By Bas van Geffen, Senior Macro Strategist at Rabobank

Team Trump has not lessened their attacks on Fed Chair Powell. Last week, the Director of the Office of Management and Budget berated Powell for what he considers to be “too lavish” of a renovation of the Federal Reserve building – or in Vought’s own words, “Versailles on the National Mall.” Speaking on CNBC, the OMB director spoke about “fundamental mismanagement” at the Fed.

National Economic Council Director Hassett, tipped to maybe replace Fed Chair Powell, said: “If there is cause to fire Powell, Trump has the authority to do so”, as another candidate Warsh and Vice President Vance joined in on the attack – which looks coordinated. 

Is the Trump administration creating another bit of pre-text for firing Powell? Because it’s not like Powell is the new Sun King, its just that rates aren’t sinking. Yet, despite all the criticism, Trump still insists he will not fire Powell. Does he just want to have a scapegoat?

Meanwhile, the word “walls” must have come up during the discussions of the US’ own Versailles, and Trump knows exactly who should pay for those. Over the weekend, the US president threatened to slap a 30% tariff on Mexican goods. However, if exceptions continue to apply for goods that comply with the USMCA trade agreement, the impact of this tariff hike will be fairly limited. 

The European Union will also be subject to a 30% tariff, unless the two sides can reach another agreement in the next two weeks. Arguably, that’s progress? I mean, it’s less than the 50% Trump had threatened to impose when trade negotiations did not progress as quickly as he likes. (But the rate is still higher than the 20% Trump unveiled on Liberation Day, and higher than the level Europe would be willing to accept.) 

That also seems to be the Brussel’s interpretation of events: it’s Trump’s negotiating style to put more pressure on the other side in the final stages before a deal is reached. And, as one official put it, Trump will never go through with this, because markets.

European equity markets will undoubtedly trade heavy on the back of these tariff announcements, and the EUR has dropped below 1.1660 at the time of writing. 

And so, European leaders have decided to once again postpone the rebalancing tariffs that have been pending ever since the US raised tariffs on steel and aluminium imports – hoping that they can still clinch a compromise that is acceptable to both sides. Trade Commissioner Sefcovic will speak with his American counterparts later today. 

Meanwhile, the EU also wants to cooperate with other nations that are hit by US tariffs – to do what exactly? The UK seems resigned to the fact that Trump’s baseline tariffs are here to stay.

The EU may seek to reduce its dependence on the US. Japan and the EU plan to create a joint military satellite network, and to start joint development of weapons systems. But none of that is ready overnight, as Germany’s minister of Defence is telling the weapons industry to deliver without further delays. (Or what?)

So, for the time being, Europe remains very much dependent on the Americans. President Trump is due to make an announcement on Russia today. According to Axios’ sources, the president will provide Ukraine with sophisticated military equipment – and not just the defensive kind, but also long-range missiles that could reach targets deep inside Russian territory. And these will be paid for by the EU.

None of this will be cheap, as an FT op-ed underscores the urgent need to Make America Affordable Again. And that doesn’t just go for the US. The Australian Treasury mistakenly let the national broadcaster know it sees taxes need to rise and that not enough houses will be built.

Meanwhile, Prime Minister Albanese, currently in China, refused to answer questions on Australia’s future position on a war between its security shield, the US, and its top export partner, China. But Australia is shocked the US might not commit to its defence; will we see higher tariffs on Australia, or will the US squeeze them in other ways?

As trade letters from the US continue to get mailed out, DB’s Jim Reid writes that April 2nd has become July 9th which has become August 1st for an ever increasing list of countries. In the early hours of Saturday, Trump’s stationary cupboard was opened again and a letter was sent to the EU and Mexico informing them that they would face 30% tariffs on August 1st. To be fair, a month ago Trump threaten the EU with a 50% tariff so you might argue this is an improvement! The market will generally think this is mostly a negotiating tactic and that we’re unlikely to see such rates. The EU have been measured in their response so far and have extended the suspension of trade countermeasures that were supposed to kick-in tomorrow night. This will now be aligned to the August 1st deadline. So the EU and the market are hoping and expecting diplomacy to win out. 

However at some stage, the DB strategist warns that someone’s bluff could be called. Trump is under less pressure to back down with US risk markets around their highs and bond markets relatively stable at the moment. If huge tariffs do get imposed on August 1st, in thin holiday markets, we could get a sizeable market reaction. So the next three weeks of negotiating will be key to restful holidays everywhere. 

One thing is certain: much will still depend on the inflation trajectory. If all is calm on this front then we could move on but if we start to see slippage here, then a removal of a Fed Chair could be a big problem, at least initially, for a country with huge twin deficits. 

Given the above, this week is important as we see the latest US CPI numbers (tomorrow) with PPI (Wednesday) following. Before we preview these, the other key global releases are the other CPI numbers in Canada (also tomorrow), the UK (Wednesday) and Japan (Friday). In the US, there will also be retail sales (Thursday) and industrial production (Wednesday) reports for June, along with the preliminary University of Michigan survey (Friday) for July. Claims on Thursday corresponds to payroll survey week so it’ll be interesting to see whether the recent improvements continue given the payroll implications. Growth will also be in focus in China, where Q2 GDP and June activity data are out tomorrow. Also important will be the US banks kicking off the Q2 earnings season tomorrow, with semiconductor firms ASML and TSMC also reporting this week.

