On June 25, the US dollar index was 105.388, down 0.09%; the US 10-year Treasury yield was 4.2360%, down 0.02%. The US market seems to have walked out of the panic of European debt and began to wait for this week's PCE data. According to Bloomberg, the early legislative elections held by French President Emmanuel Macron mean a major shift in France's economic policy. Investors are worried that any winner may cause the French government deficit to swell. They are currently demanding the risk premium of French bonds to reach the highest level since 2012, worried that France's sovereign credit will be in trouble.
As for the Federal Reserve, Goolsbee said that the decision on interest rate cuts needs to be based on data progress, but he is slightly more confident about inflation data;
Mester said the Fed should consider selling MBS as an option to achieve its goal of reducing its balance sheet;
Daly said the Fed must be careful to control inflation, rising unemployment is becoming an increasing risk, and interest rates will not be cut until inflation falls back to 2%.
On the Treasury side, Biden and Yellen plan to introduce policies to reduce household housing costs, but specific measures are yet to be released.
In the U.S. stock market, Nvidia made a healthy correction, driving the index down. The S&P 500 fell 0.29% to close at 5448.89 points; the Nasdaq fell 1.09% to close at 17499.17 points; the Dow Jones closed at its highest level in a month, up 0.66% to close at 39408.32 points.
In terms of AI stocks, Nvidia led the decline of related stocks. Nvidia NVDA fell 6.68% to close at US$118.11; Broadcom AVGO fell 3.7% to close at US$1,592.21; Advanced Micro Computer SMCI fell 8.65% to close at US$826.98; Intel INTC fell 1.67% to close at US$30.57.
As for local dog stocks, nothing major happened. GME fell 1.17% to close at $23.65; AMC rose 0.44% to close at $4.57; Faraday Future fell 17.72% to close at $0.326.
Cryptocurrency, Bitcoin fell to $58,484 in the early morning, but Ethereum remained strong, falling to $3,240.83 at its lowest point. The Ethereum-Bitcoin exchange rate is currently maintained at 0.05533, and the bull market is already halfway through (according to the traditional custom in the cryptocurrency circle, Ethereum is stronger than Bitcoin, which means the bull market is already halfway through). The altcoins rebounded, and those who bought discounted goods on June 18 should have made money.
In terms of Bitcoin ETF, GBTC had an outflow of US$90.4 million, FBTC had an outflow of US$35.2 million, ARKB had an outflow of US$7.2 million, BITB had an outflow of US$8.2 million, BTCO had an outflow of US$2.4 million, HODL had an outflow of US$10.2 million, and EZBC had an outflow of US$20.9 million, with a total outflow of US$175 million on June 25.
