Chicago Fed President Austan Goolsbee on interest rates, Trump signs GENIUS Act into law,

Market Trends & Economic Indicators - The Dow Jones Industrial Average slipped nearly 200 points, while the S&P 500 and Nasdaq trimmed gains near record highs [2] - The 10-year Treasury yield is off the 45% mark, down about three basis points, while the 30-year Treasury yield remains critically at 5% [6] - The US dollar index is down slightly today, up a little bit for the week [7] - June CPI ticked up a tenth of a percentage point to 29%, up from 28% previously, indicating a potential warning sign in core goods inflation [12] - The market is still pricing in two Fed rate cuts, each of 25 basis points or a total of 05%, by the end of the year [40] Tariff & Trade Impact - President Trump is reportedly pushing for a minimum of 15% to 20% tariff on EU goods as part of any deal [2] - New round of tariffs on domestic production parts, components, copper, and supplies, as well as revisiting tariffs on Canada and Europe, create uncertainty [14] - Imported goods are only 11% of GDP, but tariffs could have a larger impact if they lead to behavioral changes or retaliation [17] - Potential for stagflation exists with elevated inflation and slowing growth, but long-term impact to inflation from tariffs may not be extreme [64][70] Sector Performance - Utilities are leading the day, up 175%, while consumer discretionary is up thanks to Tesla [7] - Energy is down 1% due to crude oil under pressure, and communication services are down 07% [8] - Platinum is up 60%, palladium up 40%, copper up 40%, and silver up 30% year-to-date in commodities [44] Cryptocurrency & Digital Assets - President Trump is signing the Genius Act to regulate cryptocurrency, the first major crypto legislation passed by Congress into law [3] - Dollar-linked stable coins could reach $2 trillion or more in market capitalization, with some estimates as high as $37 trillion [52][53] - The Genius Act will unlock American dominance in the crypto industry by creating clear rules of the road and extending US dollar dominance globally [48] Company Specific News - Tesla is up 3% [9] - American Express is down 2%, Chevron is down almost 3%, Coca-Cola is down about two-thirds of a percent, and IBM is up 135% [9] - Chevron can move forward with the $53 billion acquisition of Hess after officials dismissed Exxon's attempt to block the deal [92] - American Express expenses increased 14%, higher than expected, due to investments in tech and risk management [95]