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zerohedge @zerohedge on x 2.2M followers
Created: 2025-07-17 11:31:28 UTC
Top Overnight News
Trump said he’d send letters to more than XXX countries notifying them their tariff rates may be XX% or 15%, though claimed he’s “indifferent” to a trade deal with the EU. BBG
Trump says would love if Fed Chair Powell resigns and noted it would disrupt markets if he removed Powell.
The House late Wednesday advanced a trio of cryptocurrency bills and a 2026 Defense spending measure after a group of GOP hard-liners dropped their opposition to the effort following a chaotic day of turnabouts and negotiations with Republican leaders. Politico
The Senate passes a bill codifying some DOGE cuts, sending it to the house: BBG
Trump said in an interview that the US is very close to a trade deal with India, while an agreement could possibly be reached with Europe as well, but it is too soon to say whether a deal can be agreed with Canada. RTRS
US lawmakers are introducing a bill to nearly double the number of export control officers stationed around the world, according to Punchbowl. Punchbowl notes: "The bill comes during a heightened focus on export controls of American-made AI chips. While the Trump administration is relaxing some of those restrictions, many on Capitol Hill want to see a tougher approach regarding U.S. technology going to geopolitical rivals." The bill would mandate that there be at least XX export control officers globally. There are currently XX stationed in consulates across Asia, Europe and the Middle East.
US intelligence found that US strikes against Iran’s nuclear facilities mostly destroyed the Fordow site and only partially damaged the other two at Natanz and Isfahan. BBG
The Chinese government is reportedly threatening to block the sale of over XX ports to BlackRock (BLK) and Mediterranean Shipping Co by CK Hutchinson (0001 HK), unless Cosco is an equal partner and shareholder, via WSJ citing sources.
Japan’s mounting debt burden and pending election are fueling debate over whether its sovereign credit rating may be cut before long.
Japan’s opposition parties played down concerns over plans to cut taxes that have contributed to recent rises in bond yields ahead of Sunday’s upper house election. BBG
TSMC (+3.8% premkt) boosted its revenue growth outlook for the year to XX% and reported second-quarter earnings that beat, highlighting resilient AI spending. BBG
UK unemployment rose to a four-year high of XXX% in the three months through May. Separate tax data showed the number of employees on payrolls dropped by over XXXXXX in June, worse than the expected decline of XXXXXX. The pound fell. BBG
NY Fed President Josh Williams suggested he is reluctant to support lowering interest rates ahead of the central bank’s next meeting this month, arguing that tariffs are likely to driver further inflation. Williams said that price data are already showing that new trade barriers put in place by the Trump administration are lifting the cost of some consumer goods. WSJ
Fed's Williams (Voter) said current modestly restrictive monetary policy is appropriate and the current state of interest rate policy allows Fed time to analyse data, while he added that the tariff impact is modest so far but will increase over time and tariffs should boost inflation by one percentage point for the rest of 2025 into 2026. Furthermore, he said they will need to watch data to understand tariff impact he still needs to see more data before deciding what’s next for policy.
BofA Institute total card spending (w/e July 12th): +4.5% Y/Y (vs +0.2% June avg.); notes online retail saw largest Y/Y spending growth due to Prime Day timing shift.
XXXXXX engagements
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