Lets now delve into the main upcoming US data, especially the inflation numbers. According to DB’s US economists’ preview they expect a +0.9% increase in seasonally adjusted gas prices and solid food inflation to boost the headline CPI (+0.34% forecast vs. +0.08% previous) slightly above that of core (+0.32% vs. +0.13%) which would increase the year-over-year growth rate by three- and two-tenths respectively (to 2.7% and 3.0%), and the three- and six-month annualized rates by 1.1 percentage points (to 2.8%) and three-tenths (to 2.9%), respectively. The economists will be looking mostly at signs of tariff related inflation in the core good categories. Wednesday’s PPI data will also be important for the categories that feed through into core PCE, the Fed’s preferred inflation gauge. 

Fed speak will be active after the CPI numbers with a host of appearances so there could be plenty of reaction to the data. See those listed in the day-by-day calendar at the end alongside all the other key events from around the world this week. This includes a G20 finance ministers and central bank governors meeting on Thursday and Friday. 

On the start of Q2 earnings, JPMorgan, Wells Fargo and Citi kick off the Q2 earnings season tomorrow. Bank of America, Morgan Stanley and Goldman Sachs will follow on Wednesday. Blackrock, American Express and Charles Schwab will also be among financials reporting. Investors will also focus on messages from results of semiconductor firms ASML (Wednesday) and TSMC (Thursday), with the Philadelphia Semiconductor index now up 15.2% YTD. Other S&P 500 companies reporting this week will include Johnson & Johnson, Netflix, General Electric and PepsiCo. In Europe, notable names include Novartis, Volvo, Sandvik and Saab.

Courtesy of DB, here is a day-by-day calendar of events

Monday July 14

• Data: China June trade balance, Japan May core machine orders, capacity utilisation
• Central banks: ECB’s Vujcic and Cipollone speak

Tuesday July 15

• Data: US June CPI, July Empire manufacturing index, China Q2 GDP, June retail sales, industrial production, home prices, Germany July ZEW survey, Eurozone July ZEW survey, May industrial production, Italy May general government debt, Canada June CPI, existing home sales, May manufacturing sales
• Central banks: Fed’s Bowman, Barr, Collins and Barkin speak, BoE’s Bailey speaks
• Earnings: JPMorgan Chase, Wells Fargo, Blackrock, Citigroup, Bank of New York Mellon

Wednesday July 16

• Data: US June PPI, industrial production, capacity utilisation, July New York Fed services business activity, UK June CPI, RPI, May house price index, Italy May trade balance, Eurozone May trade balance, Canada June housing starts
• Central banks: Fed’s Beige Book, Fed’s Logan, Hammack, Barr, Williams and Barkin speak
• Earnings: Johnson & Johnson, Bank of America, ASML, Morgan Stanley, Goldman Sachs, Kinder Morgan, Sandvik, United Airlines, Alcoa

Thursday July 17

• Data: US June retail sales, import price index, export price index, July Philadelphia Fed business outlook, NAHB housing market index, May business inventories, total net TIC flows, initial jobless claims, UK May average weekly earnings, unemployment rate, June jobless claims change, Japan June trade balance, Canada May international securities transactions, Australia June labour force survey
• Central banks: Fed’s Kugler, Daly, Cook and Waller speak
• Earnings: TSMC, Netflix, General Electric, Novartis, Abbott Laboratories, PepsiCo, ABB, Interactive Brokers, Elevance Health, Volvo, EQT AB, Evolution

Friday July 18

• Data: US July University of Michigan survey, June building permits, housing starts, Japan June national CPI, Germany June PPI, Italy May current account balance, ECB May current account, Eurozone May construction output
• Earnings: American Express, Charles Schwab, Schlumberger, Saab

Looking just at the US, 

The key economic data releases this week are the CPI report on Tuesday, the retail sales report on Thursday, and the University of Michigan report on Friday. There are several speaking engagements by Fed officials this week, including an event with New York Fed President Williams on Wednesday.

Monday, July 14 

• There are no major economic data releases scheduled. 

Tuesday, July 15 

• 08:30 AM CPI (MoM), June (GS +0.30%, consensus +0.3%, last +0.1%); Core CPI (MoM), June (GS +0.23%, consensus +0.3%, last +0.1%); CPI (YoY), June (GS +2.68%, consensus +2.6%, last +2.4%); Core CPI (YoY), June (GS +2.93%, consensus +2.9%, last +2.8%): We estimate a 0.23% increase in June core CPI (month-over-month SA), which would raise the year-over-year rate by 0.1pp to 2.9%. Our forecast reflects a decline in used car prices (-0.5%) reflecting a decline in auction prices, unchanged new car prices, and a more moderate increase in the car insurance category (+0.3%) based on premiums in our online dataset. We forecast a modest rebound in airfares in June (+1%), though we see meaningful two-sided risk to this component, reflecting a large headwind from seasonal distortions but a large increase in underlying airfares based on our equity analysts’ tracking of online price data. We have penciled in moderate upward pressure from tariffs on categories that are particularly exposed (such as communication, household furnishings, and recreation) worth +0.08pp on core inflation. We expect the shelter components to rebound slightly on net (primary rent +0.25% vs. +0.21% in May; OER +0.27% vs. +0.27%). We estimate a 0.30% rise in headline CPI, reflecting higher food (+0.25%) and energy (+1.2%) prices. Our forecast is consistent with a 0.25% increase in core PCE in June. We will update our core PCE forecast after the CPI is released.
• 08:30 AM Empire State manufacturing survey, July (consensus -9.6, last -16.0)
• 09:15 AM Fed Vice Chair for Supervision Bowman speaks: Fed Vice Chair for Supervision Michelle Bowman will give welcoming remarks at the Federal Reserve Board’s Second Annual Financial Inclusion Conference. Speech text is expected. On June 23rd, Bowman said that she would “support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.”
• 12:45 PM Fed Governor Barr speaks: Fed Governor Michael Barr will deliver a speech on financial inclusion at the Federal Reserve Board’s Second Annual Financial Inclusion Conference. Speech text is expected. On June 24th, Barr said that “monetary policy is well positioned” to allow the Fed to “wait and see how economic conditions unfold.” He also added that he expects “inflation to rise due to tariffs,” and that higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause “some inflation persistence.”
• 01:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will deliver the speech “Forecasting Beyond Today’s Data” in Baltimore. He previously gave the same speech on June 26th. Speech text and audience Q&A are expected. On July 2nd, Barkin noted that there is no urgency to adjust policy at the moment, as “the numbers on the economy are very solid.”
• 02:45 PM Boston Fed President Collins (FOMC voter) speaks: Boston Fed President Susan Collins will deliver the closing keynote at the 2025 Economic Measurement Seminar in Washington DC. Speech text is expected. On June 25th, Collins said that she sees “monetary policy as currently well positioned,” and that she favors “a careful, patient, and highly attentive approach” as the implications of tariffs and other changes in government policies are assessed. She also indicated that her baseline outlook is to resume lowering the fed funds rate later in the year. 
• 07:45 PM Dallas Fed President Logan (FOMC non-voter) speaks: Dallas Fed President Lorie Logan will deliver remarks and speak about the economy in an event hosted by the World Affairs Council of San Antonio. Speech text and audience Q&A are expected. On June 2nd, Logan said that risks on both sides of the dual mandate appear “fairly balanced,” leaving the Fed well positioned “to wait for the data” and “to be patient.”

