Authored by Micah Zimmerman via BitcoinMagazine.com,

Morgan Stanley is preparing to roll out crypto trading for retail clients on its E*Trade platform, marking a significant leap by a Wall Street bank into Bitcoin and digital assets.

The bank will partner with cryptocurrency infrastructure provider Zerohash to provide liquidity, custody, and settlement, according to a Bloomberg report.

Trading is expected to go live in the first half of 2026, beginning with Bitcoin, Ethereum, and Solana.

In other words, Morgan Stanley doesn’t just want to let customers buy Bitcoin. It wants to be the place where traditional and digital assets sit side by side in the same account.

Morgan Stanley announced plans earlier this year to add spot Bitcoin and crypto trading to its E*Trade platform sometime in 2026, but didn’t share specifics on timing and infrastructure. 

JUST IN: $1.3 trillion Morgan Stanley to let E*Trade clients trade #Bitcoin in the first half of next year 🚀 pic.twitter.com/uwUsaKTuc1

— Bitcoin Magazine (@BitcoinMagazine) September 23, 2025

‘Tip of the iceberg’ 

Jed Finn, Morgan Stanley’s head of wealth management, framed the move as a “transformative moment” for the industry. 

“Offering clients the ability to trade crypto is the tip of the iceberg,” Finn said, adding that the firm ultimately plans to build a full wallet solution for custody and tokenization of assets, according to CNBC reporting.

The timing reflects a broader shift in regulatory posture under the Trump administration, which has cleared the way for banks to expand into crypto markets. 

Competitors like Charles Schwab are exploring similar offerings, while Robinhood has long reaped the rewards — pulling in more than $600 million from crypto trading last year, about one-fifth of its total revenue.

Morgan Stanley isn’t just offering trading access. It’s also investing directly in Zerohash, which recently raised $104 million at a $1 billion valuation. That stake gives the bank a foothold in the infrastructure layer of crypto markets as well.

Finn also emphasized that the bank is exploring tokenization, which is the process of using blockchain to create digital versions of traditional assets like stocks, bonds, and cash, as a way to modernize back-office operations. 

Tokenized cash, for example, could begin accruing interest instantly when it lands in a wallet. In plain English: instead of your money sitting idle, it starts working for you the second you receive it.

The firm also plans to launch a crypto-inclusive asset allocation strategy in the coming weeks, with suggested portfolio allocations ranging from zero to a few percentage points depending on client goals, according to reports. 

For Bitcoin advocates, even a small allocation from a bank the size of Morgan Stanley represents a major step toward mainstream adoption.

Shortly after President Trump warned on Monday that using Tylenol during pregnancy may be linked to an increased risk of autism – and advised pregnant women to limit use – the triple-vaxxed, six-times-boosted wing of the Democratic Party took to social media for a performative stunt against the president, chugging Tylenol… 

Whether it’s “Trump Derangement Syndrome,” the woke mind virus, or “TikTok brain rot,” whatever has scrambled the brains of some on the far left has been on full display since Monday afternoon, after Trump said, “With Tylenol, don’t take it, don’t take it.” The president was referring to the FDA’s new warning to physicians that acetaminophen use during pregnancy could increase the risk of autism spectrum disorder and ADHD in children.

At the time, we were only joking.

*TRUMP ON TYLENOL: DON’T TAKE IT

Liberals already overdosing on Tylenol

— zerohedge (@zerohedge) September 22, 2025

Yet… 

This performative child mutilation from the left will be studied for years to come. Plenty of data with excessive tylenol use on pregnant/infants to be cautious of it even before the RFKjr drop. Science worshipers can’t follow simple deductive reasoning. pic.twitter.com/k0D9OGqZSv

— Mikey Santos (@wsoul13x) September 23, 2025

😑 pic.twitter.com/wPObwihz0f

— Calley Means (@calleymeans) September 23, 2025

Pregnant 🤰 liberals are taking Tylenol to protest 🪧 President Trump and Bobby Kennedy attempting to Make America 🇺🇸 Health Again. pic.twitter.com/aal1nHhAnQ

— The Golden Mask (@maskedoccult) September 23, 2025

I was joking yesterday… but the mind rot of the left knows no bounds.

