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On May 15, Federal Reserve Governor Barr stated that relaxing liquidity regulations to reduce the central bank's balance sheet is a bad idea that could jeopardize the safety of the financial system. 'Recent discussions about reducing the Fed's balance sheet to lessen our 'footprint' in the financial system have been quite loud,' Barr said in a speech at a conference hosted by the New York University Monetary Market Association. 'I believe that reducing the balance sheet is the wrong goal, and many of the proposals put forward to achieve this will weaken the resilience of banks, hinder the normal functioning of the money market, and ultimately threaten financial stability,' Barr stated. 'Some proposals could actually increase the Fed's 'footprint' in the financial markets.' Barr pointed out that allowing banks to reduce their liquidity holdings as a means of shrinking the Fed's assets could increase the risk of these institutions resorting to the Fed's liquidity tools in times of distress. He noted, 'The size of the Fed's balance sheet is not the correct measure of its influence in the financial markets.' Under the Fed's system where reserves can be created 'at no cost,' the real focus should be on the effectiveness of the Fed's implementation of monetary policy. (Dongxin News Agency)

[Fed Governor Barr: The Goal of Balance Sheet Reduction is Misguided and May Increase Fed's Market Involvement]On May 15, Federal Reserve Governor Barr stated that relaxing liquidity regulations to reduce the central bank's balance sheet is a bad idea that could jeopardize the safety of the financial system. 'Recent discussions about reducing the Fed's balance sheet to lessen our 'footprint' in the financial system have been quite loud,' Barr said in a speech at a conference hosted by the New York University Monetary Market Association. 'I believe that reducing the balance sheet is the wrong goal, and many of the proposals put forward to achieve this will weaken the resilience of banks, hinder the normal functioning of the money market, and ultimately threaten financial stability,' Barr stated. 'Some proposals could actually increase the Fed's 'footprint' in the financial markets.' Barr pointed out that allowing banks to reduce their liquidity holdings as a means of shrinking the Fed's assets could increase the risk of these institutions resorting to the Fed's liquidity tools in times of distress. He noted, 'The size of the Fed's balance sheet is not the correct measure of its influence in the financial markets.' Under the Fed's system where reserves can be created 'at no cost,' the real focus should be on the effectiveness of the Fed's implementation of monetary policy. (Dongxin News Agency)

Fed Governor Barr: The Goal of Balance Sheet Reduction is Misguided and May Increase Fed's Market Involvement

On May 15, Thursday (May 14), at the close in New York, the yield on the benchmark 10-year U.S. Treasury rose by 1.28 basis points to 4.4816%, trading within a range of 4.4345%-4.4865% during the day, showing a long-tail W-shaped reversal pattern. After the release of U.S. retail sales data, it hit a daily low at 21:50 Beijing time (early in the U.S. stock market). The two-year U.S. Treasury yield increased by 4.01 basis points to 4.0172%, trading within a range of 3.9501%-4.0193% during the day. The spread between the 2-year and 10-year U.S. Treasury yields decreased by 2.737 basis points to +45.811 basis points. The yield on the 10-year Treasury Inflation-Protected Securities (TIPS) rose by 2.06 basis points to 1.9837%; the two-year TIPS yield increased by 5.73 basis points to 1.0972%; while the 30-year TIPS yield fell by 0.12 basis points to 2.7418%. (Dongxin News Agency)

[Two-Year U.S. Treasury Yield Rises by 4 Basis Points]On May 15, Thursday (May 14), at the close in New York, the yield on the benchmark 10-year U.S. Treasury rose by 1.28 basis points to 4.4816%, trading within a range of 4.4345%-4.4865% during the day, showing a long-tail W-shaped reversal pattern. After the release of U.S. retail sales data, it hit a daily low at 21:50 Beijing time (early in the U.S. stock market). The two-year U.S. Treasury yield increased by 4.01 basis points to 4.0172%, trading within a range of 3.9501%-4.0193% during the day. The spread between the 2-year and 10-year U.S. Treasury yields decreased by 2.737 basis points to +45.811 basis points. The yield on the 10-year Treasury Inflation-Protected Securities (TIPS) rose by 2.06 basis points to 1.9837%; the two-year TIPS yield increased by 5.73 basis points to 1.0972%; while the 30-year TIPS yield fell by 0.12 basis points to 2.7418%. (Dongxin News Agency)

