US: Senate Likely To Take Up Second Major Crypto Bill In September - Sen. Scott
Jul-18 15:56
Eleanor Mueller at Semafor reporting that Senate Banking Chair Tim Scott (R-SC) hopes to release a discussion draft of the Senate's version of the CLARITY Act next week. "We'll take that home for August, fight over it, make it better ... and then have a markup in September," Scott said.
- The CLARITY Act is one of a pair of landmark crypto bills that passed the House yesterday. The Senate-passed GENIUS Act will be signed into law by President Trump at 14:30 ET 19:30 BST. LIVESTREAM
- Scott said the House this week "wanted to make sure that we were open to the CLARITY Act, No. 1, and No. 2, some changes that they had sought in GENIUS that they were going to embed into the CLARITY Act, they wanted to make sure that we were willing to take that up."
- Crypto industry players note that the CLARITY Act, which designates the Commodity Futures Trading Commission (CFTC) as the primary overseer of digital assets, rather than the Securities and Exchange Commission (SEC), is likely to have more positive long-term implications for the sector.
- Coinbase's Kara Calvert told CNBC: “When consumers buy and sell and trade these digital assets, they want to know what they’re getting and they want to know that they’re using a reputable intermediary. And what this bill does is provide that construct to do that.”
- Both crypto bills passed the House with strong bipartisan majorities, showing the growing influence of crypto in Washington.
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US DATA: Business Inflation Expectations Contained In June – Atlanta Fed
Jun-18 15:37
The Atlanta Fed’s Business Inflation Expectations survey for June (in-depth report, here) continued to show relatively modest impacts from US tariff policy.
- Firms’ 1Y ahead inflation expectations, defined in the details as the mean change in expected unit costs over the next 12 months, fell to 2.42% in June from 2.54% in May.
- It’s down from a recent high of 2.76% in April (highest since Jul 2023) for the lowest since February but still a little above the 2.24% averaged in 2024 for context.
- The increase and subsequent pullback is more in keeping with a modest increase in consumer expectations from the NY Fed’s survey as opposed to the sharper climbs in the U.Mich survey and less so Conference Board survey.
- This release also sees the quarterly question for firms’ long-run unit cost inflation expectations 5-10Y ahead, with it unchanged at 2.8% from the March survey. It’s up from Q4 low of 2.6% (lowest since 3Q20) but has only increased back to the 2.8% averaged since the survey started in 2012 through 2019.
- The combination points to a more mellow uptick in inflation expectations compared to sharper increases in prices paid components of ISM manufacturing and services surveys as of May.
FED: US TSY 8W BILL AUCTION: HIGH 4.470%(ALLOT 16.95%)
Jun-18 15:32
- US TSY 8W BILL AUCTION: HIGH 4.470%(ALLOT 16.95%)
- US TSY 8W BILL AUCTION: DEALERS TAKE 48.72% OF COMPETITIVES
- US TSY 8W BILL AUCTION: DIRECTS TAKE 9.12% OF COMPETITIVES
- US TSY 8W BILL AUCTION: INDIRECTS TAKE 42.16% OF COMPETITIVES
- US TSY 8W BILL AUCTION: BID/CVR 2.70
FED: US TSY 4W BILL AUCTION: HIGH 4.060%(ALLOT 48.91%)
Jun-18 15:32
- US TSY 4W BILL AUCTION: HIGH 4.060%(ALLOT 48.91%)
- US TSY 4W BILL AUCTION: DEALERS TAKE 18.15% OF COMPETITIVES
- US TSY 4W BILL AUCTION: DIRECTS TAKE 2.93% OF COMPETITIVES
- US TSY 4W BILL AUCTION: INDIRECTS TAKE 78.92% OF COMPETITIVES
- US TSY 4W AUCTION: BID/CVR 3.15
