The US-China negotiations went smoothly, US stocks rose, and the net inflow of Ethereum ETF hit a four-month high

U.S. stocks rose comprehensively yesterday (6/10), with the market being very optimistic about the U.S.-China trade agreement, and the upcoming CPI data is receiving significant attention. The S&P 500 index has risen 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". Bit rose by about 0.22% compared to the previous day, but ETH performed outstandingly, rising approximately 3.91%, reaching $2,833 at one point. U.S. Commerce Secretary Howard Lutnick stated that the U.S.-China talks were "quite smooth" and expected to complete the agreement by Tuesday evening (6/10) local time, 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 such as "tariff reduction" and "rare earth". The U.S. Consumer Price Index (CPI) will be released this Wednesday (6/11), with market expectations of an annual increase from 2.3% to 2.5%, primarily due to potential price increases from Trump's import tariff policies. Citibank also predicts that the Federal Reserve (Fed) will remain neutral in its June and July meetings, with the earliest rate cut potentially in September. Previously, Tesla founder Elon 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 seek 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 data shows Tesla is officially listed as a Known AV Operator, currently in the testing phase, with Tesla autonomous taxis being tested on the roads. Tesla has risen for three consecutive days by 5.67%, closing at $326.09. BTC briefly retreated to the 108K-109K range after breaking the 110K mark, while ETH performed exceptionally well. 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. Key Ethereum ETF net inflows include: - BlackRock ETHA: $79.67 million - Fidelity FETH: $26.32 million - Bitwise ETHW: $8.35 million - Grayscale ETH: $9.67 million With Fed Chair Jerome Powell's term ending in May 2026, potential personnel changes at the White House have attracted market attention. Trump's long-standing differences with Powell's interest rate policies have sparked rumors that current Treasury Secretary Scott Bessent is his preferred successor. The White House quickly denied these speculations.

Toggle

Bessent 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:

The sources indicated 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.

(US Debt Ceiling Looming? JPMorgan Warns of Potential Debt Collapse, Bessent: US Will Never Default)

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 Are Not New

The tense relationship between Trump and Powell is not news, as he had repeatedly criticized Powell's policy pace as being 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 Vice Premier He Lifeng and Minister of Commerce Wang Wentao, along with Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. 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 returned to the United States early with Greer, while Lutnick will continue negotiations with the Chinese side as circumstances allow.

Leaving the venue, Bessent described the two-day talks as "productive" and emphasized 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.