Dr. Ed Yardeni: Don't Panic! July’s jobs data looks weak, but the labor market is solid. ☑️ Record hours worked & wages ☑️ Real wages beating inflation ☑️ Q3 GDP at 2.1% ☑️ Tariff uncertainty slowing hiring Is tariff turmoil causing a soft patch, or is the labor market as strong as ever? 🔗 Full analysis:

Over 95% of global indices are trading above their 200-day moving average—a market strength milestone not seen since the highs of February 2024! 🚀 🔗

🇨🇳 China cracks down on #stablecoin research & seminars citing fraud & herd risk—while betting Hong Kong’s new licensing regime could become the bridge to global digital finance and a counterweight to US dollar-pegged dominance. Global stablecoin supply is projected to hit $3.7T by 2030 📈

🇹🇼 Taiwan’s July export data is flashing green for AI and global equities. Exports surged 41.9% YoY to $56.68B, beating June’s 33.7% pace. 🚀ICT products — the heart of the AI supply chain — soared 87.1% YoY, showing explosive demand in global tech markets.

🚨 BREAKING: BoE cuts key rate to 4% in historic 5-4 vote, first-ever dual vote. Traders pare easing bets to 17bps for 2025. Timing & pace of cuts depend on disinflation; BoE sees inflation peaking at 4% in Sept, signaling slower disinflation may delay further cuts.

🇺🇸 Trump announces up to 100% tariffs on all chips and semiconductors imported to the U.S., with exemptions for firms building or planning factories in the U.S. 🇹🇼 $TSM shares surged nearly 5% at Asia’s market open, while non-exempt companies saw declines.

🇺🇸 2026’s Fed Is Already Shifting—So Is Policy After weak jobs data & Trump calling Powell a “stubborn MORON,” headlines focused on drama. 📌 But in reality, the 2026 FOMC is already quietly becoming more dovish—no firings needed. 🔹 Permanent voters: – Kugler resigned; Trump to appoint successor – Powell’s term ends May 2026; exit may come earlier – Frontrunners Warsh & Hassett support cuts 🔹 Rotating voters: – Hawks Schmid & Musalem out – 2026 adds: Hammack, Paulson, Logan, Kashkari = neutral/dovish tilt ⚠️ Trump may not need to fire Powell—he’s reshaping the Fed from within.

🇺🇸If you’re looking for a bright spot in the U.S. job market, here’s one: The recent rise in unemployment isn’t due to layoffs, but rather from more people reentering the job market or looking for work for the first time—groups facing a tougher time finding jobs. This is different from typical recessions, where job losses drive unemployment higher. With both labor supply and demand slowing, the job market is holding steady for now. But this fragile balance—marked by low supply, low hiring, and low layoffs—could easily break if hit by an external shock. That’s why the Fed’s ability to pivot quickly will be critical. 🔗Data:

‼️The ISM Services Prices Index rose to 69.9 in July, the highest level since November 2022. 🔗

🎧 New episode: “You’re Fired”—Said the Jobs Report First Only 73K jobs. Massive revisions. A fired BLS chief. A Fed split vote. $1T Treasury borrowing. This week: ⚙️ Trump’s economic statecraft: tariffs, tech, Treasuries 💸 Dovish Fed momentum builds 💻 Big Tech’s AI: real monetization vs. empty hype Watch/Listen: ▶️ YouTube 🎙️ Apple Podcasts 🗣️ Spotify