U.S. stocks rose comprehensively yesterday (6/10), with the market being optimistic about the U.S.-China trade agreement and the upcoming CPI data drawing significant attention. The S&P 500 index rose for three consecutive days, just 1.7% away from its historical high. Technology and related semiconductor stocks performed brilliantly, with TSMC's ADR rising 2.64%. Meanwhile, the U.S. and China launched a new round of negotiations in London, with Commerce Secretary Howard Lutnick stating that the progress was "quite smooth". BTC rose approximately 0.22% from the previous day, but ETH performed outstandingly, surging about 3.91% and reaching as high as $2,833.
U.S.-China London Negotiations Progress Smoothly, CPI Data Becomes Market Focus
U.S. Commerce Secretary Howard Lutnick stated that the U.S.-China talks were "quite smooth" and expected to complete the agreement by local time Tuesday (6/10) evening, or Wednesday if not reached. Lutnick further hinted that recent U.S. restrictions on high-tech product exports to China might be eased after Beijing releases rare earth resources. The market also anticipates that both sides could reach a consensus on key export issues like "tariff reduction" and "rare earth".
The U.S. Consumer Price Index (CPI) will be released this Wednesday (6/11), with market expectations of the year-on-year rate rising from 2.3% to 2.5%, primarily due to potential price increases from Trump administration's import tariff policies. Citibank also predicts that the Federal Reserve (Fed) will remain neutral in June and July meetings, with the earliest rate cut potentially in September.
Musk and Trump Beef Continues, Tesla Rises for Three Consecutive Days
Previously, Tesla founder Musk and Trump engaged in a social media dispute over the "One Big Beautiful Bill Act", with Vice President JD Vance attempting to mediate and hope for reconciliation.
Musk stated on X that the first Tesla self-driving car will go directly from the production line to the customer's home on 6/28. Austin, Texas transportation department data shows Tesla is officially listed as a Known AV Operator, currently in the testing phase, with Tesla autonomous taxis being tested on roads. Tesla has risen 5.67% for three consecutive days, closing at $326.09.
BTC Retreats to 109K, ETH Rises to $2,833 Due to ETF
After BTC broke through the 110K mark yesterday, it has slightly fallen to the 108K-109K range, while ETH performed outstandingly.
According to on-chain analyst Trader T, the net inflow of U.S. Ethereum spot ETF reached $124.01 million, the highest trading volume in 4 months, causing ETH to rise to $2,833. Here are the net inflows of major Ethereum ETFs:
- BlackRock ETHA: Net inflow of $79.67 million
- Fidelity FETH: Net inflow of $26.32 million
- Bitwise ETHW: Net inflow of $8.35 million
- Grayscale ETH: Net inflow of $9.67 million
As Fed Chairman Jerome Powell's term is set to end in May 2026, potential personnel changes at the White House have drawn market attention. President Trump's long-standing differences with Powell's interest rate policies have sparked rumors that his preferred successor is current Treasury Secretary Scott Bessent. The White House quickly denied these rumors.
ToggleBessent Emerges as Potential Fed Chair Candidate, White House Quickly Clarifies
Bloomberg reported this morning that, according to multiple sources, US Treasury Secretary Bessent is considered a potential candidate for the Federal Reserve Chair position. The position is currently held by Powell, with his term expected to end in May 2026:
Sources indicate that Trump highly values Bessent and believes he is capable of taking over the Federal Reserve. In addition to Bessent, former Federal Reserve Board member Kevin Warsh is also being considered.
The White House quickly refuted these claims, stating that these are false reports and the official appointment process has not been initiated, attempting to quell speculation. However, Trump just last week stated that he will announce Powell's successor "very soon", which will undoubtedly become a global focus.
Trump and Powell's Policy Differences Not a First
The tense relationship between Trump and Powell is not new, as he had repeatedly criticized Powell's policy pace as slow to respond and suppressing economic recovery during his term, and even threatened to replace him.
(Is Trump Considering Removing Fed Chair Powell? White House Advisor: Still Under Study)
Bessent is viewed as an official with extremely strong policy implementation, currently leading a series of global trade strategies, tax initiatives, and regulatory reform actions in the Trump administration. If he were to take over as Federal Reserve Chair, it is expected to bring about a significant shift in the institution's decision-making approach, drawing close attention from market investors.
From London to Washington: Bessent Briefly Attends US-China Trade Negotiations, Returns Early
Amid rumors of Fed succession, Bessent was negotiating with Commerce Minister Howard Lutnick and US Trade Representative Jamieson Greer, meeting with Vice Premier He Lifeng and Minister of Commerce Wang Wentao. The two sides were holding their second day of talks at Lancaster House in London, focusing on contentious issues such as rare earth export restrictions.
(US-China Trade Restart Consensus: London Talks Reach New Framework Agreement)
Despite the meeting not being concluded, Bessent stated that due to a congressional hearing on June 11, he has left London early with Greer to return to the United States, while Lutnick will continue negotiations with the Chinese side as circumstances allow.
Bessent described the two-day talks as "productive" when leaving the venue, emphasizing that the remaining US representatives will continue to consult with the Chinese side based on developments. The US side aims to complete this round of negotiations before Tuesday evening local time in the UK.
Simultaneously, the Trump administration is accelerating bilateral trade negotiations with other countries including Mexico, India, and Japan. Choosing to make some technological control concessions to China at this time will undoubtedly impact the broader global supply chain and geopolitical landscape.
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