According to The New York Times, Trump's speech in Iowa will focus on affordability and economic policy, touching on the agricultural economy affected by tariffs. However, the focus will be on political outcomes, with Scott Bessent stating on X that he will meet with Trump to discuss the elimination of taxes on tips and overtime.
Trump has a history of moving markets, as seen after his speech in Davos last week (mentioning the CLARITY Act). Stock and cryptocurrency markets could react again today.
A key point for the markets will be any comments about the possible next president of the Fed. Rick Rieder from BlackRock is currently the favorite to replace Jerome Powell. Rieder's potential arrival as the next president could be bullish for the stock and cryptocurrency markets, as BlackRock's CIO has indicated that he is in favor of lower interest rates.
U.S. stocks are already in positive territory ahead of Trump's speech in Iowa. The S&P 500 reached a new all-time high of 6,989 points, although market performance has been divergent among the indices. Cryptocurrency stocks mostly fell during Tuesday's session.
Bitcoin was trading at around $88,400 at the time of writing this article, 10% below its annual high, and it has lagged behind gold, which reached an all-time high, despite a weaker U.S. dollar index.
