Trump Criticizes Powell: “Slow and Inadequate”

Donald Trump frequently criticizes Powell for being cautious about lowering interest rates. In recent weeks, he tried to remove FED Governor Lisa Cook from the board over mortgage fraud allegations. He temporarily appointed Stephen Miran, Chairman of the White House Council of Economic Advisers, to fill the vacant seat. Analysts believe Trump aimed to exert political influence over the FED.

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FED’s Cautious Stance on Interest Rate Policy

In his August statement, Jerome Powell said that inflation risks were rising, while employment risks were falling. This statement reflects the Fed’s cautious stance. It also points to the interest rate policies frequently criticized by Donald Trump. The Fed made its first interest rate cut of the year in early September. It announced that further cuts could be on the agenda between October and December.

Powell Emphasizes Independence

Speaking at the Greater Providence Chamber of Commerce in Rhode Island, Jerome Powell emphasized the Fed’s independence:

“We do not consider political factors when making our decisions. What matters is implementing the policy that will best serve the public in the medium term. We don’t engage in debates; we just do our job.”

Donald Trump’s social media move also resonated in the crypto and financial markets. The president’s criticism of Powell is high on investors’ agendas regarding interest rate and monetary policies.

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Trump’s remarks about “liquidation or revolution” refer to structural transformations and political tensions in South Korea. However, according to analysts, there is no sudden revolution or destructive crisis; rather, economic reforms, diplomatic balancing efforts, and tensions originating from North Korea are coming to the forefront.

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Trade and Defense at the Forefront of the Summit

On August 25, at the summit held between the US and South Korea, the two countries decided to strengthen cooperation in trade and defense. South Korea pledged investments in strategic sectors such as semiconductors, shipbuilding, and battery production. As part of the shipbuilding plan announced by Trump under the slogan “Make America Shipbuilding Great Again (MASGA),” South Korea committed to an investment of $150 billion.

The South Korean National Assembly passed a significant law changing the governance structure of large corporations. The new regulation stipulates that audit committee members will be elected through separate votes and facilitates minority shareholders’ representation. This step aims to reduce the long-debated “Korea discount” issue in the South Korean stock market. However, the business community voiced objections, warning that the reforms could increase management conflicts.

China and North Korea Factor

Before the summit, the Seoul administration sent a message to Beijing calling for the “normalization” of economic relations. In this way, South Korea is trying to pursue a balanced foreign policy with both the US and China.
On the other hand, harsh statements from North Korea are increasing tensions in the region. Kim Yo Jong accused South Korea of being a “proxy of the US” while rejecting the possibility of dialogue between the two countries.

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What is the Jackson Hole Meeting?

The Jackson Hole meeting is a highly anticipated event in the global financial world, where central bankers, leading economists, and policymakers come together. Key topics such as monetary policy, global economic balance, and market expectations are discussed during the conference.

In particular, signals regarding interest rate decisions and liquidity policies make the meeting highly significant for investors. That’s why Jackson Hole is considered a guide not only for the U.S. but also for global markets.

Powell’s Speech This Year

Powell’s speech is scheduled for Friday, August 22, around at 10 a.m. Eastern Time. Investors are especially focused on whether Powell will give a clear signal about an upcoming rate cut ahead of the Fed’s September policy meeting.

This year’s speech carries extra weight for Powell personally, as his term ends next year—meaning this could be one of his last major appearances at Jackson Hole. Markets are eager to see how he will balance signs of a weakening labor market with persistent inflation pressures.

Weakness in the Labor Market

Recent data show signs of a slowdown in the U.S. labor market. Non-farm payrolls came in well below expectations, and previous months’ numbers were revised downward. The unemployment rate rose to 4.2%, while weekly jobless claims climbed to their highest level since 2021.

This situation raises concerns regarding the Fed’s “full employment” mandate. As a result, markets are closely watching whether Powell will highlight this weakness and signal a stronger possibility of a rate cut.

Inflation Risks Still Persist

On the other hand, the inflation picture remains challenging. The Producer Price Index (PPI) reached a three-year high, and while CPI came in line with expectations, core inflation continues to trend upward. This makes Powell’s job more complicated, as it limits the Fed’s room to cut rates aggressively.

