Good Afternoon. July 18 marks National Caviar Day, which feels oddly appropriate given the market’s appetite for luxury unless you're a European exporter, in which case tariffs may be your new appetizer. Between Fed whispers, crypto fireworks, and a big oil deal, today's headlines are anything but bland.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. US consumer sentiment hits 5-month high despite tariff fears

The News: U.S. consumer sentiment hit a five-month high in July, with the University of Michigan’s index climbing to 61.8 from 60.7 in June beating expectations despite fresh worries over President Trump’s new round of tariffs set to begin August 1. Assessments of current economic conditions improved, even as prices rose 2.7% last month and major new tariffs loom on imports from dozens of countries.

Why It Matters: The rebound in sentiment shows Americans are feeling a bit more upbeat, but optimism is fragile. Confidence remains well below historic norms as most households remain wary of rising costs and trade uncertainty. With the majority still worried that tariffs will drive up prices further.
Source: morningstar.com

2. Crypto’s $4 Trillion Moment

The News: Crypto markets are booming as Congress passes the Genius Act, the most significant U.S. crypto bill yet, paving the way for stablecoin regulation and more mainstream adoption. President Trump is expected to sign it into law, and an executive order could soon allow 401(k)s to invest in crypto, further boosting the industry’s prospects. The total crypto market cap has now surged past $4 trillion for the first time, with digital assets and crypto stocks rallying on the news.

Why It Matters: This is a watershed moment for U.S. crypto adoption, opening the door for a wave of new digital dollars that could reshape how Americans pay, save, and shop whether at your bank, Walmart, or Amazon. For traditional banks, it’s an existential challenge, as stablecoins threaten to siphon off deposits and disrupt legacy payments. For consumers and businesses, it means faster, cheaper transactions and more options.
Source: nytimes.com

3. Fed’s Waller backs July rate cut

The News: Federal Reserve Governor Christopher Waller called for a rate cut at the Fed’s July meeting, arguing that inflation from Trump’s new tariffs will be “one-off” and temporary. Waller, considered a leading candidate to replace Jerome Powell as Fed chair next year, said rates should be cut now to avoid job market risks even if inflation stays slightly above target. His stance highlights a growing split inside the Fed.

Why It Matters: Waller’s push for a July rate cut, echoing Trump’s calls for looser policy, signals rising tension inside the Fed just as tariffs threaten to push up prices. With key officials now publicly divided over how to balance inflation risks against a cooling job market, the Fed’s next decision could mark a pivotal shift in monetary policy. The outcome will shape everything from mortgage rates to stock market sentiment as the White House ramps up pressure for lower rates heading into 2026.
Source: finance.yahoo.com

4. American Express beats earnings

The News: American Express beat second-quarter earnings forecasts with record revenue of $17.9 billion—up 9% year-over-year—fueled by big-spending premium cardholders and a 20% jump in net card fees. The company’s premium card strategy continues to pay off, with Millennials and Gen Z now making up 75% of new premium accounts and driving a surge in fee-based product adoption.

Why It Matters: Amex’s focus on high-value, fee-paying customers continues to redefine the credit card game, turning annual fees and exclusive perks into a profit engine. The company’s appeal to affluent Millennials and Gen Zers is powering both growth and loyalty, giving Amex a younger, richer customer base even as rivals chase mass-market volume. With record new sign-ups and soaring card fees, American Express is showing how premium, spend-centric strategies can win in a crowded market.
Source: americanexpress.com

5. Elon Musk's xAI buys power plant in Mississippi

The News: Elon Musk’s xAI has bought a former Duke Energy natural gas plant in Southaven, Mississippi, signaling a major expansion of its AI infrastructure in the Mid-South. The 114-acre site, now managed by an xAI-linked LLC, sits near xAI’s Memphis data centers, where Musk plans to operate a million GPUs powered by up to 2 gigawatts of energy.

Why It Matters: xAI’s move highlights the growing energy arms race among AI giants, as powering massive data centers becomes a strategic advantage. By securing its own natural gas plant, xAI aims to sidestep grid delays and fuel explosive AI growth in the region—while drawing fresh scrutiny over environmental impacts. The investment brings hundreds of jobs to Mississippi and cements the Mid-South as a rising AI hub, but also raises questions about how clean energy and big tech ambitions will collide as the sector scales up.
Source: magnoliastatelive.com

1. Mistral releases Le Chat update with deep research mode

The News: French AI startup Mistral has launched a major upgrade to its Le Chat chatbot, adding Deep Research mode for structured multi-source analysis, real-time voice chat powered by Voxtral, advanced image editing, multilingual reasoning, and project management tools, all available on web and mobile.

Why It Matters: These upgrades put Le Chat in direct competition with ChatGPT and Gemini, making it a strong choice for both professionals and businesses—especially in sensitive sectors—thanks to deep research, robust voice and image capabilities, and enhanced data privacy options.
Source: mistral.ai

2. Serious water pollution incidents up 60% in England

The News: Serious water pollution incidents in England jumped 60% in 2024, reaching a record high, according to the Environment Agency. A total of 2,801 pollution incidents were reported, with 75 causing “serious or persistent” harm, more than double the original target. Regulators and government agencies are facing harsh criticism for failing to prevent the crisis as a landmark industry review looms.

Why It Matters: The spike in pollution exposes deep problems in England’s water sector, including aging infrastructure, years of underinvestment, and weak regulation. With rivers and public health at risk, pressure is mounting for an overhaul of how water companies are monitored and managed. Consumers face higher bills as the industry promises record investment to fix the system, but trust in both regulators and companies is at a low point as calls for urgent reform grow louder.
Source: bbc.com

3. Chevron gets go ahead for $53B Hess deal

The News: Chevron has cleared the final hurdle for its $53 billion acquisition of Hess, after a key ruling in Paris gave it access to the massive Stabroek Block oil field off Guyana—one of the largest oil finds of the decade. The deal had faced a legal challenge from Exxon Mobil, which also operates in the region, but the arbitration panel sided with Chevron. The U.S. Federal Trade Commission also removed its restrictions, allowing the acquisition to close and former Hess CEO John Hess to join Chevron’s board.

Why It Matters: This acquisition cements Chevron’s position as a major player in Guyana’s booming oil industry, which is quickly becoming one of the world’s top offshore producers. The deal gives Chevron a stake in huge new reserves just as global energy markets remain volatile. It also signals ongoing industry consolidation and intensifying competition among oil giants for access to next-generation energy resources.
Source: washingtonpost.com

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