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US stock markets experienced a relief rally despite a significant drop in consumer sentiment, with the Wall Street index losing 3.1% for the week. Political developments alleviated government shutdown fears, but recession concerns resurfaced following comments from Treasury Secretary Scott Bessent. Attention now turns to the upcoming FOMC meeting, where the Fed is expected to maintain interest rates at 4.25% - 4.50%.
AUD/USD ended last week at 0.6326, marking its fifth gain in six weeks, driven by concerns over US trade policies and improving risk sentiment. Key influences this week include US trade policy, interest rate meetings, and Australia's employment report, expected to show a gain of 20,000 jobs with the unemployment rate steady at 4.1%. A stronger jobs report could lead the RBA to hold rates steady in April, while technical analysis suggests potential for further gains towards the 200-day moving average at 0.6525-0.6535.
President Trump announced plans for a national crypto reserve, including Bitcoin, ether, XRP, Solana, and Cardano, aiming to position the U.S. as the "Crypto Capital of the World." While proponents see potential taxpayer benefits, critics express concerns over taxpayer money being spent on volatile assets.In a separate development, Taiwan Semiconductor Manufacturing Company plans to invest $100 billion in the U.S. over the next four years to enhance semiconductor production, following the CHIPS Act aimed at reducing reliance on Asian manufacturing.
Elon Musk's efforts to reduce the federal workforce have sparked controversy, with critics labeling it a "hostile takeover" of the government. Despite opposition from Democrats, Trump supports Musk's initiatives, claiming they will uncover significant wasteful spending. Recent polls show public support for Musk's actions, though many Americans express concern over his influence and potential conflicts of interest.
Elon Musk is leveraging his X platform to enhance transparency around the Department of Government Efficiency (DOGE) amid criticism from Democrats. With 216 million followers, Musk uses X for real-time updates and political engagement, contrasting with Trump's Truth Social approach. As DOGE faces scrutiny, Musk actively addresses misinformation and invites public participation through polls, while also facing backlash from Democratic leaders.
Elon Musk has emerged as a polarizing figure in the Trump administration, aggressively pushing to dismantle federal agencies like USAID while facing lawsuits and protests. His approach, likened to a corporate takeover, raises concerns about data security and the constitutional separation of powers, as he wields unprecedented influence over government operations. Critics warn that his rapid changes could jeopardize essential services and sensitive information.
During a Senate hearing, tensions rose as Senator Sanders pressed Kennedy on healthcare guarantees, while Kennedy deflected and faced criticism for his financial ties to vaccine lawsuits. Meanwhile, Democrats boycotted a meeting to advance Russell Vought's nomination amid concerns over his budget management, and Elon Musk's GSA plans to cut federal leases faced backlash from employees. Additionally, Trump initiated an investigation into NPR and PBS, accusing them of violating federal laws, aligning with his broader agenda to undermine publicly funded media.
The 119th Congress prioritizes crypto legislation, focusing on stablecoins and market structure, with hopes for clarity on regulatory oversight. While bipartisan support exists, significant delays are expected, as political pressures and other legislative priorities may slow progress. Optimism for a national bitcoin reserve remains low, with experts doubting swift action.
The Senate Banking Committee is set to vote on SEC Commissioner Caroline Crenshaw's renomination, a decision that has sparked fierce opposition from the crypto industry due to her stringent regulatory stance. Critics argue her confirmation could hinder innovation in digital assets, while supporters claim it would maintain a balanced regulatory environment. The outcome remains uncertain as the Senate navigates a packed legislative calendar, with potential implications for the SEC's future approach to cryptocurrency regulation.
In 2024, crypto lobbying efforts led by Coinbase, Ripple, and Andreessen Horowitz transformed American politics, amassing nearly $300 million through a super PAC called Fairshake. This unprecedented spending aimed to counteract negative perceptions following the FTX collapse and reshape the political landscape, demonstrating the industry's newfound influence. By mid-2024, the crypto voter emerged as a significant force, altering the dynamics of support across party lines.
Chuck Schumer
People
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