Emilyvuong

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🟠 Trump raises the tariff rate from 10% to 15% under Section 122 - Trade Act of 1974.
This tool allows the President to impose tariffs for up to 150 days without Congressional approval. Highly effective but with fewer political barriers. But it’s important to understand:
- Tariffs under Section 232 (on national security - steel, automobiles…) still remain.
- Tariffs under Section 301 (to punish unfair trade practices - mainly with China) remain unchanged.
-> That means 15% does not replace the entire old structure. It adds on top of the current baseline.
📊 According to Bloomberg’s estimated
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🟠 Is AI a springboard or a curse for the economy? The white-collar doom loop shock and the Ghost GDP ghost
An economy can increase productivity while becoming poorer. It’s not too far-fetched; the world witnessed this during the Industrial Revolution. Citrini Research has proposed a scenario for 2028 where accelerated technological growth driven by AI causes a breakdown in consumption.
📌 Scenario 2028: The labor market fractures as AI replaces too many jobs
- US Unemployment: 10.2%
- S&P 500: -38% from the October 2026 peak
- A shock centered on the “white collar” (knowledge workers)
- AI st
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🇷🇺 Russia begins gold sales
The Central Bank of Russia has sold reserve gold in January as prices are hovering near historic highs.
🔸 Gold holdings decreased by 300,000 ounces
🔸 Total reserves now at 74.5 million ounces
🔸 This is the first decline since October
Although the sales are very small compared to total reserves, there is no more reasonable explanation than "taking profits" when prices are at record highs.
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Bonds have become a frequently traded asset class rather than a hedge as before:
Before COVID, the stock–bond correlation was mostly negative ( below 0). This means:
- When stocks crash -> money flows into bonds
- The 60/40 portfolio commonly seen in funds becomes effective with diversification.
Since COVID, a “post-2020 structural shift” has emerged according to the IMF. Stocks and bonds tend to move in the same direction -> traditional portfolios of funds are no longer effective.
Monetary policy and inflation have made bonds no longer a safe haven. Risk parity and diversified 60/40 funds hav
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📍 Since the all-time high in October, the spot Bitcoin ETF has experienced the largest capital outflow ever.
The total BTC holdings in spot ETFs have decreased by approximately ~100.3K BTC compared to the ATH level.
This is the largest drawdown recorded since the emergence of #Bitcoin ETFs.
BTC-0,46%
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📍 $17B First day trading volume - $IQMM has surpassed all ETF issuance records
ProShares GENIUS Money Market ETF - ticker $IQMM - just recorded $17B trading volume on its first day. This figure far exceeds any ETF record:
📌 $IBIT (BlackRock Bitcoin ETF): ~$1B first day
📌 BlackRock ESG ETF (backed by retirement funds): ~$2B
📌 IQMM is currently being mentioned at about 8x compared to previous large precedents
$IQMM is not a crypto ETF. This is ProShares GENIUS Money Market ETF - a money market ETF designed to hold ultra-short-term assets, mainly:
- US Treasury Bills
- High-quality Commercial
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📍 December PCE unexpectedly exceeds forecasts: The story of inflation cooling down faces obstacles
📌 Headline PCE (YoY): +2.9% (higher than +2.8% forecast, same as last month)
📌 Core PCE (YoY): +3.0% (higher than +2.9% forecast, up from +2.8% in November)
📌 Monthly (MoM) figures are also hotter than expected:
- Headline: +0.4% (+0.3% forecast, +0.2% last month)
- Core: +0.4% (+0.3% forecast, +0.2% last month)
-> MoM increase doubles the previous month. Inflation momentum is returning.
📌 Data in the report:
- Personal income: +0.3% MoM
- Nominal spending: +0.4% MoM
- But real spending only
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The U.S. Supreme Court has officially ruled that President Trump's tariffs are illegal, with a 6-3 vote.
The U.S. is now facing a potential tax refund of over $150B. The market immediately experienced significant volatility following the news.
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📍 USA - Iran: War imminent?
📌 U.S. Side
- 25 strategic refueling aircraft have been deployed to the Middle East. Tankers are not offensive weapons, but are essential for maintaining long-range airstrikes.
- 6 E-3 AWACS are present in the (U.S. region, which only has a total of 16 aircraft but has deployed 6 to the area — representing up to 40% of air control capacity).
- 2 U-2 reconnaissance aircraft have appeared with uplink node missions — connecting signals and consolidating data from an altitude of ~40,000 feet.
-> The scale is so large that flight data has been publicly disclo
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🏛️ Federal Reserve releases January meeting minutes
The Fed's internal discussions remain divided. Most officials support pausing the rate-cut cycle, keeping interest rates at 3.5%-3.75% after the rate cuts at the end of 2025.
There is a split on policy priorities:
🔸 The majority want to wait for more inflation data before easing further.
🔸 Emphasize the risk of a weakening labor market if rates stay high for too long.
