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Bessent Ready to โDeployโ Nearly $1 Trillion to Buy Bonds
๐ Treasury Secretary Scott Bessent said the U.S. could use part of the nearly $1 trillion held in the TGA (Treasury General Account).
๐ Purpose: To fund a long-term bond buyback program aimed at easing Treasury yields.
โ๏ธ This is money already available from tax revenues, not newly printed money.
๐บ๐ธ The U.S. is using โcash already in the vaultโ to stabilize the bond market โ a more aggressive move than expected.
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๐บ๐ธ The U.S. is using โcash already in the vaultโ to stabilize the bond market โ a more aggressive move than expected.
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๐บ๐ธ-๐ฎ๐ท Diplomatic hopes are pushing oil prices lower, but geopolitical risks have not completely disappeared.
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๐ค It now holds 5.85 million ETH (worth around $14.6 billion), with an average purchase price of $3,355/ETH.๐ค Bitmine is now only about 200K ETH away from its target of holding 5% of the total ETH supply.๐ค Tom Lee said ETHโs 30% gain in one week resembles previous โmajor breakoutโ periods in May 2025 and July 2021, after which ETH went on to gain more than 160%.
Bitmine is accelerating its ETH accumulation, and Tom Lee believes the recent surge could mark the beginning of another major rally.
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๐ค PCE Y/Y: 3.7% (Forecast = 3.6%, Previous = 3.7%)๐ค PCE M/M: 0.2% (Forecast = 0.1%, Previous = -0.1%)๐ค Core PCE Y/Y: 3.3% (Forecast = 3.3%, Previous = 3.3%)๐ค Core PCE M/M: 0.2% (Forecast = 0.2%, Previous = 0.1%)
PCE was not โhotโ enough to reverse expectations, but it was strong enough to keep the Fed from rushing into easing.
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๐ค Bitcoin fell to around $77K before recovering.๐ค Gold slipped slightly below $4,600.๐ค U.S. stocks traded sideways before closing slightly in the red.โก๏ธ Nvidia was in focus: shares fell 1.6% before the close, then jumped +4% after reporting better-than-expected results.
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๐ข Brent crude briefly climbed above $90.
๐บ๐ธ The U.S. continues to focus on pressuring Iran through economic sanctions.
๐ฎ๐ท Iran has shown willingness to negotiate, but remains unwilling to make concessions.
As both sides continue to hold firm, oil prices remain supported by geopolitical risk.
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๐ค Iran and Oman Reach Revenue-Sharing Agreement for the Strait of Hormuz
This is a sign of easing tensions, but Hormuz cannot simply be โfully reopenedโ because of a revenue-sharing agreement alone.
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๐ฃ Iran and Oman have reached an agreement on revenue sharing in the Strait of Hormuz.๐ฃ The two sides also discussed territorial waters and a mechanism for managing the shipping route.๐ฃ The agreement does not mean the Strait of Hormuz will immediately reopen fully.๐ฃ Broader progress still depends on tensions between the U.S. and Iran.
This is a sign of easing tensions, but Hormuz cannot simply be โfully reopenedโ because of a revenue-sharing agreement alone.
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Japanese Yen Edges Higher as USD Buyers Turn Cautious Over Hormuz
๐ข The Japanese Yen strengthened slightly against the U.S. dollar.
๐ค USD buyers are showing caution as more optimistic signals emerge around easing tensions in the Strait of Hormuz.
๐ค Markets are now waiting for Tokyo CPI data and speeches from Jackson Hole.
๐ด The Yen has not strengthened sharply, but the USD also lacks enough confidence to break higher as Hormuz risks begin to ease.
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๐ด The Yen has not strengthened sharply, but the USD also lacks enough confidence to break higher as Hormuz risks begin to ease.
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๐ค The network will support payments, tokenized deposits, stablecoins, and automated settlement.๐ค It is not intended to operate as a closed system and is designed to be interoperable with other networks.๐ค The project is expected to launch in 2027 and is currently seeking technology partners.
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๐ Nvidia +8.7% after reporting better-than-expected results, with revenue reaching $96.22 billion and next-quarter guidance rising to $108 billion. The results temporarily eased concerns that the AI rally may be โoverheated.โ
Risk-on is back, but the Fed remains the biggest variable.
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๐ Looking back at 2025: Powellโs dovish-leaning speech triggered a strong risk-on reaction; Bitcoin rose about 4%, while ETH jumped roughly 14% shortly after the speech.๐ This year is even more notable as the Jackson Hole theme focuses on financial innovation, payments, and tokenization โ putting crypto under even greater attention than usual.
21:00 tonight โ the Fed could determine the marketโs next major direction.
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๐บ๐ธ President Donald Trump has publicly congratulated Jensen Huang and Nvidia on Truth Social following another set of impressive business results.
๐ Nvidia hits new records:
๐ค Quarterly revenue reached $96.2 billion, up 106% YoY.๐ค Data Center revenue hit $89 billion, up 117% YoY.๐ค Nvidia expects FY2028 revenue to grow by around 70%, signaling that AI demand remains extremely strong.
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Two of the most powerful figures in U.S. economic policy appear to be moving in different directions:
The Fed wants markets to price themselves, while the Treasury wants to push yields lower.
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