Two-Year U.S. Treasury Yield Rises by 4 Basis Points

On May 15, JPMorgan analysts stated that despite a general recovery in the cryptocurrency market following the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has been in place since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications. The report noted that, based on spot ETF fund flows and institutional futures positions, Bitcoin's recovery has been stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. Additionally, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, whereas Ethereum futures positions remain below previous levels. JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may persist due to a lack of stronger on-chain fundamentals and real-world application support.

[JPMorgan: ETH and Altcoins May Continue to Underperform Bitcoin Without On-Chain Activity]On May 15, JPMorgan analysts stated that despite a general recovery in the cryptocurrency market following the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has been in place since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications. The report noted that, based on spot ETF fund flows and institutional futures positions, Bitcoin's recovery has been stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. Additionally, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, whereas Ethereum futures positions remain below previous levels. JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may persist due to a lack of stronger on-chain fundamentals and real-world application support.

JPMorgan: ETH and Altcoins May Continue to Underperform Bitcoin Without On-Chain Activity

On May 15, the Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange this Friday under the ticker BHYP. Previously, 21Shares' Hyperliquid ETF (THYP) launched on Tuesday, with a first-day trading volume of approximately $1.8 million. BHYP will be the first fund in the U.S. to offer Hyperliquid staking yields, with related staking operations conducted through Bitwise's Bitwise Onchain Solutions. 21Shares also announced plans to stake a majority of its holdings in HYPE. Hyperliquid is currently a leading on-chain perpetual contract exchange and is gradually expanding into tokenized commodities and spot crypto trading. Its native token HYPE is used for platform fee payments and has consistently ranked among the top 15 cryptocurrencies by trading volume.

[Bitwise Hyperliquid ETF to Launch on NYSE This Friday]On May 15, the Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange this Friday under the ticker BHYP. Previously, 21Shares' Hyperliquid ETF (THYP) launched on Tuesday, with a first-day trading volume of approximately $1.8 million. BHYP will be the first fund in the U.S. to offer Hyperliquid staking yields, with related staking operations conducted through Bitwise's Bitwise Onchain Solutions. 21Shares also announced plans to stake a majority of its holdings in HYPE. Hyperliquid is currently a leading on-chain perpetual contract exchange and is gradually expanding into tokenized commodities and spot crypto trading. Its native token HYPE is used for platform fee payments and has consistently ranked among the top 15 cryptocurrencies by trading volume.

Bitwise Hyperliquid ETF to Launch on NYSE This Friday

On May 15, according to CME's 'FedWatch': The probability of the Federal Reserve maintaining interest rates unchanged until June is 96.8%, while the probability of a cumulative rate cut of 25 basis points is 3.2%. The probability of the Fed keeping rates steady until July is 93.8%, with a cumulative rate cut of 25 basis points at 3.1% and a cumulative rate hike of 25 basis points also at 3.1%.

[Probability of Fed Keeping Rates Steady in June at 96.8%]On May 15, according to CME's 'FedWatch': The probability of the Federal Reserve maintaining interest rates unchanged until June is 96.8%, while the probability of a cumulative rate cut of 25 basis points is 3.2%. The probability of the Fed keeping rates steady until July is 93.8%, with a cumulative rate cut of 25 basis points at 3.1% and a cumulative rate hike of 25 basis points also at 3.1%.

Probability of Fed Keeping Rates Steady in June at 96.8%

On May 15, Fredrik Haga, co-founder and CEO of cryptocurrency data company Dune, announced that Dune will lay off a quarter of its workforce. He stated, 'With Dune MCP, teams and agents can now build dashboards and workflows without needing to understand anything about SQL or data infrastructure (and related billing).'

