Trump announces a significant trade agreement with the United Kingdom, marking the first such deal since the pause on reciprocal tariffs. “The final details are being finalized,” Trump stated, expressing optimism about the imminent completion of the agreement. He emphasized that in the upcoming weeks, everything will be “very conclusive.” According to a post on Trump’s Truth Social account, it was noted that U.S. tariffs on the UK will remain at 10%, indicating a steadfast approach to trade relations.
The Federal Reserve is not prepared to follow suit with other major central banks in terms of cutting interest rates. In a recent communication, the Fed used variations of the term “wait” a staggering 22 times to emphasize their cautious approach. The Fed’s position differs from that of peers in regions like Europe, Canada, and the U.K. Jerome Powell, the Fed Chair, indicated that any potential rate cuts would occur only after substantial evidence reveals a sharp slowdown in the economy, highlighting a vigilant and responsive monetary policy.
Concerns surrounding tariffs and the anticipation for a potential economic reprieve were palpable at the recent C.E.O. Conference. Dealmaking executives are looking to Treasury Secretary Scott Bessent as a beacon of hope amidst growing economic challenges. Many executives are bracing for a tumultuous year ahead, with some suggesting that the nation may already be in a recession. The pressing question now revolves around the extent and duration of this economic downturn. Despite the clouds of uncertainty, the atmosphere at the conference remained lively; for instance, one rooftop cocktail party served whimsical “NAV-gronis,” a playful nod to the loans that some private equity firms are using to boost liquidity.
In a transformative move, Coinbase has acquired the crypto derivatives exchange Deribit for a staggering $2.9 billion. This strategic acquisition positions Coinbase as a formidable force in the global arena of crypto derivatives, specifically in terms of open interest and options volume. While Coinbase operates the largest marketplace for buying and selling cryptocurrencies within the U.S., its global market share remains smaller, with a significant portion of trading activity occurring on platforms like Binance.
Millennium is currently engaged in discussions with Goldman Sachs’ Petershill Partners regarding a potential stake sale. Potential buyers may include some of Millennium’s most prominent investors. This development comes as Millennium’s founder, Izzy Englander, along with president and COO Ajay Nagpal, seek to institutionalize the business in anticipation of its future operations beyond the stewardship of its septuagenarian founder. Notably, Englander has maintained sole ownership of Millennium throughout its 36-year history.
In a critical reflection on the current economic landscape, GOP megadonor Ken Griffin has expressed strong disapproval of Trump’s trade war, labeling it as a manifestation of crony capitalism. “Tariffs pave the way for crony capitalism, where the government starts to influence which businesses succeed or fail,” Griffin articulated during an interview with POLITICO at the Milken Institute’s Global Conference held at the Beverly Hilton. “I anticipated that this would evolve over years, but it’s alarming to witness such rapid changes occurring within weeks.” Griffin further noted that the speed of deregulation and the implications of a proposed 2017 tax cut extension might not suffice to overcome any drag on the economy.