Wednesday, July 16 

• 08:00 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will repeat the speech “Forecasting Beyond Today’s Data” in Westminster, Maryland. Speech text and audience Q&A are expected. 
• 08:30 AM PPI final demand, June (GS +0.1%, consensus +0.2%, last +0.1%); PPI ex-food and energy, June (GS +0.1%, consensus +0.2%, last +0.1%); PPI ex-food, energy, and trade, June (GS +0.1%, consensus +0.2%, last +0.1%) 
• 09:15 AM Industrial production, June (GS flat, consensus +0.1%, last -0.2%): Manufacturing production, June (GS -0.1%, consensus flat, last +0.1%); Capacity utilization, June (GS 77.3%, consensus 77.4%, last 77.4%): We estimate industrial production was unchanged in June, as strong electricity production balanced weak auto production. We estimate capacity utilization declined slightly to 77.3%.
• 09:15 AM Cleveland Fed President Hammack (FOMC non-voter) speaks: Cleveland Fed President Beth Hammack will speak at the Corporate College 20th Anniversary Celebration Business Breakfast at Cuyahoga Community College. Speech text is expected. On June 24th, Hammack said that, despite recent progress, the Fed still has “some distance to go” before reaching its inflation target. She indicated that “it may well be the case that policy remains on hold for quite some time before the Committee initiates very modest cuts to return policy to a neutral setting.”
• 10:00 AM Fed Governor Barr speaks: Fed Governor Michael Barr will speak at a Brookings event on financial regulation. Speech text and moderated and audience Q&A are expected.
• 02:00 PM Beige Book, July meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. The Beige Book for the June FOMC meeting period noted that economic activity had declined slightly since April, with six districts reporting “slight to moderate declines” in activity, three districts reporting “no change” in activity, and the remaining three districts reporting “slight growth.” It also noted that all districts reported “elevated levels” of economic and policy uncertainty. In line with the previous report, the outlook remained slightly pessimistic and uncertain, as a few districts anticipated a deterioration but a few others anticipated an improvement in economic conditions. In this month’s Beige Book, we look for anecdotes related to the evolution of policy uncertainty and firms’ expectations for the pass-through of tariff-related costs to consumer prices. 
• 05:30 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will give keynote remarks on the economic outlook and monetary policy at an event hosted by the New York Association for Business Economics. On June 24th, Williams noted that it is “entirely appropriate” to maintain “a modestly restrictive stance of monetary policy” while assessing the full impact of policy changes on the labor market and inflation. He also indicated that he expects real GDP growth to “slow considerably from last year’s pace” as a result of uncertainty, tariffs, and reduced immigration.

