*US MAY PCE PRICE INDEX RISES 0.1% M/M; EST. +0.1%
*US MAY CORE PCE PRICE INDEX RISES 0.2% M/M; EST. +0.1%
*US MAY PCE PRICE INDEX RISES 2.3% Y/Y; EST. +2.3%
*US MAY CORE PCE PRICE INDEX RISES 2.7% Y/Y; EST. +2.6%

*PERSONAL SPENDING -0.1%, EST. 0.1%
*PERSONAL INCOME -0.4%, EST. 0.3%

S&P 500 HITS RECORD HIGH

Q: Would you pause your crypto ventures to help pass crypto bills?

Trump: I became a fan of crypto and to me it's an industry and I'm president, and if we didn't have it China would

*TRUMP: TERMINATING ALL TRADE DISCUSSIONS WITH CANADA EFFECTIVE IMMEDIATELY

*TRUMP: WILL LET CANADA KNOW TARIFFS WITHIN NEXT 7 DAYS

*TRUMP: CANADA ANNOUNCED THEY ARE PUTTING DIGITAL SERVICES TAX ON AMERICAN TECH COMPANIES, WHICH IS A DIRECT AND BLATANT ATTACK

The Week Ahead: infinityhedge

Mon:
*China manufacturing PMI, non-manufacturing PMI
*Saylor expected to announce another BTC purchase
*Singapore: Crypto exchanges serving only overseas customers to cease activities
*Bybit to launch testnet for Byreal (its own Solana-based DEX)
*ETHCC(June 30-July 3rd): fireside chat with Robinhood CEO, vitalik, Offchain Labs at 7:45pm CEST (infinityhedge: Something big is surfacing, expected(speculations) new l2, even tokenizes stocks)

Tue:
*Fed Chair Powell Speech at 09:30 AM
*ISM Manufacturing PMI
*JOLTs Job Openings
*‘K-Scale Labs’ to start shipping open-source Personal Robots at $8,999.

Wed:
*Tesla expected to release Q2 vehicle sales figures
*Vitalik's Annual EthCC talk

Thu:
*Non Farm Payrolls
*ISM Services PMI
*U.S. Markets close early ahead of Independence Day

TBA/Whole Week: Vote on Big Beautiful Bill(Advances in Senate, debate on tax cut bill, also Bessent asked Congress to drop Sec 899), another round of musk vs trump?, trade deals?, “Liberation Day” tariffs resume?

*More about the week Ahead and What Happened last week:
https://infinityhedge.substack.com/p/the-7-days-f81

META HITS ATH

ROBINHOOD LAUNCHES STOCK TOKENS, REVEALS LAYER 2 BLOCKCHAIN, AND EXPANDS CRYPTO SUITE IN EU AND US WITH PERPETUAL FUTURES AND STAKING.

*Stock tokens will initially be issued on Arbitrum. In the future, tokenized stocks will be facilitated by Robinhood Layer 2 blockchain, based on Arbitrum

*Customers will have access to Stock Tokens respresenting more than 200 different companies and be able to trade them 24 hours a day, five days a week. Robinhood said the new Robinhood Layer 2 chain plans to support trading 24 hours a day, seven days a week, will be launching in few months.

*Robinhood will also launch Stock Tokens for Private Companies Including OpenAI, SpaceX in EU.

*Tokenized stocks launching for European users.

*Robinhood will own the shares backing the tokens and while token holders will have most of the benefits of the underlying security, including dividends, voting rights won’t be initially supported.

*Crypto staking is launching for eligible U.S. customers, starting with Ethereum and Solana. And Perpetual Futures in EU.

*Robinhood Shares up 10% on the news.

*REX-OSPREY SOLANA ETF WITH STAKING SET TO BEGIN TRADING THIS WEDNESDAY: REX

TRUMP: WILL SEND JAPAN LETTER ON TARIFFS

*Trump plans to slap Japan with new tariffs amid stalled negotiations “We’ll just be sending them a letter,” Trump said, after suggesting Japan wouldn’t agree to boost U.S. rice imports.

