Yesterday, all three major U.S. stock indices rose, with Bitcoin up 1.17% and Ethereum up 1.98%, as the White House exempted certain smartphones and computers from high tariffs, improving market risk sentiment and effectively easing the crypto market into a buffer phase.
Recent news highlights.
The Trump administration has officially launched a national security investigation into semiconductors and pharmaceuticals, paving the way for further tariffs.
The Trump administration has advanced plans to impose tariffs on semiconductor and pharmaceutical imports by launching a 232 investigation led by the Department of Commerce. These measures, announced on Monday in the Federal Register, are a prelude to the imposition of tariffs and may expand Trump's global trade war.
Trump: Considering measures to assist automakers, recently helped Apple CEO Cook.
U.S. Treasury Secretary Yellen stated that there is no evidence that sovereign investors are selling U.S. assets. There are tools available to address bond market fluctuations, but it is not yet time to use them. In the fall, the successor to Federal Reserve Chair Powell will be interviewed.
The New York Fed's one-year inflation expectation has risen to 3.58%, while the three-year expectation remains unchanged at 3%.
Federal Reserve Governor Waller: In a scenario of large-scale tariffs, if there is a significant economic slowdown, he tends to favor earlier and larger rate cuts. In a scenario of smaller tariffs, rate cuts may occur in the second half of the year. The impact of tariffs on inflation is expected to be temporary.
OPEC has lowered its global oil demand growth expectations for this year and next, as well as global and U.S. economic growth forecasts.
The U.S. has made 'preliminary contact' with China regarding tariffs through intermediaries.
China and Vietnam signed 45 bilateral cooperation documents.
According to the World Gold Council, China saw an inflow of 29.1 tons into gold ETFs in the first 11 days of April, surpassing the total for the first quarter (23.5 tons) and overtaking the United States (27.8 tons).
The General Administration of Customs boldly stated: 'The sky will not fall,' as China's domestic market is vast and is an important hinterland.
Trump is further exploring the limits of presidential power, leading with a mentality of 'whoever stands in my way will perish.'
Recently, he urgently applied to the U.S. Supreme Court, hoping the justices would grant him the unrestricted firing power he desires in real life, similar to what he has on television.
With a key Supreme Court ruling approaching, Trump is once again challenging the limits of presidential power. If the court's decision favors his viewpoint, this could open the door for him to dismiss Federal Reserve Chair Powell sooner.
However, in a similar case, the 'Humphrey case' established a principle: the president does not have unlimited firing authority.
According to the spirit of the 'Humphrey case,' the district court ruled that Trump has no authority to dismiss two officials appointed by Biden in 2021 and 2022.
The Federal Reserve is also being patient, quietly observing Trump’s maneuvers, waiting to see global economic trends, and will not reveal its hand unless absolutely necessary. Recent tariff increases have been significantly eased, allowing the market to undergo a readjustment process.
Bitcoin and Ethereum's short-term surge has eased previous tensions, but it is still too early to conclude whether the situation is developing positively.
Continue to pay attention to news and developments after the U.S. stock market opens in the evening. Current support levels are 830/1600, resistance levels are 860-880/1700-1750.