Thursday, July 17 

• 08:30 AM Retail sales, June (GS flat, consensus +0.1%, last -0.9%); Retail sales ex-auto, June (GS +0.2%, consensus +0.3%, last -0.3%); Retail sales ex-auto & gas, June (GS +0.2%, consensus +0.3%, last -0.1%); Core retail sales, June (GS +0.4%, consensus +0.3%, last +0.4%); We estimate core retail sales increased: 0.4% in June (ex-autos, gasoline, and building materials; month-over-month SA). Our forecast reflects mixed measures of card spending but a potential boost from spending around the Juneteenth holiday. We estimate headline retail sales were unchanged, reflecting sharply lower auto sales.
• 08:30 AM Import price index, June (consensus +0.3%, last flat)
• 08:30 AM Initial jobless claims, week ended July 12 (GS 237k, consensus 233k, last 227k): Continuing jobless claims, week ended July 5 (consensus 1,965k, last 1,965k)
• 08:30 AM Philadelphia Fed manufacturing index, July (GS -1.0, consensus -1.0, last -4.0)
• 10:00 AM Business inventories, May (consensus flat, last flat)
• 10:00 AM NAHB housing market index, July (consensus 33, last 32)
• 10:00 AM Fed Governor Adriana Kugler speaks: Fed Governor Adriana Kugler will speak on housing and the US economic outlook at an event hosted by the Housing Partnership Network Symposium. Speech text is expected. On June 5th, Kugler said that she sees “greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road,” leading her to “support maintaining the FOMC’s policy rate at its current setting if upside risks to inflation remain.”
• 12:45 PM San Francisco Fed President Daly (FOMC non-voter) speaks: San Francisco Fed President Mary Daly will appear on Bloomberg TV from the Rocky Mountain Economic Summit in Victor, Idaho. On July 10th, Daly said that she sees two interest rate cuts by the end of the year as “a likely outcome.” She also noted that there is a greater chance that the price effects from tariffs may be more limited than anticipated, as “businesses find ways to adjust” to higher costs. 
• 01:30 PM Fed Governor Lisa Cook speaks: Fed Governor Lisa Cook will speak on AI and innovation at the NBER Summer Institute. Speech text and moderated Q&A are expected. On June 3rd, Cook noted that the economy is still in “a solid position” but “heightened uncertainty due to changes in trade policy poses risks to both price stability and unemployment.” She added that “monetary policy will need to carefully balance our dual mandate goals.”
• 06:30 PM Fed Governor Christopher Waller speaks: Fed Governor Christopher Waller will speak on the US economic outlook and monetary policy at the Money Marketeers of NYU. Speech text and moderated and audience Q&A are expected. On July 10th, Waller said that the Fed “could consider cutting the policy rate in July.” He also noted that the Fed should continue shrinking the size of its balance sheet, as bank reserves are currently above an “ample” level. On June 20th, Waller noted that policy had been “on pause for six months to wait and see, and so far the data has been fine.”

Friday, July 18 

• 08:30 AM Housing starts, June (GS +2.0%, consensus +3.1%, last -9.8%) ; Building permits, June (consensus -0.5%, last -2.0%)
• 10:00 AM University of Michigan consumer sentiment, July preliminary (GS 61.5, consensus 61.4, last 60.7); University of Michigan 5-10-year inflation expectations, July preliminary (GS 3.9%, consensus 4.0%, last 4.0%)

Source: DB, Goldman

Overnight saw bitcoin prices top $123,000 – a new record high…

…pushing it above AMZN as the 5th largest asset class on earth…

Steady BTC network activity adds to its bullish case

Bitcoin analyst Axel Adler Jr. said that Bitcoin’s network is gradually increasing usage without signs of profit-taking or panic.

Daily average transactions climbed from 340,000 to 364,000 over the past two days, but remain below the 530,000–666,000 peaks seen during its previous market tops. Adler explained that this reflects a composed market environment and said, 

“There are no signs of active coin selling in the market. This strengthens both the fundamental and technical bullish signal.”

📊MARKET UPDATE: Daily #Bitcoin transactions jumped by 24K in two days, reaching 364K. While activity is improving, it still trails far behind the 2023–2024 highs of over 530K, leaving room for further network acceleration for $BTC. 📈 pic.twitter.com/xbxD3GzRRU

— Cointelegraph Markets & Research (@CointelegraphMT) July 11, 2025

Meanwhile, Cointelegraph reported that accumulator addresses, wallets that consistently acquire BTC without significant outflows, have ramped up significantly over the past month. CryptoQuant data shows these wallets now hold 250,000 BTC, the highest level of 2024. The 30-day demand has jumped 71%, up from 148,000 BTC in late June, reflecting renewed conviction among long-term buyers.

Bitcoin’s creator, Satoshi Nakamoto, became the 11th richest person in the world after Bitcoin tapped $120,000 on Sunday. 

CoinTelegraph reports that Nakamoto is believed to hold 1.096 million Bitcoin across thousands of wallets, which is worth over $131 billion at current prices, according to blockchain analytics company Arkham. 

This would, in theory, place Nakamoto at number 11 on Forbes’ richest billionaires list, overtaking Michael Dell, CEO of tech giant Dell Technologies, with a net worth of $125.1 billion.

However, Forbes’ billionaires list doesn’t consider crypto wallet holdings when evaluating billionaires; instead, it tracks individuals’ publicly verifiable holdings, such as stocks. 

Source: Arkham 

Path for Nakamoto to become number 1

Bitcoin crossed just over $120,000 on Monday, reaching a new all-time high, Nansen data shows; however, it still isn’t quite high enough for Nakamoto to take the top spot on the Forbes billionaire list.

Elon Musk, the tech entrepreneur and CEO of SpaceX and Tesla, is ranked as the richest billionaire in the world on Forbes’ list, with a net worth of over $404 billion.

Elon Musk is currently the top-ranked billionaire with a fortune of over $404 billion. Source: Forbes 

Larry Ellison, co-founder of software company Oracle, is second on the list with a fortune estimated to be $274 billion. Meta CEO Zuckerberg rounds out the top three with $274 billion to his name.

Bitcoin would need to spike another 208% to hit $370,000 for Nakamoto to take the top spot, but only if the other billionaires’ net worths are unchanged. 

Nakamoto could keep climbing

In a June 2 post on X, Bloomberg analyst Eric Balchunas predicted that Nakamoto could become at least the second-richest billionaire by the end of 2026.

He said that if Bitcoin does its “normal 50%/ann,” then Nakamoto will likely climb to number two “sometime next year-ish.”

“It’s fascinating to ponder that the founder of something so successful never cashed in. It echoes Jack Bogle in that regard,” Balchunas added.

Source: Eric Balchunas

John “Jack” Bogle, the founder and chief executive of The Vanguard Group, died in 2019 with a reported net worth of $80 million, when most of his peers were billionaires.

