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Top stories today:
- Fed to hold rates again as officials await clarity on economy, tariffs
- GENIUS Act passed by Senate to set guardrails for stablecoins
- Google brings Gemini 2.5 Flash-Lite in preview as fastest 2.5 model
- TikTok gets 90-day reprieve as Trump delays sale-or-ban law
- Eli Lilly to acquire gene-editing startup Verve Therapeutics
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Fed to hold rates again as officials await clarity on economy, tariffs
4.25%-4.5% is the target interest rate range for the Federal Reserve officials.
2 PM ET: the 4th straight meeting is likely to see Fed hold rates steady.
2:30 PM ET: Fed Chair Powell speaks at the FOMCās press conference, after the meeting ends.
Markets expect 100 bps in cuts over the next 15 months
2. GENIUS Act passed by Senate to set federal guardrails for U.S. dollar-pegged stablecoins
68-30: the Senate voted for the bill.
Creates a regulated pathway to issue stablecoins for private companies.
Allows banks, fintechs, and major retailers to launch stablecoins or integrate them into existing payment systems.
Limits big tech from issuing stablecoins without partnering with or creating regulated financial entities.
Bars Congress members and their families from profiting off crypto ventures.
Doesnāt restrict the president to do so, though.
Yet to be passed by the Republican-held House.
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