid Policy Center (HPC) and venture capital firm Paradigm jointly wrote to the U.S. Department of the Treasury, requesting modifications to a proposed anti-money laundering rule. This rule was jointly proposed in April by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), aiming to treat stablecoin issuers as financial institutions and requiring them to bear strict liability for transactions that cannot be effectively monitored.HPC and Paradigm stated in the letter that they support FinCEN's focus on compliance obligations in the primary market, where issuers know their customers; however, in the secondary market, where issuers only see wallet addresses and transaction amounts, a more lenient approach should be taken. They believe that extending issuer liability to secondary market activities conducted through smart contracts will lead issuers to only deploy stablecoins in licensed environments, causing regulated stablecoins to exit DeFi and be replaced by unregulated offshore non-U.S. alternatives.HPC and Paradigm suggested narrowing the definition of "activities related to payment stablecoins" and reconsidering OFAC's handling of interactions involving smart contracts.