On Thursday, 10x Research head Markus Thielen told Cointelegraph there’s a 60% chance for Bitcoin to register a 20% gain in the next two months and hit $133,000 in September. 

In May, Bitwise chief investment officer Matt Hougan told Cointelegraph that he thinks Bitcoin could hit $200,000 by the end of 2025, driven by a supply shock from surging institutional demand.

Meanwhile, BitMEX co-founder Arthur Hayes predicted Bitcoin would hit $250,000 by the end of the year.

How do other Bitcoin whales stack up against Nakamoto

Nakamoto holds more Bitcoin than anyone else by a significant margin. Corporations and custodians hold 847,000 total, or 4% of Bitcoin’s capped supply, according to BiTBO.

A small group of individuals also has an ample supply of Bitcoin. The Winklevoss twins, the founders of crypto exchange Gemini, are estimated to hold about 70,000.

Tim Draper, a venture capitalist and early Bitcoin backer, holds around 30,000, which he bought at a 2014 US Marshals auction. Strategy co-founder Michael Saylor also has a private stash outside his company’s holdings of around 17,732. 

Authored by Joseph Lord via The Epoch Times,

President Donald Trump said he spoke to FBI Deputy Director Dan Bongino on July 13, indicating that the two remain close despite reported friction over the release of the Jeffrey Epstein documents.

“I spoke to him today. Dan Bongino is a very good guy. I’ve known him a long time,” Trump told reporters outside Air Force 1. “He’s in good shape.”

The comments come after Axios reported on July 11 that Bongino—previously a conservative commentator who had long pressed for answers about Epstein’s 2019 death and operation—skipped work on Friday due to disagreements with Attorney General Pam Bondi’s handling of the matter.

Laura Loomer, a political commentator close to the president, also reported on Bongino’s absence from work last week, similarly referencing disagreements between Bongino and Bondi.

Trump on July 12 told his supporters not to continue looking into the circumstances surrounding the billionaire’s death.

“What’s going on with my ‘boys’ and, in some cases, ‘gals?’” Trump said in a July 12 post on social media platform Truth Social.

“They’re all going after Attorney General Pam Bondi, who is doing a FANTASTIC JOB! We’re on one Team, MAGA, and I don’t like what’s happening.

“We have a PERFECT Administration, THE TALK OF THE WORLD, and ‘selfish people’ are trying to hurt it, all over a guy who never dies, Jeffrey Epstein.”

He added, “One year ago our Country was DEAD, now it’s the ‘HOTTEST’ Country anywhere in the World. Let’s keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about.”

Epstein’s case has been intensely scrutinized online for years following his 2019 death in federal custody while awaiting prosecution on charges of engaging in a multiyear conspiracy to sex traffic minors.

The billionaire was reported to have hung himself in his cell, but given his connections with many high-ranking officials and celebrities, many have speculated whether Epstein was murdered. The nature of Epstein’s operation, involving sexual exploitation of over one thousand victims, many of whom were minors, has also been scrutinized.

At a July 8 Cabinet meeting, a reporter asked Bondi to address a claim that Epstein had been some form of intelligence community asset.

“I have no knowledge about that,” she said. “We can get back to you on that.”

During that Cabinet meeting, Bondi also said a missing minute from a jail surveillance tape on the night Epstein died was a normal circumstance due to a routine technical artifact in the camera system, as the video is reset every night at 12 a.m.

Trump suggested that nothing in the Epstein files “could have hurt the MAGA Movement.”

On July 7, the Department of Justice and FBI released a memo stating that Jeffrey Epstein committed suicide and had no “client list,” and that the agencies would not release any further material related to the Epstein case.

“As part of our commitment to transparency, the Department of Justice and the Federal Bureau of Investigation have conducted an exhaustive review of investigative holdings relating to Jeffrey Epstein,” the agencies stated in the memo.

The review found that Epstein committed suicide in his cell as he was awaiting trial in August 2019. This concurs with an autopsy conducted at the time.

“The conclusion that Epstein died by suicide is further supported by video footage from the common area of the Special Housing Unit (SHU) where Epstein was housed at the time of his death,” the memo reads.

The review found that Epstein did not keep a list of clients as part of his sex trafficking activities. Additionally, there is no evidence that Epstein blackmailed individuals, according to the memo.

Nonetheless, according to the review, Epstein “harmed over one thousand victims” as “each suffered unique trauma.”

Authored by Steve Watson via Modernity.news,

Marxist Democrat Alexandra Ocasio Cortez could face a libel lawsuit and be liable for millions of dollars after directly branding President Trump a “rapist” in a X post.

Continuing the trend of Democrats suddenly caring about the Jeffrey Epstein case after four years in power doing nothing, AOC wrote the following…

“Wow who would have thought that electing a rapist would have complicated the release of the Epstein Files?”

Wow who would have thought that electing a rapist would have complicated the release of the Epstein Files?

— Alexandria Ocasio-Cortez (@AOC) July 11, 2025

Wow indeed.

The last time someone branded Trump a “rapist,” he sued them and settled for $15 million plus a million more in legal costs.

Welp. pic.twitter.com/271IM4KDrx

— Western Lensman (@WesternLensman) July 11, 2025

In that case, anchor George Stephanopulous, who claimed Trump was convicted of rape during a broadcast, had backing from ABC News.

If Trump is a rapist, then surely he was convicted of rape in a criminal court and you have evidence of that conviction right?

If not, then this is defamation, and the ABC case that resulted in a $15M payment to Trump is precedent that puts you in legal jeopardy.

— Shawn Farash (@Shawn_Farash) July 11, 2025

She’s used to slandering anyone she likes in Congress.

