> FED'S WARSH: WE ARE ONLY IN THE FIRST OR SECOND INNING OF THIS REVOLUTION

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> FED'S WARSH: WE'VE LOOKED AROUND AND SEE THAT PRICES ARE TOO HIGH

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> WARSH ON AI'S IMPACT ON JOBS: I THINK JOBS WILL BE GREATER, PROSPERITY WILL BE STRONGER

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> ETHEREUM INSTITUTIONAL LAUNCHES TO SUPPORT INSTITUTIONAL ADOPTION OF ETHEREUM

ETHEREUM INSTITUTIONAL ANNOUNCED ITS LAUNCH AS AN INDEPENDENT NON-PROFIT FOCUSED ON ACCELERATING INSTITUTIONAL ADOPTION OF ETHEREUM, ITS L2S, APPLICATIONS AND BROADER ECOSYSTEM. ITS FOCUS AREAS INCLUDE INSTITUTIONAL ENGAGEMENT, INSTITUTIONAL INTELLIGENCE, ETHEREUM ECOSYSTEM AND ETH MARKETING, INDUSTRY REQUIREMENTS, AND EVENTS. BITMINE, SHARPLINK AND JOSEPH LUBIN ARE ITS ANCHOR FUNDERS. — LINK

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> FED'S WARSH: EXPECTATIONS OF INFLATION OVER THE FIRST FOUR WEEKS HAVE COME DOWN

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> FED'S WARSH: INFLATION RISKS HAVE COME DOWN

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> FED'S WARSH: IF ANYONE THOUGHT WE'D BE HAPPY WITH INFLATION ABOVE 2%, THEY WILL BE DISAPPOINTED

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> FED'S WARSH: WE'LL BE AN INDEPENDENT CENTRAL BANK

FED'S WARSH: NO CHANGES IN INDEPENDENCE

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> *META RISES 7.9%, LARGEST GAIN SINCE APRIL 8

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> FED'S WARSH: VOLATILITY IS DOWN, YIELDS ARE DOWN

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> RATE HIKE BETS HOLD FIRM

FED CHAIR KEVIN WARSH DECLINED TO SAY WHETHER THE FED WILL RAISE INTEREST RATES AT ITS NEXT MEETING, STRESSING POLICYMAKERS WILL WAIT FOR MORE DATA.

MEANWHILE, MARKET EXPECTATIONS REMAIN ELEVATED, WITH KALSHI PRICING A 68% CHANCE OF A FED RATE HIKE BEFORE JULY 2027 AND A 53% CHANCE BEFORE THE END OF 2026.

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> YEN INTERVENTION WATCH INTENSIFIES

MARKETS EXPECT JAPAN COULD INTERVENE TO SUPPORT THE YEN DURING FRIDAY'S U.S. HOLIDAY-THINNED TRADING.

HOWEVER, RABOBANK SAYS INTERVENTION ALONE IS UNLIKELY TO REVERSE THE YEN'S WEAKNESS, WHICH IS BEING DRIVEN BY A STRONG DOLLAR AND INVESTOR HEDGING TIED TO GAINS IN JAPANESE EQUITIES.

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> US AMBASSADOR TO NATO MATTHEW WHITAKER TO REPORTERS: I THINK WE'RE PREPARED TO HAVE A VERY SUCCESSFUL SUMMIT

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> US S&P JUNE MANUFACTURING PMI AT 53.9; PREV. 51.6

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> SPOT SILVER RISES NEARLY 3% TO $60.37/OZ

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> WARSH: STILL HAVE SCARS FROM 2008 FINANCIAL CRISIS, WE TAKE RISK SERIOUSLY

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> NISSAN CUTS COSTS ON MEXICO-MADE CARS TO MITIGATE 25% TARIFFS

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> US NATO AMBASSADOR: SOME ALLIES ARE LAGGING BEHIND, ARE NOT SPENDING ENOUGH OR DON'T HAVE CREDIBLE PATH

US NATO AMBASSADOR: TRUMP FULLY EXPECTS ALL ALLIES WILL STEP UP IMMEDIATELY AND GET ON PATH TO 5%

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> ETHEREUM INSTITUTIONAL LAUNCHES AS INDEPENDENT NON-PROFIT TO BRING INSTITUTIONAL FINANCE ONCHAIN AT SCALE — LINK

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> FRENCH BANKING GIANT CRÉDIT AGRICOLE ROLLS OUT EURO STABLECOIN, EURXT — LINK

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> BITCOIN ETF OUTFLOWS EXTEND

BITCOIN ETFS ENDED JUNE WITH $222.6 MILLION IN NET OUTFLOWS, MARKING MORE THAN TWO STRAIGHT WEEKS OF INVESTOR WITHDRAWALS, ACCORDING TO COINGLASS.

ETHER ETFS ALSO CONTINUED TO SEE OUTFLOWS, WHILE SOLANA AND XRP ETF FLOWS REMAINED MIXED.

DESPITE THE WITHDRAWALS, MAJOR CRYPTOCURRENCIES TRADED MODESTLY HIGHER.

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