They are now taking EXTRA Tylenol because Trump said it was bad… pic.twitter.com/OWRjLmfyrN

— PNW Conservative (@UnderWashington) September 23, 2025

TikTok challenge of the day: pregnant moms chugging Tylenol. Sponsored by… ignorance. pic.twitter.com/tJkRz7mBTc

— Aunty Kitty (@wake_up_girl_3) September 23, 2025

‘Trust the science’ worshipers have lost their minds and are only chugging Tylenol to prove Trump wrong. 

Prepare for the signs…

. . . 

Authored by Stephen Moore via RealClearPolitics.com,

It’s hard to believe that a couple years ago Time magazine considered naming Federal Reserve Board Chairman Jerome Powell as their Person of the Year. He may well have won, if it hadn’t been for someone named Taylor Swift.

Powell has been idolized by the Left for one reason: He’s been a thorn in the side of President Donald Trump for years. If Trump says “ying,” Powell says “yang.”

Last week Powell finally lowered the federal funds rate, and better late than never.

But his speech to the media was a tirade against Trumponomics. He was filled with doom and gloom in his statement, telling global investors that the economy is growing at only 1.6% so far this year and is expected to grow 1.6% next year.

What country was he talking about? Afghanistan?

Here are the facts:

In the second quarter of this year, the U.S. economy grew by 3.3%, and with a few weeks to go in the third quarter, the Federal Reserve Bank of Atlanta is forecasting 3% growth — twice Powell’s cracked crystal ball.

Powell also never mentioned that real household incomes are up $1,100 for the first seven months of 2025.

He never mentioned that capital investment — the seed corn of a growing economy — has been ramped up, with hundreds of billions pledged next year.

He attacks Trump’s tariffs and more restrictive immigration policies as restricting growth — and he has a point that those have slightly slowed growth. But he never mentioned the Trump tax cuts, the immediate expensing for capital purchases (which has spurred an investment boom), the deregulations that could save up to $1 trillion this year, or that Trump’s pro-energy policies have increased U.S. production of oil and gas to record highs, or that the area where job growth is way down is in government employment — which is GOOD for the economy.

There’s also something almost comical about a Fed chair who let prices soar by 21% during former President Joe Biden’s four years in office — the highest rates in nearly 40 years, dating back to Jimmy Carter’s stagflation. He promised inflation was “transitory” — oops. Tell that to people whose grocery bills rose by one-third in four years.

He accommodated the disastrous lockdowns of the economy with nary a word of objection by shoveling trillions of dollars into the economy in 2020 and ’21. The result: Americans saw a three-year crash in their after-inflation incomes. It was right and proper that Americans chased Biden and former Vice President Kamala Harris out the door, but here we are nine months later, and Powell is still around.

Powell is attacked by Trump as “Too Late Jerome.” But the reality is, he’s “Too Wrong Powell.” His job, as former World Bank president David Malpass notes, should be “to defend the dollar and keep it stable in value.” Steve Forbes adds that Powell has followed the wrongheaded creed of the 300 PhD economists over at the Fed’s temple that growth causes inflation.

He has a bully pulpit that can and should be used to attack the dangerous levels of government debt and deficit spending. He rarely does.

Powell’s defenders counter any criticism of the Fed by reflexively arguing that the central bank should be independent. Yes.

But it should also be competent and accountable.

Under Powell’s reign of error, the central bank has been neither. He makes up monetary policy as he goes along, and that has increased the instability of the U.S. economy and financial markets.

He has been a walking billboard for a rules-based monetary policy — perhaps a gold or commodity standard.

Powell should admit he’s in over his head and exit stage left now before he does more harm. But he lives in a media-created delusion that he’s the last line of defense against Trump. The good news is, at least he will be gone in seven months. Hopefully the next Fed chairman will learn from his series of blunders.

The Trump administration is looking to take some equity ownership of another large publicly traded company.

The decision comes after the administration began re-evaluating a $2.3 billion loan approved by President Biden for the development of a Nevada lithium deposit.

As Bloomberg reports, the record-high loan to Lithium Americas Corp., finalized in 2024, would have provided most of the capital for the construction of a processing plant adjacent to the company’s Thacker Pass mine, on one of country’s largest lithium deposits.