You realize your X account doesn’t carry the same protections to defame people that you enjoy during congressional proceedings? https://t.co/mwHcxiZGvv

— Bonchie (@bonchieredstate) July 11, 2025

None of them really care about transparency in the Epstein case and never have.

4 posts. None during the Biden administration. pic.twitter.com/PBkElGcUSd

— Magills (@magills_) July 11, 2025

Its just more rampant TDS.

This is a LIE and I hope Trump sues you into oblivion. You are despicable. https://t.co/lhFQV0Ib3f

— Juanita Broaddrick (@atensnut) July 11, 2025

You’d think AOC would be in favour of grabbing the means of reproduction. https://t.co/bzHwSt7x32 pic.twitter.com/WdbFDkFMQW

— The Artist Formerly Known (@aresteanu) July 11, 2025

Should Trump send your defamation subpoena to the Bronx or Yorktown Heights?

— Based Bandita (@MissVega8888) July 11, 2025

AOC could find herself visiting court fairly regularly in the near future.

Tom Homan, serving as Border Czar in the Trump administration, recently confirmed that AOC is under federal investigation for allegedly employing an undocumented immigrant on her congressional staff, raising questions about potential violations of immigration laws amid their ongoing public disputes over enforcement policies.

NEW: Border Czar Tom Homan Announces AOC Now Under Federal Investigation for Employing Illegal Alien on Her Staff and Helping Other Illegals Evade ICE | Cullen Linebarger, The Gateway Pundit

AOC is officially in serious hot legal water with the Trump Administration for her open… pic.twitter.com/OwlWIc6KPm

— Owen Gregorian (@OwenGregorian) July 2, 2025

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

As if the Big Beautiful Bill’s spending increases, the bombing of Iran, mixed signals on immigration and the suppression of the Epstein files weren’t enough to infuriate Trump voters, now comes news that President Trump is going to announce what a top DC warmonger calls an “aggressive” transfer of offensive weapons to Ukraine. Under the novel arrangement, European countries are supposedly going to foot the bill.  

Last week, the administration announced that weapons shipments that had just been halted by Defense Secretary Pete Hegseth over concerns about the depletion of America’s own arsenal were being given a hasty green light after all. Trump broke the news on Monday after last week’s “disappointing” phone call with President Putin, telling reporters he would send “more weapons” to Ukraine. Critically, Trump had emphasized that these would be “defensive weapons primarily.” 

The CIA Director smirks and exhales like a man watching his plan fall perfectly into place as Trump rolls out yet another round of weapons for Ukraine.
John Ratcliffe’s face says it all,this was the plan all along.

The Deep State hasn’t lost an ounce of control, and Trump is… pic.twitter.com/DMwQ7HYBLz

— Richard (@ricwe123) July 8, 2025

Now, two sources tell Axios that it’s likely a new weapons package will include long-range missiles capable of attacking deep inside Russia to include Moscow. They noted that a final decision hadn’t been made. “Trump is really pissed at Putin. His announcement tomorrow is going to be very aggressive,” warmongering South Carolina Sen. Lindsey told Axios.

While MAGA nation and libertarian-minded Trump voters will be disgusted, it’s like a second Christmas in a month for Graham. First delighted by Trump’s decision to engage the US military in Israel’s war on Iran, long-time Ukraine-meddler Graham is now enthusing over Trump’s new escalation. “The game…is about to change,” said Graham in a Sunday appearance on Face the Nation. “I expect in the coming days you will see weapons flowing at a record level...[and] there will be tariffs and sanction available to President Trump he’s never had before.” 

Lindsey Graham says in the coming days, Trump will unleash weapons to Ukraine “at a record level,” along with enacting unprecedented sanctions against Russia pic.twitter.com/gJfr7669WC

— Michael Tracey (@mtracey) July 13, 2025

The transaction is expected to be announced Monday when Trump meets with NATO Secretary General Mark Rutte. This time around, European countries are expected to pay for American weapons bound for Ukraine. “Basically, we are going to send them various pieces of very sophisticated military [equipment]. They’re going to pay us 100% for them,”  Trump told reporters on Sunday. “As we send equipment, they’re going to reimburse us.”  

The new arrangement sprang from a suggestion made by Ukrainian President Volodymyr Zelensky at a NATO summit in late June. Striking an exceedingly Trump-like tone, an unnamed US official told Axios, “Zelensky came like a normal human being, not crazy, and was dressed like a somebody that should be at NATO. He had a group of people with him that also seemed not crazy. So they had a good conversation.”

Trump says the US will spend nothing on upcoming weapons for Ukraine

‘The European Union is paying for it… as it should’ve been’

‘We’re not paying anything for it’ pic.twitter.com/CVMolBZFeR

— RT (@RT_com) July 14, 2025

Trump was reportedly angered by his July 3 phone call with Putin, in which the Russian president made clear his intention to escalate the war. Sure enough, that very night Russia launched an apparently record-setting overnight drone attack on Ukraine – said to be among the largest since the war began. 

According to the new report, Western and Ukrainian officials are hoping an infusion of weapons will alter Putin’s calculus about his war aims and terms for a ceasefire if not an end to it.  

During his 2024 campaign, Trump repeatedly vowed to bring a quick end to the war, variously claiming that he would get it “settled before I even become president” or, at worst, “within 24 hours” of doing so. Now, nearly 6 months into his term, Trump is about to pour more weapons into the 3 1/2-year old war. 

In doing so, Trump gives us yet another illustration of Tom Woods‘ Law #3: “No matter whom you vote for, you always wind up getting John McCain.”  