Possible Scenarios

Analysts point out three potential scenarios for Powell’s Jackson Hole remarks:

1. Signal a rate cut: He may cite labor market weakness as justification, boosting expectations for a September cut.

2. Stress inflation risks: Powell could dampen market expectations by emphasizing, “We are not yet aligned with our inflation target.”

3. Stay data-dependent: He may refrain from strong guidance, instead highlighting that upcoming labor and inflation data will shape the Fed’s decisions.

Rate Cut Expectations

Market expectations have already become clear. According to CME Group FedWatch Tool, 83.1% of investors expect the Fed to deliver a 25 basis point cut at its next meeting. The probability of keeping rates unchanged stands at 16.9%, while a more aggressive 50 basis point cut is currently priced at 0%.

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The agreement was reached after months of negotiations by Trump and high-level talks with South Korean President Lee Jae-myung. The parties aimed to reduce trade imbalances and increase mutual investments.

Trump stated, “This agreement is a historic victory for America. We will now acquire Korean goods with reasonable taxes, but in return, we have secured billions of dollars in investment and energy commitments.”

Investment and Energy Package

According to the agreement, South Korea will make an investment of 350 billion dollars in strategic sectors such as semiconductors, shipbuilding, batteries, and nuclear energy in the United States over the next five years. Additionally, the South Korean government and private companies are expected to import 100 billion dollars worth of liquefied natural gas (LNG) and other energy products from the US.

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In return for these investments, the Trump administration secured duty-free access for US products in the South Korean market. This exemption is particularly notable for automobiles and agricultural products.

Following the announcement of the agreement, South Korean automotive giants Hyundai and Kia saw significant declines in their stock prices. Hyundai shares fell by 4.5% on the Seoul Stock Exchange, while Kia dropped by 6.6%. Experts pointed out that rising costs in the US market could negatively affect the competitiveness of Korean companies.

Is the “Tariff Strategy” Continuing?

Trump, in his second term, took a more aggressive approach to trade policies by imposing tariffs on many countries. In February 2025, under the “Liberation Day Tariffs,” customs duties as high as 145% were applied to products imported from China. Tariffs of 25% on South Korea were delayed, and the parties were given a negotiation period.

With the new agreement, South Korea is exempt from these high tariffs. However, trade experts note that pressure may increase on other allied countries, and similar agreements may come to the agenda.

The agreement has been generally well received by industry lobbies in the US, but some are concerned about its long-term effects. Particularly, members of the Democratic Party are uncomfortable with the Trump administration implementing the agreement without Congress’s approval.

On the other hand, concerns are rising in South Korean public opinion as well. Opposition parties argue that the large investment and energy commitments made under pressure from the US could burden the country’s economy.

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Record Interest in Crypto Pages

Wurster noted that Schwab’s digital content related to crypto assets has seen a 400% increase in visits in recent months. The fact that approximately 70% of these visitors are new users has strengthened the company’s decision to provide direct access to digital assets.

What Is the Goal?

With this move, Schwab primarily aims to target its existing clients. The company intends to provide a secure, transparent, and regulation-compliant trading infrastructure for investors who approach crypto with caution. CEO Wurster said, “We were waiting for the right time and legal environment for direct access to the crypto market. We are evaluating this process seriously.”

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This move by Schwab will intensify competition with major players like Fidelity, Robinhood, and Coinbase, which previously launched spot Bitcoin and Ethereum trading. Analysts believe that the entry of traditional investment giants like Schwab into the crypto space brings legitimacy and institutional trust to the market. According to Reuters, UK-based Standard Chartered Bank recently took a similar step by launching spot BTC and ETH trading for its institutional clients. Schwab’s move, on the other hand, represents a broader-scale transformation targeting retail investors.

When Will Spot Trading Begin?

According to CEO Wurster, spot Bitcoin and Ethereum trading will be available to customers by mid-2026. The service is expected to be offered either directly through the Schwab platform or via its affiliate, EDX Markets.

Financial technology analyst Laura Saffron commented on the development, saying, “Schwab entering the crypto spot trading market shows that major players in the industry are moving from a wait-and-see approach to action. This step could strengthen the foundation for a regulation-friendly crypto market.”