However, the Energy Department’s review of the financing comes after Greg Beard, a senior advisor in the Loan Programs Office, warned that the project could fail to draw customers amid competition from cheaper Chinese lithium, the Washington Free Beacon reported. 

Now, Reuters is reporting that, according to two people familiar with the discussions, the Trump administration is seeking an equity stake of as much as 10% as part of the loan negotiation.

LAC is trading up 60% in the after-market…

President Trump supports project and wants it to succeed and also be fair to taxpayers but “there’s no such thing as free money,” a White House official tells Reuters.

Free money for some of these guys though, maybe…

The US government is about to become the top shareholder in a company that has the Swiss National Bank as its 29th largest investor.

Following the Intel deal, this morning’s US Antimony deal, and now the Lithium Americas deal, the industrial-government complex is doing very well.

Authored by Michael Snyder via The Economic Collapse blog,

I am deeply saddened by what is happening to our country.

America is reaching a boiling point, and it appears that we have entered a new era of civil unrest in which political violence will become the norm. At this moment in our history, we should all be denouncing political violence as loudly as we can. Unfortunately, there are many voices that are loudly calling for more political violence.

I have been warning that this time would come for so many years, and now it is here. The “left” deeply hates the “right”, and the “right” deeply hates the “left”. But how is a bitterly divided nation supposed to thrive? How is it even supposed to survive? Those that founded this country shared a common set of core values, but today there are no core values that still unite us, because the core values that our founders believed in so strongly have been abandoned. In fact, in so many ways America is now the complete opposite of what our founders intended.

Decades ago, we would laugh at the pathetic nations that were constantly plagued by political violence.

Now we are one of those nations.

A man in New Hampshire was just arrested for threatening to use homemade pipe bombs to assassinate New Hampshire Governor Kelly Ayotte…

A ponytailed New Hampshire man has been arrested after allegedly plotting to assassinate the state’s Republican governor with a ‘weapon of mass destruction.’

Tristan Anderson, 22, is accused of threatening to kill Governor Kelly Ayotte with homemade pipe bombs.

According to investigators, Anderson made the chilling threats to his roommate on Snapchat, bragging about his plans and showing off the materials he intended to use.

Hopefully authorities will lock up that nut for a long time, but the truth is that there are millions of others just like him.

For example, a crazed leftist at Oberlin College has boldly proclaimed that we “need to bring back political assassinations”…

A radical leftist student at Oberlin College casually called for political assassinations to continue in the wake of the targeted killing of political activist Charlie Kirk last week, according to an online post she made.

“We need to bring back political assassinations,” said Julia Xu in a social media post, where her handle is @bringbacktheguillotine.

“I don’t feel bad and I don’t think that everyone deserves the right to free speech. Some people should be afraid to express their opinion in public.”

That is sick.

If you have not seen the footage of her making these comments yet, you can find it on YouTube.

So where did she get such horrifying ideas?

Well, it turns out that her thinking has been greatly influenced by Chairman Mao…

Xu is on the advisory board of campus group the Gender, Sexuality and Attraction Initiatives, an office that supports queer, trans and women’s programming at the school. Xu, who uses they/them pronouns, is also a member of Students for a Free Palestine.

Xu said she made the comments about Kirk, who was assassinated during a student debate at Utah Valley University in Orem last week, after being given five minutes for “hot takes” during her “Revolution, Socialism and Reform in China” class.

She said her statement was influenced by her learnings about Chairman Mao, then went on to misguidedly (and perhaps inadvertently) praise the Chinese leader’s authoritarianism.

There are many on the left that would be thrilled if the United States was transformed into another version of communist China.

And a lot of them are openly admitting that blood must be spilled to accomplish that goal.  In fact, a tax collector in Pennsylvania has openly admitted that she is “so tired of being told” that violence isn’t the answer…

Ambler, PA tax collector and local Democratic Party leader calls for MORE ass*ssinations and violence

“I’m so tired of being told that violence isn’t into the answer. History is filled with blood. Let’s make some more myrtys.”

SHE NEEDS TO RESIGN.

All over social media, there are people that are talking about a violent uprising.

That should chill you to the core.

In response, the Trump administration plans to crack down on left-wing organizations.

In fact, President Trump just announced that Antifa will be officially designated as a terrorist organization…

President Trump announced Wednesday that he will designate antifa as a terrorist organization, and is recommending investigations into people who allegedly fund it.