Trump just keeps saying “FUCK MAGA”

– No Epstein files
– Amnesty proposed
– Ukraine Weapons continue
– Higher spending

LOLOLOL What else?

— Conservative (@Conservative1AZ) July 8, 2025

In an interview with CNN’s Fareed Zakaria, Nvidia CEO Jensen Huang argued that, just as the internet was designed and built by American technology, so too should artificial intelligence be shaped by it globally. He emphasized the need to reopen markets where Nvidia’s advanced chips are currently banned, such as China.

Zakaria asked Huang: “But what if, in doing that, you are also providing the Chinese military and Chinese intelligence with the capacity to supercharge, turbocharge their weapons with the very best American chips?” 

Huang replied, “We don’t have to worry about that, because the Chinese military, no different than the US military, won’t seek each other’s technology out to build critical systems.”

“It could be limited at any time; not to mention, there’s plenty of computing capacity in China already,” he said, adding, “They don’t need Nvidia’s chips, certainly, or American tech stacks in order to build their military.” 

Huang’s remarks follow years of bipartisan U.S. policy imposing trade restrictions on Nvidia’s advanced AI chips to China. He argued that these export controls have been counterproductive, accelerating China’s own AI chip ambitions. Huang contended that U.S. tech leadership means ensuring global AI systems are built on the American tech stack, rather than Chinese technology… 

“We want the American tech stack to be the global standard … in order for us to do that, we have to be in search of all the AI developers in the world,” Huang said, noting that about half of the world’s AI developers are based in China. 

Huang’s CNN interview comes just days after he met with President Trump at the White House late last week, and plans a scheduled trip to Beijing to meet with senior Chinese officials and attend the International Supply Chain Expo. 

Huang has been vocal in recent months about the combined impact of the Biden-Harris regime and the Trump-Vance administration’s export restrictions on advanced AI chips to China. In May, he told investors, “The $50 billion China market is effectively closed to U.S. industry.”

However, the Trump team cancelled a planned rule by former President Joe Biden called the “AI diffusion rule,” promising fewer restrictions later this year on which countries could receive Nvidia’s advanced AI chips.

“The world is right now hungry, anxious to engage AI,” Huang previously said, adding, “Let us get the American AI out in front of everybody right now.”

Last week, Nvidia became the first company to close a trading day with a market cap over $4 trillion… This was a symbolic milestone for capital markets and the current bull cycle.

Huang is walking a very fine line between Washington and Beijing as he seeks to preserve Nvidia’s global market access. The real question is whether China hawks in the White House will ever allow Beijing unrestricted access to Nvidia’s AI chips—something that seems increasingly unlikely.

As Trump officials signal plans to refill the Strategic Petroleum Reserve (SPR)—drained under the Biden-Harris regime—a new report reveals that ExxonMobil has begun drawing from the SPR due to contaminated crude supplies from offshore rigs in the Gulf of America to avoid refinery outages.

Bloomberg reports Exxon is borrowing up to 1 million barrels of crude from the SPR due to quality issues with Mars crude — a Gulf of America oil grade contaminated with high levels of zinc, which can damage refinery equipment. 

According to sources, Exxon has been forced to reduce production at its Baton Rouge refinery and attempt to resell Mars crude cargoes in the spot market.

Here’s more from Bloomberg:

The quality issue has forced the refinery cuts at Exxon’s facility in Baton Rouge, one of the people said. And the company is now trying to resell cargoes of Mars crude in the spot market, the people said.

The oil, which is typically used by Exxon’s roughly 520,000 barrel-a-day Baton Rouge refinery, is for delivery this month at the St. James terminal, a major storage hub in the Pelican state, the people said.

On Friday, the Department of Energy (DoE) confirmed a SPR loan of up to 1 million barrels was made to Exxon due to its “logistical challenges impacting crude oil deliveries to the company’s Baton Rouge refinery.” 

DoE provided more details about the situation:

Under the exchange agreement, DOE will provide up to 1 million barrels of crude oil from the SPR. The exchange will support ExxonMobil’s restoration of refinery operations that were reduced due to an offshore supply disruption. ExxonMobil will return the borrowed crude along with additional barrels of crude oil for the SPR at no cost to the taxpayer.

The Department remains in close coordination with industry partners to ensure stability in the fuel supply chain during the peak demand season. DOE continues to encourage refiners to prioritize efficient production and delivery of refined fuels, stands ready to support the nation’s energy security through the responsible use of strategic resources, and will continue to deliver on President Trump’s commitment to protect American energy security by refilling the SPR.

The DOE’s SPR loan to Exxon is aimed at preventing outages at the Baton Rouge refinery, one of the largest in the U.S. and a key part of the nation’s fuel infrastructure. Any throttling of supplies or even a shutdown would trigger immediate disruptions in gasoline, diesel, and jet fuel supply, with the Southeast and Mid-Atlantic regions hit hardest. 

There have been numerous ‘back to Africa’ movements over the years, usually promoted by leftist activists.  Often these movements are driven by fantasies within the black American community of exporting the best of US life, economy, technology and infrastructure into Africa and far away from the “oppression” of white people. 

Of course, it’s white people that created the majority of the marvels that define western civilization; the rest of the world simply seeks to imitate this model, often with limited success. 

Back to Africa travelers most often come to this shocking realization after encountering a multitude of struggles when trying to assimilate into African societies.  The limitations and lack of easily available resourced in Africa are stark.  There is no monolithic culture with unified ideals in African nations, they are deeply tribal and view black Americans as distinctly separate and alien despite sharing similar skin color.