[Cryptocurrency Data Company Dune Lays Off 25% of Workforce Citing AI Efficiency]On May 15, Fredrik Haga, co-founder and CEO of cryptocurrency data company Dune, announced that Dune will lay off a quarter of its workforce. He stated, 'With Dune MCP, teams and agents can now build dashboards and workflows without needing to understand anything about SQL or data infrastructure (and related billing).'

Cryptocurrency Data Company Dune Lays Off 25% of Workforce Citing AI Efficiency

Market data shows that ETH has surpassed $2300, currently priced at $2300.02, with a 24-hour increase of 1.97%. The market is highly volatile, so please ensure proper risk management.

[ETH Surpasses $2300]Market data shows that ETH has surpassed $2300, currently priced at $2300.02, with a 24-hour increase of 1.97%. The market is highly volatile, so please ensure proper risk management.

ETH Surpasses $2300

On May 15, Federal Reserve's Williams stated that the effects of tariffs seem to have largely transmitted to the economy, and the labor market has not been driving inflationary pressures, indicating that the job market is not tight. He expressed that he is not surprised by the recent rise in inflation expectations, noting that long-term inflation expectations remain relatively stable. He also mentioned that there are no signs of issues with inflation expectations and that there has not yet been a significant second-round effect on inflation.

[Fed's Williams: Tariff Effects Have Mostly Transmitted to the Economy]On May 15, Federal Reserve's Williams stated that the effects of tariffs seem to have largely transmitted to the economy, and the labor market has not been driving inflationary pressures, indicating that the job market is not tight. He expressed that he is not surprised by the recent rise in inflation expectations, noting that long-term inflation expectations remain relatively stable. He also mentioned that there are no signs of issues with inflation expectations and that there has not yet been a significant second-round effect on inflation.

Fed's Williams: Tariff Effects Have Mostly Transmitted to the Economy

On May 15, Aave announced that its bug bounty program has been updated to better align rewards with the risk profiles of each component in the ecosystem and streamline the review process. The maximum reward for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

[Aave Updates Bug Bounty Program, Core Aave V3 and Other Modules to Have Separate Bounty Programs]On May 15, Aave announced that its bug bounty program has been updated to better align rewards with the risk profiles of each component in the ecosystem and streamline the review process. The maximum reward for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

Aave Updates Bug Bounty Program, Core Aave V3 and Other Modules to Have Separate Bounty Programs

On April 16, Iranian Islamic Parliament Speaker Ghalibaf stated via social media that the achievement and consolidation of the comprehensive ceasefire agreement in Lebanon is attributed to the courageous resistance of Hezbollah and the unity of the 'Resistance Axis' forces. Ghalibaf pointed out that the United States must strictly adhere to the relevant agreements. He emphasized that Iran and the resistance forces have always shared a common will, both in times of war and during ceasefire periods. Ghalibaf also called for the U.S. to reflect on its foreign policy and correct its erroneous 'Israel-first' stance, withdrawing from this misguided approach. (CCTV)

[Iranian Speaker Ghalibaf: Lebanon's Ceasefire is a Result of Resistance Front's Struggle]On April 16, Iranian Islamic Parliament Speaker Ghalibaf stated via social media that the achievement and consolidation of the comprehensive ceasefire agreement in Lebanon is attributed to the courageous resistance of Hezbollah and the unity of the 'Resistance Axis' forces. Ghalibaf pointed out that the United States must strictly adhere to the relevant agreements. He emphasized that Iran and the resistance forces have always shared a common will, both in times of war and during ceasefire periods. Ghalibaf also called for the U.S. to reflect on its foreign policy and correct its erroneous 'Israel-first' stance, withdrawing from this misguided approach. (CCTV)

Iranian Speaker Ghalibaf: Lebanon's Ceasefire is a Result of Resistance Front's Struggle

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Iranian Speaker Ghalibaf: Lebanon's Ceasefire is a Result of Resistance Front's Struggle

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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