It’s unclear when the designation will take place, or what legal implications it will have. Antifa — short for anti-fascist — is a loose affiliation of mostly left-leaning activists, and generally is not considered to be a highly organized group.

I don’t think that people understand what this means.

During previous administrations, terrorists have been shipped off to Guantanamo Bay to be tortured and hunted down by predator drones.

In his post announcing this change on Truth Social, President Trump explained that Antifa will now be deemed to be “A MAJOR TERRORIST ORGANIZATION”…

I am pleased to inform our many U.S.A. Patriots that I am designating ANTIFA, A SICK, DANGEROUS, RADICAL LEFT DISASTER, AS A MAJOR TERRORIST ORGANIZATION. I will also be strongly recommending that those funding ANTIFA be thoroughly investigated in accordance with the highest legal standards and practices. Thank you for your attention to this matter!

Of course Antifa does not hand out membership cards.

So how will it be determined whether leftist protesters are part of Antifa or not?

There are so many unanswered questions.

But what we do know is that the temperature is rising in this country, and it got even hotter when Jimmy Kimmel was suddenly pulled off the air…

After ABC’s suspension of “Jimmy Kimmel Live!” over the comedian’s comments on Charlie Kirk, reactions have been swift, and many question remain.

The Walt Disney-owned network confirmed on Wednesday, Sept. 17, that it has indefinitely pulled Jimmy Kimmel’s late-night talk show following comments he made on a Sept. 15 episode regarding the fatal shooting of the conservative commentator.

I don’t understand why he was still on the air.

He was supposed to be a comedian, but he simply was not funny.

Maybe that is why so few people were still watching him.

ABC decided to make this move because Kimmel suggested that Charlie Kirk’s shooter was part of “the MAGA gang”…

“We hit some new lows over the weekend with the MAGA gang desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it,” he said.

Jimmy Kimmel should have known better than to say something like that, because everyone knows that it isn’t true.

So his employer held him accountable.

But all over BlueSky, liberals are freaking out as if some major turning point in our history has just happened.  Here is one example…

First, Stephen Colbert. Now Jimmy Kimmel. Is it sinking in now? Do you all get it now? We now live in an authoritarian dictatorship. The United States of America as we know it is OVER for everyone.

There are a lot of things that are going on in this country that are worth getting tremendously upset about.

The cancellation of Jimmy Kimmel is not one of them.

But Rosie O’Donnell believes that this nation “is no more” now that Jimmy Kimmel is off the air…

O’Donnell lamented on Instagram: “this is unacceptable – f— this fascist administration and corrupt corporate executives – bowing to the orange monster – america is no more .”

She is not rational.

Unfortunately, we have reached a point where vast segments of the U.S. population are not rational.

And when people are not thinking rationally, violence can erupt.

When asked about what just happened to Jimmy Kimmel, actor Jason Bateman had some very ominous things to say…

‘Well, it’s troubling to say the least,’ the A-list star said. ‘And we all have to really take a moment and figure how we feel about this type of thing.

‘Especially, people doing what you do.

‘I’m sure there’s going to be some sort of collective move to respond to this, but I’m not smart enough or powerful enough to be the one to do it but I imagine there’s plenty of conversations going on to do something, because you just can’t stand by and let stuff like that go on.’

Exactly what did he mean when he said that “you just can’t stand by and let stuff like that go on”?

Is he suggesting what it sounds like he is suggesting?

Everyone needs to take a step back and cool down for a while.

But of course that isn’t going to happen, is it?

2025 is the moment when our national boiling point is being reached, and things are only going to get crazier from here.

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

Yesterday when commenting on the latest vendor financing perpetual money scheme unveiled by Nvidia and OpenAi, according to which as part of its latest circus act, the world’s largest company will invest up to $100 billion in OpenAi so that Sam Altman’s company can splurge on various components, we said that tomorrow we would likely see the following press release:

tomorrow:

*OPENAI TO BUY $100B OF CHIPS FROM NVIDIA https://t.co/5zGxPwCIOi

— zerohedge (@zerohedge) September 22, 2025

We were of course referring to what has now become a running joke even among vendor financing fraud veterans..

so let me get this right:

Oracle says Openai committed $300B for cloud compute → oracle stock jumps 36% (best day since 1992)

Oracle runs on Nvidia GPUs → has to buy billions in chips from Nvidia

Nvidia just announced they’re investing $100B into openai

Openai uses that…

— Sully (@SullyOmarr) September 22, 2025

… namely the fact that so much of Nvidia’s revenue is the money it downstreams to its clients which then feeds Nvidia’s topline, usually with a 20-30x market cap multiplier, which then allows it to downstream even more money to clients, and so on in what has now become a real life version of the infamous infinite money glitch. 