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“No Single Data Point Panic” Warning on Inflation

Scott Bessent emphasized that no single inflation figure should lead to hasty conclusions, stating that “the trend matters.” He underlined that inflation is not currently accelerating. However, according to Reuters, annual consumer inflation rose to 2.7% as of June (with core inflation at 2.9%). This level is above the Fed’s 2% target, but as Bessent pointed out, the overall trend appears resilient.

Confidence in Powell and Leadership Transition

Scott Bessent highlighted that President Trump has reiterated several times that he will not remove Powell from office: “Trump will not fire Powell.” He also announced that the formal process of searching for Powell’s successor has begun, saying “there are strong candidates both within and outside the Fed.” According to BofA analysis, Bessent himself is currently considered the leading candidate with a 26% likelihood.

Highlighting the Fed’s Forecasting Errors

Scott Bessent also pointed out previous misjudgments made by the Fed: “There were major forecasting errors, and they may occur again in this cycle.” These remarks support the Fed’s current cautious stance. Last week, Bessent stated that the Fed may initiate a rate cut as early as September. The current federal funds rate is in the 4.25–4.50% range. Bloomberg also reported that Powell noted the possibility of easing based on incoming data.

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Cautious Tone in U.S.–China Dialogue

Bessent stated that the U.S.–China relationship is “in a good place” and announced plans to meet his Chinese counterpart within the next two weeks. AP News reports that this meeting is expected to be a continuation of the high-level talks held in Geneva.

No Need to Worry About August 12 Markets

Scott Bessent criticized market fixation on specific calendar dates, saying “there’s no need to worry about what’s coming on August 12; we won’t rush any deals under market pressure.” This approach helps reinforce investor confidence.

In light of these themes, the overall structure indicates that inflation risk, interest rate expectations, Powell’s future, the Fed’s independence, the U.S.–China balance, and even market stability were all addressed by the Treasury Secretary.

• Inflation Risk: June inflation rose to 2.7%, but due to temporary stock-related shocks, the Fed continues to monitor the broader trend. This has led to a “wait and see” approach for September.

• Interest Rate Expectations: Bessent’s remarks have strengthened market anticipation for a rate cut in September. Field data reflects expectations of a 100–125 basis point reduction by late October.

• Powell & Independence: Trump’s reassurance that “he won’t fire Powell” and the initiation of a formal selection process for a successor is viewed as a positive signal for preserving the Fed’s independence. BofA surveys show that Bessent, Warsh, and Waller are considered strong candidates.

• U.S.–China Balance: Strengthening diplomatic engagement may reduce uncertainty in both trade and technology sectors. AP data suggests this meeting will mark a significant step toward renewed cooperation between China and the U.S.

• Market Stability: The August 12 reference sends a “no panic” signal to financial players. This stance could reduce volatility and enhance stability in capital flows.

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Trump’s speech and the date the plan will be announced fall on the last day of the 180-day legislative calendar established by Executive Order 14179, signed in January. Officials state that this document will bring into effect a comprehensive set of policies that will guide both the public and private sectors.

Priorities for Artificial Intelligence Becoming Clear

The Trump administration is approaching artificial intelligence not merely as a technological issue, but rather as a perspective that considers it within the context of economic growth, national security, and strategic advantage. According to a recent report by Reuters, Trump reiterated this approach at a special summit in Pittsburgh on July 15th, attended by technology and energy giants such as Microsoft, Meta, Alphabet, and ExxonMobil.

According to data announced at the summit, Pennsylvania alone is planning a $70 billion investment to support AI infrastructure. These investments include both next-generation data centers and energy projects to meet their growing energy needs.

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Key Pillars of the AI Action Plan

Trump’s upcoming announcement will outline the United States’ artificial intelligence policy across five core focus areas:

1. Innovation and Economic Growth:
   • Expanding the use of AI applications within federal institutions.
   • Increasing public funding for research and development activities.
   • Encouraging partnerships between universities and the private sector.
2. National Security and Digital Sovereignty:
   • Implementing measures to protect sensitive data.
   • Introducing new regulations to oversee technology transfers with rival nations like China.
3. Infrastructure and Energy Strategy:
   • Streamlining permitting processes for AI data centers.
   • Facilitating land allocation on federal property for AI-related projects.
   • Prioritizing investments in nuclear and renewable energy sources.
4. Public Trust and Ethical Standards:
   • Establishing regulations for the safe, transparent, and ethical use of AI systems.
   • Actively involving institutions like NIST (National Institute of Standards and Technology) and CAISI in the development of regulatory frameworks.
5. Workforce Transformation and Education:
   • Launching vocational training programs to prepare the workforce for the AI era.
   • Providing tax incentives and supporting corporate-backed skill development initiatives.

