On September 14, market maker Entropy launched the Anthropic PreIPO market on Hyperliquid. ANTH rose 0.76% over the past 24 hours to $2,139. Data showed $9.18 million in 24 hour trading volume and $28.95 million in open interest.

Senate Republicans released revised Clarity Act text they call their last, best and final offer ahead of Tuesday's cloture vote, per Eleanor Terrett. Updates narrow Blockchain Regulatory Certainty Act protections to Bank Secrecy Act and civil enforcement, add divestment or blind trust ethics rules, create a stablecoin yield circuit breaker tied to community bank deposits, and tighten guardrails on vertical integration and affiliate trading.

Investors have largely priced in a 25 basis point Federal Reserve rate hike this week, but attention has shifted to how many hikes follow as inflation data and higher oil prices reshape expectations. The Wall Street Journal's Nick Timiraos reported that markets moved from expecting two hikes through June next year to at least three, while former Fed vice chair Richard Clarida said more tightening would likely follow.

Michael Dell, Dell's CEO, is leading a buyout consortium through his family office DFO Management alongside Sequence Holdings, aiming to acquire insurance distributor Baldwin Insurance Group for $32.50 per share, valuing the deal at about $7.7 billion. The proposed price represents roughly a 10% premium to the prior close, and talks are said to be in the late stages. Tampa-based Baldwin has recently posted strong gains in both quarterly profit and revenue.

Senate Republicans on Monday released the latest draft of the Clarity Act, incorporating ethics provisions approved by the White House, as the chamber heads toward a vote scheduled for Tuesday.

Global markets are bracing for the Federal Reserve's policy decision on Wednesday, September 16, after fresh inflation data pushed expectations sharply toward another increase. August CPI rose 0.4% month over month, accelerating from 0.1% in July, while the year-over-year pace held at 3.4%—still well above the Fed's 2% target. Core CPI (excluding food and energy) increased 0.3% month over month, topping the 0.2% consensus estimate, even as the year-over-year core rate eased slightly from 2.5% to 2.4%. According to CME's FedWatch data as of September 14, traders assign an 86.5% probability that the Fed will lift the federal funds target range from 3.50%–3.75% to 3.75%–4.00%. The probability of no change stands at 13.5%. Energy remains a key source of renewed price pressure. The energy index climbed 2.1% in August, led by a 3.9% jump in gasoline prices—accounting for more than one-third of the month's overall CPI increase. Over the past 12 months, the energy index is up 16.3%, with gasoline up 27.4%, electricity up 3.8%, and piped gas up 4.4%. The decision is also shaping up as a personal credibility test for Fed Chair Kevin Warsh, who was sworn in as the 17th chair on May 22, 2026, after a historically narrow Senate confirmation vote of 54–45. At the Jackson Hole symposium on August 28, Warsh said core inflation had not shown meaningful improvement and that policymakers still had "work to do" if data failed to show progress toward 2%. Analysts including Inflation Insights' Omair Sharif and Bloomberg Economics' Anna Wong and Andrew Sacher argue that, after such guidance, standing pat could damage Warsh's standing with market participants. Political pressure adds another layer. Trump has repeatedly pushed for lower rates and has intensified public attacks on the Fed's independence during his second term. In January 2026, the U.S. Department of Justice issued a subpoena to the Fed tied to then-Chair Powell's June 2025 Senate testimony, raising the prospect of criminal prosecution. Powell called it an "excuse" to undermine independence. The episode drew a joint rebuke from former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, along with four bipartisan former Treasury secretaries, who described it as an "unprecedented attempt" to erode central-bank independence through prosecution. Trump also sought to remove Fed Governor Lisa Cook. The economic costs of tighter policy are already showing. The 10-year Treasury yield has climbed to 4.943%, its highest level since October 2023, while the 30-year yield briefly touched 5.37%—a level not seen since 2001. Borrowing costs for households have risen as well, with average mortgage rates around 7% and the average new credit card rate at 23.82%. Energy-market dynamics are again in focus. Trump's military actions against Iran have contributed to higher oil prices, with Brent crude briefly topping $100 a barrel. U.S. diesel prices reached a record national average of $5.897 per gallon. Separately, research from the Tax Foundation estimates Trump's tariff policies have cost U.S. households an average of $840 in additional spending since 2026. Warsh has also changed the Fed's communications style. Since taking office, he has cut policy statements from roughly 300–400 words to about 130 and eliminated forward guidance. Supporters view the shift as "less talk, more action," though critics say reduced guidance forces markets to infer policy signals through volatility. Beyond Wednesday's move, investors will watch for clues on whether the Fed is preparing further tightening. The June dot plot showed nine of 19 officials expecting rate hikes during 2026, one projecting a cut, and eight expecting no change. The median 2026 funds-rate forecast increased from 3.4% in March to 3.8%, leaving room for at least one additional hike. Although rates have been held steady for five consecutive meetings this year, three officials dissented in favor of a 25-basis-point increase at the July meeting, and two additional nonvoting officials said they would have supported a hike if they had votes. Inflation expectations are also ticking higher. The University of Michigan survey showed one-year consumer inflation expectations rising from 4.0% in August to 4.6% in early September, the first time since 2023 that more than half of consumers expect interest rates to rise over the next 12 months. The Fed will release its decision at 2:00 p.m. Wednesday (2:00 a.m. Beijing time Thursday) following a two-day meeting, with Warsh scheduled to hold a press conference afterward. Markets will parse the updated economic projections and Warsh's remarks to judge whether a 25-basis-point hike is a one-off "precautionary adjustment" or the start of a fresh tightening cycle.