The Circle of Life pic.twitter.com/cQrK9tww9P

— Kakashii (@kakashiii111) September 22, 2025

In retrospect, Nvidia’s increasingly grotesque vendor financing scheme is starting to shock not just us. 

Overnight, the venerable Australian Financial Review wrote “Nvidia’s OpenAI deal shows how worrying the AI money-go-round is”, arguing “One firm invests $100bn in the other, so it can buy $100bn of chips made by the investor. Welcome to artificial intelligence’s circular economy.” That said, as Rabobank’s Michael Every wrote this morning, history is replete with markets that see crossholdings work just like that, usually, but not exclusively, as part of economic statecraft.

Which is also true, but in the end of the day, vendor financing like this are nothing more than accounting magic and while not of the same severity (yet) as what led to the instant collapse of Enron over 20 years ago, the more people notice, the closer we get to the tipping point.

And more people are certainly noticing. Important people, such as Goldman’s head of Delta One trading, Rich Privorotsky, who dedicated an entire section to the Nvidia “transaction” in his morning note, titled appropriately enough, Circular reference?

Markets were largely sideways, led early by a resurgence in Apple, with the rest of the tape struggling to hold gains… until the Nvidia–OpenAI headline hit. Reuters reports a structure where Nvidia invests up to $100bn for non voting shares, and OpenAI uses the cash to buy Nvidia chips, with a plan to deploy of what could be at least 10GW of Nvidia systems.   NVDA ripped… TSMC +3%/rest of AI supply chain higher and Oracle popped on the read through that it likely builds a big chunk of the compute. 

Ok definitely not old enough to have been around trading during the tech bubble and multiples are nowhere near that point in time… That said, vendor financing was a feature of that era and when when the telecom equipment makers (Cisco, Lucent, Nortel, etc.) extended loans, equity investments, or credit guarantees to their customers who then used the cash/credit to buy back the equipment… well suffice it to say, it did not end well for anyone. 

And guess what, this time won’t be any different. The only question is when, and at the rate these stocks meltup every day (when they are not tumbling), it’s answer could mean the difference between a successful career in finance or ending up as a line cook in McDonalds. 

Bloomberg has finally woken up to the power bill crisis erupting across the Mid-Atlantic. Years of reckless energy policies, such as shuttering reliable fossil fuel power plants in favor of unreliable solar and wind, are colliding head-on with unprecedented electricity demand from AI data centers. The result is a toxic affordability crisis for households, and it is fast becoming a major flashpoint in the upcoming election cycle. 

Bloomberg journos Brian Eckhouse and Naureen S Malik noted:

Americans and their politicians have always been acutely sensitive to the price of gasoline. But there’s another cost-of-living issue that’s gaining prominence in the collective political consciousness: what consumers pay to keep the lights on.

Electricity prices increased nationally at more than twice the rate of overall inflation during the past year. Demand is expanding at its fastest pace in decades, driven by the boom in artificial intelligence, building of factories and adoption of electric vehicles.

. . .

The Trump administration blames renewables for the higher prices, and it’s using that argument to thwart offshore wind projects approved during Joe Biden’s presidency while promoting natural gas, coal and nuclear power.

It’s great to see corporate media finally catching up:

First Fox News. 

You don’t say… https://t.co/iX4l8J6otj pic.twitter.com/M620Jd7Pog

— zerohedge (@zerohedge) August 14, 2025

Now Bloomberg. 

You don’t say https://t.co/iX4l8J6WiR pic.twitter.com/pUJfshjCTb

— zerohedge (@zerohedge) September 23, 2025

In fact, the power crisis in the Mid-Atlantic area first surfaced on our radar after Goldman warned in an August 2024 report:

“After a series of auction delays and relatively low clears (see chart below), PJM capacity prices appear to have finally caught up with the generative AI data center load growth story that has been central to parts of PJM.”