🔸 The Fed acknowledges inflation is cooling but stresses that returning to the 2% target could be slow and uneven.
-> A Fed pause does not mean a pivot but a temporary halt
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Chart $GLD and BTC over the past 3 years.
$GLD is the ticker for the world's largest gold ETF, SPDR Gold Shares, which mimics the price of gold.
Both yield approximately a 39% annual return. But the paths they take are worlds apart.
Bitcoin is like youth—impulsive, volatile, with large swings—completely different from an asset with a 5,000-year history.
BTC-0,46%
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🟠For the first time since 2005, the correlation between the Yen and the Topix index has turned positive.
Simply put, the Yen and Japanese stocks are rising together.
Historically in the Japanese market, this is a rare occurrence. Usually, a strengthening Yen puts pressure on stocks because it affects exports. But this time, both are moving upward.
Over the past 12 months:
- The Yen has strengthened by about +1% against the USD
- Topix has increased by +38%
In the past, the pattern of “strong currency + rising stocks” often appeared during long-term growth cycles such as:
- Japan 1982–1990
- G
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🔸 Debt-for-Equity Swap Strategy
The strategy indicates that $6B bonds will be converted into shares over the next few years. This will help the company reduce its debt burden, but current shareholders will be diluted.
🔸 Current Financial Situation
- Holding approximately $49B Bitcoin.
- Total debt is only $6B.
According to the strategy, Bitcoin must drop to $8,000 ((-88%) for the balance sheet to become truly risky.
🔸 Slightly in loss but the company continues to buy at average prices:
- Average purchase price: ~$76,000/BTC
- Current price: ~$68,000
-> Approximately 10%
BTC-0,46%
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🇺🇸 The US is about to sell a weapons package to $20B for Taiwan
Trump is preparing a new weapons sale package to Taiwan with a scale potentially up to $20B. The final decision has not yet been made, but these rumors seem to be well-founded.
This package is considered an additional step to the $11B deal announced in December. The expected list includes:
- MIM-104 Patriot missile defense system
- NASAMS missile defense system
- Two other systems not yet publicly disclosed
If approved, this will be one of the largest weapons sales packages ever to Taiwan, and could significantly increase tens
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🟠 US January CPI continues to cool down.
- Headline CPI +2.4% YoY, below the forecast of 2.5% and down from 2.7% last month.
- Core #CPI +2.5% YoY, in line with expectations and slightly down from 2.6%.
-> The current level is approaching the lowest in 4 years. The year-over-year decline is still maintained.
Monthly review:
- Headline +0.2% MoM, lower than last month's 0.3%.
- Core +0.3% MoM, up from 0.2% in December.
Nothing notable in the CPI components. The decline mainly comes from falling energy prices; however, gasoline prices have increased nearly 5% since mid-January, so the energy-dr
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📌 Bloomberg reports that Russia wants to rejoin the USD system. Specifically, Russia proposes economic cooperation with the US if an Ukraine agreement is reached. The sectors include oil and gas, LNG, minerals, and nuclear. At the same time, signals are being sent to reopen the market for American businesses. Clearly, Russia wants to reconnect with the USD payment system.
After 2022, Russia has intensified de-dollarization, shifting towards CNY, bilateral payments, and gold accumulation. It seems Russia is reconsidering the costs of staying outside the US financial network. Energy trade is
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🟠 8 whales previously labeled as smart money on HL have been wiped out
Anyone who’s made a few dozen percent profit and calls themselves a “trading king” should take a look at this chart to wake up:
🔸 BitcoinOG: from +$142M -> turning into -$128M. A swing of more than $250M in asset value.
🔸 James Wynn: +$87M -> -$22M.
🔸 Anti-CZ Whale: +$61M -> -$10.75M.
🔸 The most painful case: “Low-Stack Degen”: Initial capital: $125K with a peak account value of: $43M - x300 times. This account didn’t take profits, kept going all-in, now the P&L is still -$196K.
The market doesn’t need much time to r
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Vietnam wants to build a common law model quite similar to Hong Kong ( with its own Basic Law and a separate financial regulatory authority, the SFC and HKMA). In the future, there may be policies on taxation, capital controls, independent banking regulations, and even a legal sandbox for fintech.
To attract capital, first there must be laws allowing foreign investment. This is a very significant step. I believe that in just a few years, Vietnam will enter a rapid development phase.
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U.S. Retail Sales for December Disappoint
U.S. retail sales for December remained flat at 0.0% MoM, significantly below the forecast of +0.4% and the previous month's +0.6%. Year-over-year, the figure is +2.4% YoY — the lowest increase since 09/2024, despite December being the holiday shopping season in the U.S.
Most importantly, the (control group) contributing to GDP turned negative, decreasing by -0.1% MoM — a reversal from +0.2% last month and well below the +0.4% forecast.
December retail sales data indicate that U.S. consumer spending momentum continues to weaken, especially in core grou
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