To show people how spoiled Countries have become with respect to the United States of America, and I have great respect for Japan, they won’t take our RICE, and yet they have a massive rice shortage

*US DOLLAR INDEX FALLS 10.8% IN BIGGEST H1 LOSS SINCE 1973

Trump: without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE

*Trump's comments come after Musk renewed his criticism on Monday of Trump's sweeping tax-cut and spending bill, vowing to unseat lawmakers who backed it after campaigning on limiting government spending.

TRUMP: MUSK IS UPSET HE LOST THE EV MANDATE BUT 'HE COULD LOSE A LOT MORE THAN THAT'

TRUMP, ASKED ABOUT DEPORTING MUSK, SAYS HAVE TO TAKE A LOOK

TRUMP ON JULY 9 TARIFFS DEADLINE: NOT THINKING ABOUT EXTENDING

TRUMP: DOUBT WE'LL HAVE DEAL WITH JAPAN

TRUMP SUGGESTS JAPAN COULD PAY 30% OR 35% TARIFF

Arca proposed "Adjusted Market Cap", to more accurately reflects a Crypto token's true valuation

Adjusted Market Cap:
*Includes tokens already issued & outstanding (even if locked)
*Excludes unallocated, unminted, or hypothetical tokens

*Float ≤ Adjusted Market Cap ≤ FDV

Adjusted Market Cap of Some Tokens:
*BTC: $2.25T
*ENA: $2.21B
*HYPE: $24.25B
*SUI: $13.39B
*TIA: $1.23B

More about Adjusted Market Cap: https://www.ar.ca/blog/fixing-token-valuations-arca-proposes-adjusted-market-cap-standard

*TRUMP: VIETNAM WILL PAY THE UNITED STATES A 20% TARIFF INTO US AND 40% TARIFF ON ANY TRANSSHIPPING

TRUMP: WE WILL SELL OUR PRODUCT TO VIETNAM AT ZERO TARIFF

*NOTE: VIETNAM RECIPROCAL TARIFF WAS 46% (APRIL 2ND ANNOUNCEMENT)

*The higher 40% rate announced Wednesday would be imposed on goods deemed to be “transshipping” — where components from China and possibly other nations are routed through Vietnam or subject to only minimal final assembly before being exported to the US.

*Vietnam is heavily reliant on China for the raw materials essential to maintain its manufacturing-driven growth. China accounted for 38% of Vietnam’s total imports last year. In the first five months of the year, imports from China reached $69.4 billion, making it the nation’s biggest source for items such computer and electrical components, machinery and fabrics.

*In Q1 2025: U.S. imported $40b in goods from Vietnam, and exported just $3b

*VIETNAM TO SPEND $8B ON BOEING AIRCRAFT AND WILL BUY $2.9B IN AGRICULTURAL PRODUCTS IN TRADE DEAL

RIPPLE SEEKS A US BANKING LICENSE: WSJ

*RIPPLE WOULD CONSIDER OFFERING OTHER CRYPTO SERVICES THROUGH ITS BANKING LICENSE.

*Anchorage Digital is the only digital-currency firm in the U.S. with a federal bank charter. Circle also recently applied for a national bank charter.

OPENAI: “OPENAI TOKENS” ARE NOT OPENAI EQUITY; DID NOT PARTNER WITH ROBINHOOD, WERE NOT INVOLVED IN THIS, AND DO NOT ENDORSE IT

OPENAI: ANY TRANSFER OF OPENAI EQUITY REQUIRES OUR APPROVAL—WE DID NOT APPROVE ANY TRANSFER.

BIG EVENTS COMING TODAY:

—U.S. House Voting on Trump's Big Beautiful Bill (Final vote expected early thursday morning)

—U.S. June NFP:
*Est.: 110K, Prev.: 139k
*MS: 140k
*JPM: 125k
*BBG Survey: 106k
*Jefferies: 100k
*BofA: 95k
*GS: 85k

SPX implied Move:
*>125k: up +0.75%-1.5%
*100k-125k: Bass Case
*<100k: down 0.25%-3%

*Unemployment Rate
*Jobless Claims
*ISM Services PMI

ICYMI:
*U.S. lifted restrictions on exports to China for chip design software developers and ethane producers following the Trade Deal.

*Trump said Powell “should resign immediately, it's “Too Late”

U.S. JUNE NFP 147K

*US MAY PAYROLLS REVISED TO +144K; APR REVISED TO +158K