And why do Maryland and surrounding states, such as New Jersey, face soaring power bills that threaten to derail Democrats? Because poor grid management and the reckless pursuit of net zero have transformed grids into a gigantic mess, driving power bills higher, limited spare capacity in the era of data center expansion pushes grids closer to crisis, if not already there.

Here’s the timeline of the power grid crisis surfacing on our radar:

• August 2024: Goldman Says Mid-Atlantic Power Prices “Finally Caught Up To AI Data Center Load Growth Story” 

• August 2025: Power-Bill Crisis Spreads From Maryland To New Jersey, May Doom Democrats As ‘Green’ Implodes

• August 2025: “Price-Spikes & Blackouts”: America’s Power Crisis Is Just Getting Started

America First leaders must hammer home the message: the Democrats’ green agenda isn’t just a failure … it’s a nation-killing strategy that has weakened the country from within. This adds to the crumbling pillars of the radical left. It’s now time for voters to hold accountable those who pushed this disastrous green agenda … 

Already in Maryland, far-left Governor Wes Moore’s ratings have plunged.

Why? Well.

Democrats had to call up dark-money-funded NGOs to wage an information war against Marylanders to quell mounting dissent (read report).

By Cointelegraph

BitMine Immersion Technologies, a crypto treasury company focused on Bitcoin and Ether, said it controls more than 2% of Ether’s total supply after amassing 2.4 million ETH. The company disclosed on Monday that its Ether (ETH) holdings are valued at about $10.1 billion, making it the largest corporate ETH treasury worldwide. It also announced a new fundraising initiative aimed at pushing its reserves even higher.

BitMine reported that it acquired ETH at an average price of nearly $4,500, about 7.25% above the current market price of $4,200.

According to Strategic ETH Reserve data, BitMine is currently the world’s top corporate Ether treasury. SharpLink Gaming, an ETH treasury led by an Ethereum co-founder, takes the silver medal, with 838,150 ETH on its balance sheet.

BitMine’s total assets, combining equity, cash and crypto holdings, now stand at $11.4 billion. The portfolio places BitMine among the top crypto treasury companies, led by Strategy, with 639,835 Bitcoin worth over $74 billion as of Monday.

BitMine raises funds at a premium

BitMine said Monday it sold about 5.22 million shares at $70 each, a 14% premium to its Sept. 19 closing price of $61.29, alongside 10.4 million warrants exercisable at $87.50. The deal raised roughly $365 million in immediate proceeds, with the warrants offering the potential for another $913 million if exercised in full.

BitMine Chairman Tom Lee framed the premium pricing as a sign of institutional confidence, noting that the funds will be directed toward expanding the company’s Ether reserves.

“The convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum,” Leed said Monday.

The fundraising follows a $200 million ETH purchase earlier in September, when BitMine added 46,255 ETH to its balance sheet, shortly after disclosing another $65 million buy and holding 1.5% of all Ether supply on Sept. 2.

Institutions are interested in crypto treasuries

BitMine is clearly attracting attention, with Cathie Wood’s ARK Invest acquiring 101,950 shares in the company earlier in September.

Recent reports also indicate that public companies are raising hundreds of millions of dollars in capital for cryptocurrency strategies, further solidifying the idea that such propositions attract investor interest.

Since the last FOMC statement and Powell’s press conference, stocks are up, gold is up, the dollar is up, and bond yields are up with rate-cut expectations for 2026 drifting lower (with Oct 2025 odds of a cut at 92% and Dec at 81%)…

Source: Bloomberg

Is this what Powell wanted?

Since the FOMC statement, there has been a tsunami of FedSpeak

Sept. 23

Michelle Bowman, Fed Vice Chair for Supervision

Policymakers are in danger of falling behind the curve and need to act decisively to bring down interest rates as the labor market weakens.

“Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward.”

Austan Goolsbee, The Fed Bank of Chicago president

He urged caution, given inflation remains persistently above the Fed’s target. said, “we need to be a little careful with getting overly up-front aggressive.”

Sept. 22

Stephen Miran, Fed Governor

“Leaving short-term interest rates roughly 2 percentage points too tight risks unnecessary layoffs and higher unemployment.”

