Overview

• Economist Stephen Miran won a 48–47 Senate confirmation to the Federal Reserve Board, spotlighting statutory language that includes promoting moderate long‑term interest rates.
• Arthur Hayes says Bitcoin could reach $1 million if the Fed adopts yield curve control, presenting the forecast as contingent on that policy path.
• Bloomberg reported bond traders are rethinking duration as the Fed’s role in guiding long‑term rates is debated, and the St. Louis Fed describes YCC as capping yields at specific maturities via bond purchases.
• Market activity shows positioning signals, including a $1 billion USDT mint by Tether and a new wallet accumulating 5,817 BTC worth about $680 million.
• U.S. money market funds hold roughly $7.5 trillion that could rotate into risk assets if rates fall, with futures markets pricing high odds of a near‑term rate cut.