Injective, a Layer 1 blockchain built for decentralized finance, has deployed its IIP677 mainnet upgrade, moving the network to version 1.20.3. The release went live on July 29, 2026, following governance approval with 72% of token holders voting in favor. A key addition is Injective Mint, a new product aimed at enabling issuers to create tokenized equities and bonds designed to meet SEC requirements. Injective says the framework is supported by an SEC Transfer Agent filing and a MiCA compliance whitepaper, positioning the offering to align with both U.S. and European regulatory regimes. Beyond Mint, the IIP677 upgrade spans several parts of the protocol stack. Injective cites improved crosschain interoperability, faster block times, and optimized staking mechanics for INJ, the network's native token. The update is also intended to expand protocol-level revenue opportunities. INJ continues to function across multiple roles in the ecosystem, including gas fees, staking rewards, governance voting, and a monthly community buyback-and-burn mechanism designed to reduce circulating supply over time. IIP677 follows the Vulcan upgrade, which went live on June 9, 2026. Vulcan cut transaction fees, added canonical USDC support—native Circle-issued USDC rather than bridged versions—and launched new RWA-focused trading markets. Injective argues canonical USDC reduces bridge-related smart contract risk by removing reliance on third-party bridge infrastructure, making the asset comparable to USDC held natively on networks such as Ethereum or Solana. On adoption metrics, Injective reports more than $6.8B in cumulative RWA trading volume across asset classes as of mid-2026, with roughly $1.1B in tokenized asset value represented on the platform. The project's strategy centers on compliance as a differentiator. Injective frames the SEC Transfer Agent pathway and MiCA documentation as heavyweight commitments requiring legal infrastructure and ongoing reporting—an approach many crypto projects have avoided. The 72% governance approval rate, while decisive, was not unanimous, pointing to active debate among INJ holders rather than a purely procedural vote.