He wants to cut rates by another 1.25 percentage points at the two remaining FOMC meetings this year.

Alberto Musalem, President of St. Louis Fed

“I supported the 25-basis-point reduction in the FOMC’s policy rate last week as a precautionary move intended to support the labor market at full employment and against further weakening.”

“However, I believe there is limited room for easing further without policy becoming overly accommodative.”

Raphael Bostic, President of Atlanta Fed

He’s hesitant to support another rate cut next month due to high inflation and doesn’t believe the labor market is in crisis right now.

Beth Hammack, President of Cleveland Fed

She remains focused on inflation and warned officials should be cautious about rate cuts to avoid overheating the economy.

Sept. 19

Stephen Miran, Fed Governor

Miran said he didn’t promise President Trump that he would vote a particular way on interest rates, adding “I will do independent analysis based on my interpretation of the data, based on my interpretation of the economy, and that’s what I will do and that’s all that I will do.”

Neel Kashkari, President of Minneapolis Fed

Kashkari supported the Fed’s decision to lower rates this week and penciled in two additional cuts this year.

He said “I believe the risk of a sharp increase in unemployment warrants the committee taking some action to support the labor market.”

So 3 doves, 3 hawks, and one fence-sitter.

But investors are looking for greater clarity with Fed Chair Powell set to deliver remarks on the economic outlook midday in Rhode Island.

Last week, Powell characterized the rate cut as “risk management” and underscored the need to balance cracks in the job market against the risks of rising inflation.

“Powell will, hopefully, clear up some of the confusion around having framed last week’s cut as a ‘risk management’ move,” said Michael Brown, senior research strategist at Pepperstone.

Focus now turns to Powell, and the release of data on gross domestic product and personal consumption expenditures – often called the Fed’s preferred inflation gauge – later in the week.

“Jobs are slowing and more importantly the neutral rate is much lower than the rate we have today,” Bruce Richards, chief investment officer at Marathon Asset Management, said in an interview on Bloomberg TV, adding that he expects 125 basis points of additional rate cuts.

“They have a lot more to go.”

Watch Powell speak live here (die to start at 1235ET)

After MP Materials, Intel and Centrus Energy, the latest domino in the US industrial economy game has just been revealed: this morning shares of US Antimony (UAMY) soared 20% after the company announced that it has secured a sole-source, five-year contract worth up to $245 million from the U.S. Defense Logistics Agency to supply antimony metal ingots for the national defense stockpile. With the company’s entire market cap just over $800 million, one can see why this contract is a huge boost to the company’s prospects… and stock price. 

The stock is now up more than 40% over the last 5 days. 

UAMY, which operates the only two antimony smelters in North America, said it is positioned to begin immediate deliveries from its domestic facilities, with the first order expected this week, according to Reuters. 

“It’s incredibly meaningful for all our employees to play such a strategic role in strengthening our nation’s defense readiness,” USAC CEO Gary C. Evans said in a statement.

The deal follows months of negotiations and reflects a partnership with the Department of Defense that accelerated in late 2024. It also highlights broader U.S. efforts to reduce dependence on foreign sources, particularly China, for critical minerals and strategic materials.

Antimony, a critical mineral which is used in munitions, batteries, flame retardants, and military-grade compounds, has been flagged by defense officials as a vulnerability in the U.S. industrial base.

The Trump administration has made domestic supply-chain resilience a policy priority. Trump has taken a series of executive and policy actions aimed at securing U.S. access to critical minerals, citing national security and economic independence.

Similar initiatives have supported other strategic sectors. The federal government has backed Intel with billions of dollars in CHIPS Act funding to expand U.S. semiconductor manufacturing capacity, while MP Materials has received Defense Department support to boost rare earth processing, reducing reliance on overseas supply chains.

Additional announcements are also expected relatively soon around nuclear fuel and uranium, another area where U.S. officials are seeking to strengthen domestic capability and reduce reliance on foreign suppliers.

Two months ago we laid out all the winners in the coming critical mineral scramble in “The Coming Rare Earth Revolution And How To Profit: All You Need To Know About The “Ex-China Supply Chain.” Those who put on the recommended baskets are currently enjoying high double-digit gains.