The retail data released today, following the CPI and PPI, remains very strong, although it may be driven by expectations of tariffs boosting consumer spending. But data is data; at least for now, the U.S. economy appears to be healthy. We might have to wait until after September to see any cooling data.

In addition to the retail data, Trump has not attacked the Federal Reserve and Powell much today, but Federal Reserve official Mary Daly's speech today again indicates that it's not just Powell who is opposing Trump. Although she believes that there should be two rate cuts by 2025, she still opposes premature rate cuts, which is also the position of most Federal Reserve officials.

The voting on the cryptocurrency bill is still ongoing, so I won't dwell on it; the issue should not be significant, just a matter of time. Besides that, today BlackRock and Nasdaq finally submitted their application for $ETH spot ETF collateral to the SEC, with the final approval date set for April 2026. However, the market generally expects approval by the fourth quarter of 2025, which has nearly pushed ETH's price to touch $3,500.