Instead of accepting this reality and moving on, activists have proposed new projects that seek to build a kind of isolated bubble of wealth within an African enclave – They are so desperate for Wakanda to be real that they are hoping to conjure it into being.

Rap artist Akon, real name Aliaune Damala Bouga Time Puru Nacka Lu Lu Lu Badara Akon Thiam, launched such an endeavor seven years ago with the intent to “free black Americans” from the racism of the west and bring the Marvel movie Utopia to life. 

The $6 billion construction effort, called Akon City, was started with the support of the government of Senegal in 2018 and was also supposed to adopt a new cryptocurrency called “Akoin” (the imagination of modern artists is truly staggering).  Sitting on Senegal’s Atlantic Coast, Akon’s high-tech, eco-friendly city was supposed to run entirely on renewable energy.

Of course, rappers are known for their opportunism, not their grand vision or leadership.  Both Akon City and the Akoin project have met with failure, with Akon city being scrapped by Senegal and the cryptocurrency facing investment setbacks and accusations of mismanagement.

Akon and the Senegalese Coastal Development and Promotion Company (SAPCO) have reached an “amicable agreement” to end the venture, the general manager of SAPCO, Serigne Mamadou Mboup, told a Senegalese news agency.  According to a Bloomberg report, SAPCO terminated the Akon City project after Akon failed to comply with a final demand to begin construction.

The ultimatum, which was reportedly issued by SAPCO in 2024, came after a prolonged period of inactivity and project delays that had led to public criticism and doubts about its feasibility.  After five years of setbacks, the 800-hectare site in Mbodiène – about 100km (60 miles) south of the capital, Dakar – remains mostly empty. The only structure is an incomplete reception building. There are no roads, no housing, no power grid. 

“We were promised jobs and development,” one local resident told the BBC. “Instead, nothing has changed.”  

“The Akon City project no longer exists,” Serigne Mamadou Mboup, the head of Senegal’s tourism development body, Sapco, told the BBC.

The Wakanda delusion contains elements of communist futurism very similar to the sci-fi propaganda of the early Soviet Union.  Promise people a life of technological ease and the prestige of scientific superiority; appeal to their childlike wonder and they will embrace you with open arms.  The idea also caters to the race obsessions of leftists who are clamoring to prove that, sans white people, the world would be some kind of comic book paradise.    

The problem is that reality always sets a tangible foot down somewhere and ruins the dream.

There are vast swaths of the African continent that still don’t have fresh running water, basic sanitation, medical care or electricity, and there’s no white people around to blame.  Building a civilization is much harder than burning one to the ground.  It takes generations of trial and error, not to mention strong leadership and impressive ingenuity.  Basing the hopes of a new society on the impulses of a rapper with delusions of persecution should have been a red flag for everyone involved.     

Authored by Jacob Burg via The Epoch Times,

European Commission President Ursula von der Leyen said on July 13 that the European Union will extend a suspension on its countermeasures to U.S. tariffs until next month while trade negotiations continue with the Trump administration.

On July 12, U.S. President Donald Trump said he will impose a 30 percent tariff on all imports from the EU absent a trade deal with his administration.

The tariffs would be separate from any sector-specific levies. He accused the EU of imposing various tariffs and non-tariff trade barriers on the United States and said he would increase the tariff level if Europe retaliates.

Trump had initially given U.S. trading partners until July 9 to negotiate trade deals with his administration or face the tariffs he announced in early April. Trump recently said he would begin sending letters to countries informing them of their tariff levels if they do not negotiate deals with his team.

He has sent letters to more than 20 U.S. trading partners, including Mexico, which received a letter on July 12 informing the nation that it would also have 30 percent tariffs imposed on its imports into the United States.

After Trump announced the EU’s new tariff level, von der Leyen said on July 12 that the EU, the United States’ largest trading partner, would take all necessary steps to safeguard its interests, including “the adoption of proportionate countermeasures if required.”

German Economy Minister Katherina Reiche called for a “pragmatic outcome to the negotiations” between the EU and the United States.

EU ambassadors met on July 13, one day ahead of the trade ministers’ meeting in Brussels, to decide whether to retaliate against Trump’s new tariffs or extend a suspension on countermeasures that was set to expire on July 14.

The EU opted to take the second route.

While speaking with reporters, von der Leyen said the suspension would extend until early August while the EU continues to “prepare further countermeasures” so it is “fully prepared.”

When Trump delayed the imposition of his reciprocal tariffs on U.S. trading partners until July 9, the EU also suspended an initial package of countermeasures to U.S. sectoral tariffs on steel and aluminum that would affect $24.6 billion in U.S. imports into Europe.

The EU was also preparing a second package of countermeasures since May that would target roughly $84.2 billion of U.S. goods, but the final list requires approval by all EU member states and has not yet been made public.

The bloc’s Anti-Coercion Instrument, which allows it to retaliate against nations outside of the EU that put economic pressure on member states to alter their policies, was not yet on the table, von der Leyen said.

“The [anti-coercion] instrument is created for extraordinary situations, we are not there yet,” she said.

Among the possible retaliatory steps the EU could take are restricting its market access to goods and services and other economic measures that include export controls, financial markets, and foreign direct investment.

On July 13, German Finance Minister Lars Klingbeil said the EU must take action against the United States if trade negotiations fail.

“If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe,” Klingbeil, who is also vice chancellor in his nation’s ruling coalition, told German media. “Our hand remains outstretched, but we will not go along with everything.”

Because the United States is its largest export market, Germany could face significant challenges from higher U.S. tariffs, particularly as it exports automobiles, automobile components, machinery, and pharmaceuticals into the United States.