Welcome to Extreme Investor Network, where we bring you the latest news and insights on the Stock Market, trading, and all things Wall Street. Today, we have some exciting developments to share with you.
The ISM Manufacturing PMI fell from 49.2 to 48.7 in May, leading many to believe that a Fed rate cut in September is on the horizon. The CME FedWatch Tool shows that the chances of the Fed leaving interest rates unchanged have dropped from 45.2% on May 31 to 38.4% on June 3. This could have significant implications for the market, so it’s important to stay informed.
In addition to the potential rate cut, hopes of a Republican Party victory have also boosted market sentiment. Crypto firms have been contributing to support pro-crypto US lawmakers on Capitol Hill, with Coinbase recently donating $25 million to Fairshake. This follows contributions from Ripple and Andreessen Horowitz, showing a growing trend of support for candidates who support innovation in the digital space.
Coinbase announced the donation on their company blog, stating that Fairshake PAC supports US candidates committed to securing the US as the home to innovators building the next generation of the internet. The blog post also highlighted the importance of the upcoming US Presidential Election, noting that the President plays a key role in making appointments and shaping legislation that could impact the crypto industry.
Speaking of the crypto landscape, President Joe Biden recently vetoed the SAB 121 resolution, causing a stir in both Capitol Hill and the crypto community. A crypto-friendly administration could bring about significant changes in the regulatory framework, potentially leading to the introduction of an XRP-spot ETF market. Keep an eye on developments in the political arena, as they could have far-reaching effects on the market.
Stay tuned to Extreme Investor Network for more updates and insights on how these developments could impact your investments. Remember, knowledge is power when it comes to navigating the complexities of the Stock Market. Happy investing!