Interest Rate Policy - The Federal Reserve decided to cut interest rates by 0.25% [1] - The rate cut aims to stimulate the stock market and reduce borrowing costs [2] - The Fed's decision is primarily influenced by signs of a slowing US economy, not political pressure [3] Key Personnel - Steven Mirren, appointed by the president, favored even larger rate cuts [1] - Two Fed governors appointed in the president's first term agreed with the 0.25% cut [2] - Jay Powell's press conference indicated that his decisions are based on economic data [3] Economic Outlook - Economic data suggests a slowdown in the US economy [3]

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The White House has good reason to cheer that the Labor Day holiday shortened a week filled with sobering economic data: Here’s your Evening Briefing https://t.co/MHUgHBKafh ...

Crypto Mainstream Adoption - US government is officially putting economic data onchain, marking a watershed moment for crypto [1] - A federal agency is using crypto oracles to publish official numbers, signaling crypto infrastructure is crossing into mainstream [2] - The biggest players in the world are beginning to use blockchains for transparency & decentralization [3] Data Transparency and Trust - Posting official numbers on public chains makes them tamper-evident and instantly checkable, boosting confidence in the data and trust [1] Smart Contract Integration Potential - Smart contracts can now react to GDP or PCE in real time, enabling GDP-linked payouts, on-chain hedges, auto-rebalancing funds, and cleaner prediction markets [2] Market Impact - Immediate market impact observed in PYTH and LINK prices [3]

Government & Economic Data Transparency - Verifiable government data is emerging, starting with basic economic data to build efficient markets [1] - The US Department of Commerce partnership with Chainlink signals a move towards verifiable government [1] - Real-time, verifiable economic data can be used for internet capital markets, eliminating the need for later revisions [1] DeFi & Financial Applications - DeFi can be built on top of federal economic data [1] - Macroeconomic factors can be used for DeFi protocol risk management [3] - Increased composability of tokenized assets is possible [3] - New types of digital assets can be issued [3] - Automated trading strategies can be implemented [3] Data Applications - Real Gross Domestic Product (GDP) data is relevant [3] - Personal Consumption Expenditures (PCE) Price Index data is relevant [3] - Real Final Sales to Private Domestic Purchasers data is relevant [3] - Real-time prediction markets for crowdsourced intelligence can be created [3] - Transparent dashboards powered by immutable data can be developed [3]

JUST IN: 🇺🇸 US Department of Commerce to publish economic data on blockchain. 🤔 ...

Government & Technology - US Government 将开始在区块链上发布经济数据 [1] Industry Impact - 区块链技术可能提高经济数据透明度和可追溯性 [1]

Federal Reserve & Monetary Policy - The Fed's members must work without political considerations to make the best judgments [2] - The FOMC consists of governors and Fed presidents, requiring consensus-building rather than individual decisions [6][7] - The Fed is balancing sluggish job market and GDP growth with above-target inflation, primarily in services [9] - The debate within the Fed centers on whether to prioritize inflation or the labor market side of the dual mandate [11][12] - A strong August jobs number could reduce the likelihood of action at the September meeting [12] - The debate is about the risk of not meeting either side of the dual mandate [12] Inflation & Economic Data - Approximately 80 million workers in the US making $50,000 or less have lost over 25% of purchasing power in the last five years [14] - The Fed should aim for a 2% headline inflation rate, especially for low and moderate-income workers [14][15] - Consumers can substitute goods for services, with goods representing about 25% of the US economy and services 75% [17] - The Beige Book is a critical part of the Fed's process, providing valuable anecdotal insights from businesses across the country [20][21] - Over-reliance on any single data print should be avoided, focusing instead on three-to-six-month trends [23][24]

Nomination Controversy - EJ Anthony's nomination to lead the Bureau of Labor Statistics (BLS) is facing controversy due to his presence near the Capitol on January 6, 2021 [1][3][4] - The White House claims Anthony was merely a bystander who wandered over after seeing news coverage [1][4] Senate Confirmation Concerns - Concerns exist regarding Anthony's qualifications and potential political influence on the BLS [6][10][11][14] - Conservative economists have criticized Anthony's understanding of basic economics [11] - There are fears of political interference with the accuracy of economic data if Anthony is confirmed [14] Potential Political Interference - Accusations suggest the nomination is politically motivated to undermine the credibility of American economic reporting [8][9][10][15][16] - Anthony previously questioned the reliability of the monthly jobs report, raising concerns about data manipulation [14]

Government Data & Economic Impact - The report highlights concerns that the newly appointed Bureau of Labor Statistics Commissioner might manipulate or eliminate monthly job reports, potentially distorting economic data [2][15] - Trillions of dollars are based on the Bureau of Labor Statistics data every month, making its integrity crucial for financial markets and economic decision-making [18] - The report mentions that violent crime in DC dropped 26% over the last year, according to the police, contradicting claims used to justify increased military presence [1] Political Influence & Data Integrity - The report suggests a parallel between the current administration's actions and the Ministry of Truth in Orwell's 1984, where history is rewritten to match the party's narrative [4][5] - The report raises concerns about the potential for political influence over government agencies and data, similar to concerns about China's economic data being influenced by the ruling Communist Party [15] - The report indicates that the business community and financial sector might be hesitant to challenge potentially manipulated data due to fear of regulatory repercussions [18] Checks and Balances & Accountability - The report expresses concern that traditional checks and balances, such as Congress and the judiciary, are not functioning effectively to restrain potential overreach [8][9][13] - The report questions the lack of strong opposition from the business community and tech leaders against actions perceived as threats to free thought and data integrity [14] - The report suggests that the overwhelming amount of information and events makes it difficult for accountability mechanisms to function effectively [11]