What Is Trump Aiming For?

Experts argue that the Trump administration’s initiative is not just a tech policy maneuver but also a strategic component of the ongoing geopolitical competition with China. By rolling back many of the AI regulations implemented under the Biden administration in 2024, Trump is reinforcing a narrative of “American supremacy” in the field of artificial intelligence.

According to sources speaking to Reuters, the plan is expected to influence not only domestic policy but also the development of international technological norms.

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Support Agents Allegedly Bribed, Millions Affected

In a lawsuit filed on May 16 in a New York federal court, plaintiff Paul Bender alleged that Coinbase failed to protect user data during a serious breach. The incident, which began on May 11, involved cybercriminals bribing support agents to gain access to internal systems.

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The stolen data included names, addresses, phone numbers, emails, the last four digits of Social Security numbers, bank details, driver’s licenses, passports, and account data like balances and transaction history. The attackers reportedly demanded a $20 million ransom, which Coinbase refused to pay.

At Least Six Lawsuits Allege Negligence, Delayed Response

Between May 15 and 16, at least six lawsuits were filed against Coinbase. Plaintiffs allege the exchange failed to maintain proper security measures, delayed informing users, and offered no meaningful steps to mitigate harm.

One California-based lawsuit demands Coinbase delete all sensitive data and hire independent auditors to evaluate its systems. Another suit added a claim of unjust enrichment, arguing that Coinbase underinvested in data security to boost profits.

In a filing with the U.S. Securities and Exchange Commission (SEC), Coinbase estimated potential reimbursement costs to range between $180 million and $400 million. The company has pledged to compensate users who were tricked into sending crypto due to phishing scams linked to the data breach.

Following the news, Coinbase (COIN) shares initially dropped 7% to $244, but recovered with a 9% gain, closing at $266 on May 16.

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From Meme to Market Force

Launched as a joke, Dogecoin now ranks as the eighth-largest cryptocurrency, with a market cap of $23.3 billion. Since 2021, the DOGE community has celebrated April 20 as “Dogeday,” aligning with International Weed Day and the coin’s meme-driven roots.

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Despite criticism over its $2.16 million in daily inflation, Dogecoin’s affordability, branding, and retail popularity continue to sustain its relevance.

Blockchain expert Anndy Lian told Cointelegraph:

“Dogecoin’s inflationary model keeps prices low, making it attractive for retail traders psychologically.”

Social Buzz Still Powers DOGE

In late 2024, DOGE surpassed Porsche’s market cap, largely due to Elon Musk’s endorsements and social media momentum — despite its lack of technical blockchain utility.

SEC ETF Decisions on the Horizon

The Dogecoin community is watching four DOGE-related ETF filings:

• Bitwise Dogecoin ETF – potential decision: May 18 (or delay until October)
• Grayscale Dogecoin ETF – next deadline: May 21
• 21Shares Dogecoin ETF – still in early review phase
• Osprey Fund Dogecoin ETF – awaiting initial SEC review

The SEC’s pattern of delaying crypto ETF decisions adds uncertainty, but Dogecoin fans remain hopeful.

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SEC Encourages Participation

In an interview with Cointelegraph, Ferrick outlined the typical signs of regulatory capture:

• Public-private revolving door employment,
• Repetition of the same event participants,
• Preferential treatment for certain crypto projects.

However, he added:

“Right now, the SEC offers real transparency—public portals, meeting requests, and open discussions. That’s a positive signal.”

Roundtables Foster Transparency

Ferrick cited the March 2025 SEC crypto roundtable as a turning point. It included SEC officials, crypto executives, and critics like John Reed Stark.

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The April 11 session focused on trading rules, with panelists from Uniswap and Coinbase. The next roundtable, on April 25, will address crypto custody regulations.

Room for Dialogue, Not Political Capture

While former regulators warn against relaxing rules, Ferrick insists open communication is key to avoiding politicization of the crypto space.

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