U.S. Senator and Banking Committee member Bill Hagerty (R-Tenn.) said that former president Donald Trump sees the potential of blockchain technology to advance the U.S. economy.
Why it matters: Blockchain technology has become a wedge issue between the two leading contenders for America's highest office, and it's an industry that's shown a willingness to spend an enormous amount of money to get supportive politicians elected.
MILWAUKEE – Top GOP lawmakers said former President Trump's decision to select Ohio Sen. J.D. Vance as his running mate will help them win in battleground states and relate to the needs of working class Americans in interviews with Axios reporters this week.
Catch up quick: Axios House hosted an event during the week of the Republican National Convention on Monday about the cost of living crisis, sponsored by Save The Children. Next month Axios House will host events at the Democratic National Convention.
Unequivocal support for Vance as the VP resounded among lawmakers, many of whom noted Vance's personal story as the "American dream."
National Republican Senatorial Committee Chairman and Montana Sen. Steve Daines, said Vance will be able to uniquely appeal to "lunchbucket Democrats" and will be able to help Republicans in down-ballot Senate races.
Indiana Rep. Jim Banks said, "President Trump is the leader of the Republican party and the 'America First' movement. J.D. Vance is the next generation of it."
Separately, Alabama freshman Sen. Katie Britt called the GOP the party of hardworking Americans and families while addressing the high cost of childcare.
"I remember when my husband and I were looking to send our kids to daycare. I mean, it felt like we needed to take out a second mortgage. I'm not kidding."
"If entering the workforce or re-emerging into it– if an impediment to that is that you cannot afford childcare, then we as a nation have got to figure that out and do better."
As more information comes out about the attempted assassination of Trump, Daines told Axios' Stef Kight that this is a moment to "take the temperature down" when it comes to political divisiveness.
"Hateful rhetoric…is not a one-party problem, this extends across both parties."
"I think the American people are yearning for more of a policy debate versus a personality kind of contest."
Meanwhile, Banks told Axios' Sophia Cai how Trump "won't back down, he won't stop doing whatever it takes to win," and pointed to the moment on Saturday where Trump raised his fist in the air right after being shot.
In other news, Daines also said there needs to be more of a conversation about Trump's plan for aggressive tariffs on China.
He said that he'd be "more inclined to do targeted type tariffs…versus something that's just universal" and that "unilateral" tariffs are "something you want to be thoughtful about."
Trump's tariff plans could increase the cost of living for middle-income households by $1,700 per year, according to Peterson Institute for International Economics.
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In a View From the Top conversation, Save the Children Action Network founder and special advisor to the Save the Children president, Mark Shriver, discussed their new polling which shows that the cost of living challenge is a priority for many voters no matter what party they're tied to.
"These issues matter to people, to working families. They matter to Republicans and Democrats and independents. Yet the political leadership does not make this a priority. That's the thing that's most surprising to me."
"It's not just urban settings– it's rural America, very strong support in rural America, in urban settings, and in suburban areas, but we have not figured out how to get that message out and to find enough political leadership on the federal level that will push these issues."
Speaking of MakerDAO, its governance token looks like a standout in the world of decentralized finance (DeFi).
The token's price has been popping off lately amid the DAO's broader plans to remake its image.
👆What's more impressive is its long-term performance, per Kaiko.
The big picture: Maker is the only OG asset to have kept up pace with Ethereum's ether (ETH) since the start of 2021, while outperforming Uniswap's and Aave's respective UNI and AAVE tokens too, according to Messari.
Yesterday was a big day for major names in media making moves with regard to the cryptocurrency business.
Why it matters: Media moves tend to be a bit of a lagging indicator of crypto market cycles.
What we're watching: The founder of political stats news site 538, Nate Silver, has become an advisor to Polymarket, the company that seems to own the prediction market business these days, Axios reported first yesterday.
Silver told Axios' Sara Fischer that he foresees prediction markets helping business leaders to assess political risks for their businesses.
"Nate has been an inspiration for me since long before I started Polymarket," the company's founder, Shayne Coplan, tweeted as he shared the news.
Too Good To Go, an app that allows consumers to snag cheap eats and helps businesses reduce food waste, is expanding into Whole Foods stores nationwide.
Why it matters: Food waste in the U.S. accounts for 30 to 40% of the food supply, according to the U.S. Department of Agriculture.
Former President Trump's selection of J.D. Vance as his vice presidential nominee elevates a young senator whose economic views are significantly at odds with conservative intellectual tradition.
Why it matters: If the Trump-Vance ticket prevails in November, Vance will not only have a seat at the table in shaping policy over the next four years but will be a favorite to be the Republican standard-bearer in 2028, raising the possibility of a lasting shift in the party's economic agenda.
A Trump-owned company is selling limited-edition sneakers depicting former President Trump with blood on his cheek and his hand raised in a fist for $299 a pair.
Why it matters: It's the latest indication that pro-Trump vendors are capitalizing off iconic images of the Republican presidential nominee in the aftermath of Saturday's assassination attempt on him as they push for his election.
Donald Trump is well aware of CEOs' desire to back whoever's likely to win the presidential election — which, right now, means himself.
Driving the news: In a big new interview with Bloomberg Businessweek, Trump declared that "Whoever's leading gets all the support they want. I could have the personality of a shrimp, and everybody would come."
Today we got more insight into the health of the nation's leading financial institutions via earnings reports:
💵 Bank of America: The company's stock rallied after it projected $14.5 billion in net interest income in the fourth quarter, up $600 million from its most recent period and, according to Bloomberg, topping expectations.
💰 Goldman Sachs: The bank's fixed income business came in higher than expected, while its provision for loan losses came in lower than expected, CNBC reported.
🏦 Morgan Stanley: The company's investment banking fees soared 51% amid signs that dealmaking is enjoying a resurgence, Yahoo Finance reported.
Rumors of the death of U.S. economic buoyancy have been greatly exaggerated. That is the takeaway from key economic headlines Tuesday morning.
Why it matters: In the lastseveralweeks there have been emerging signs of weakness in the U.S. economy. Tuesday brought powerful reminders that — while the cracks are real and the future uncertain — the basic picture remains one of robust economic activity.
Trader Joe's is bringing back its popular mini insulated tote bags Wednesday — six weeks after they sold out.
The big picture: The $3.99 mini coolers are the grocery chain's latest affordable item to go viral after its mini canvas tote bags became a huge hit earlier this year.
Ethereum's coin of the realm, ether (ETH), will be available as an exchange-traded product next week, multiple news outlets are reporting.
Why it matters: Ethereum is the unchallenged second-biggest blockchain in the world, and an exchange-traded product is likely to be helpful for ether's price, as it has been for bitcoin.
Details: Sources are telling reporters that fund issuers are being asked to send final versions of their filings to the SEC, with those expected to go effective Monday after the market's close to allow trading as soon as Tuesday, July 23.
The agency gave exchanges permission to list the instruments in May.
Retail sales were flat in June as big price declines in gasoline and a cyberattack in the auto sector dragged down the overall spending figure, the federal government said on Tuesday.
Why it matters: Stripping out autos and gas, American consumers spent at a healthy rate — defying other data that suggested spending had cooled.
China's consumers have plenty of money. The problem is they're not spending enough of it.
Why it matters: In the U.S., higher savings rates are often viewed as a sign of healthy consumers. In China, they're a reminder of lackluster demand constraining growth.