Tide Research — U.S. stocks rebounded on Friday, breaking a four-session losing streak. The S&P 500 rose 0.86% to 7,656.98, the Dow Jones Industrial Average gained 0.98% to 52,573.29, and the Nasdaq climbed 0.96% to 26,333.04. For the week, the S&P 500 fell 0.8%, the Nasdaq slipped 0.7%, and the Dow eased 0.3%. The VIX closed at 16.89, down about 2.3%. In rates, the 10-year U.S. Treasury yield slipped to around 4.82%, while the 2-year hovered near 4.43%. Friday's bounce was supported by three developments. First, August core CPI rose 0.3% month over month, above expectations, pushing the market-implied probability of a Federal Reserve rate hike this week to nearly 90%. Second, signs of de-escalation in the Middle East helped Brent crude pull back from its $107 peak. Third, Oracle's earnings reinforced expectations for AI-driven computing demand, lifting Dell shares 12% to a record high. Early Monday in Asian trading, U.S. equity futures weakened. Nasdaq 100 futures fell 1% after three major AI players jointly called for slowing frontier-model development, and OpenAI said it would delay plans to go public. The week's key question for markets: with a rate hike increasingly treated as a near-certainty, can investors balance the AI growth narrative against tightening financial conditions? Macro: core CPI surprise hardens hike expectations August CPI was the dominant macro input last Friday. Core CPI increased 0.3% month over month, topping consensus, while the year-over-year pace held at 3.4%. Traders priced roughly a 90% chance of a hike this week. Goldman Sachs economists expect the Fed to raise rates by 25 basis points at the end of its two-day meeting on September 16. Fiscal dynamics added pressure to the long end. Over the first 11 months of the fiscal year, the federal budget deficit reached $1.97 trillion, while net interest costs surged to $1 trillion, the first time interest expense has exceeded the trillion-dollar level. With the deficit nearing $2 trillion and interest payments above $1 trillion, longer-dated Treasuries are increasingly being priced through a debt-sustainability lens, and supply pressure in the Treasury market has not eased even as hike expectations rise. White House National Economic Council Director Hassett said both Trump and he see no reason to raise rates. The split between the White House and the Fed on the rate path has become more visible, though market pricing continues to point to a hike as the base case. AI: hardware orders hold up as frontier-model pace comes into focus The AI sector saw a notable narrative shift over the weekend. OpenAI CEO Altman suggested OpenAI and other leading firms may be nearing an agreement to slow the pace of AI development to address safety risks. Anthropic CEO Dario Amodei also urged companies to proceed more cautiously and slow the speed of capability improvements. Both Musk and Altman voiced support for Amodei's call for a "global slowdown in AI." Altman added that OpenAI will not go public this year, saying he would rather scrap an IPO than pursue one if AI posed an existential threat. The combination of coordinated slowdown messaging and the IPO delay prompted investors to reassess the near-term trajectory of the AI trade, showing up in early Monday weakness in Nasdaq 100 futures. At the same time, the compute-hardware demand story remained resilient. Oracle's results reinforced AI computing expectations, and Dell's 12% surge to a record high on Friday continued to support the "orders" thesis across the AI server supply chain. The AI narrative is increasingly splitting into two tracks: accelerating demand for computing hardware versus a potential regulatory and self-imposed moderation in frontier-model development. Energy and geopolitics: volatility persists Weekend headlines from the Middle East sent mixed signals. A disruption involving Saudi oil infrastructure contributed to a pullback from recent highs, though prices firmed again early Monday. Reports said Yanbu Port inventories may cover only 5 to 7 days of exports; continued attacks on Saudi pipelines could translate into a roughly 4% global crude shortfall. Tensions in Yemen escalated, with Houthi forces and Saudi Arabia exchanging strikes. Iran said it is "not at war" with Saudi Arabia, language that investors read as leaving room for de-escalation. On Friday, oil fell from a four-month high: Brent (November) slid 2% to $103.72 a barrel and WTI (October) dropped 2% to $100.26, driven by signs of easing tensions. In early Asian trading Monday, WTI futures rose more than 2% as supply concerns resurfaced after Saudi Arabia closed a key pipeline and a meeting related to the Strait of Hormuz was postponed. The push-pull between de-escalation hopes and real-world supply disruptions continues to keep energy pricing unstable. Other markets Spot gold fell 0.51% to $4,399.20 per ounce. Bitcoin traded around $78,342, up 0.26% over 24 hours, while Ethereum was around $2,478, up 0.62%. This week's focus 1) Fed September FOMC meeting (September 16–17): With hike odds near 90% and largely priced, the key swing factor is forward guidance. A dot plot implying a second hike this year could push long-term yields higher; more dovish language could offer relief. The White House's public opposition to a hike adds scrutiny around the meeting's independence narrative. 2) Follow-through from the AI leaders' slowdown call: Joint appeals to slow frontier-model development are rare, and it remains unclear whether this will translate into a real change in R&D cadence or new regulatory frameworks. A genuine slowdown could prompt near-term revisions to compute-demand expectations; if largely rhetorical, markets may quickly revert to order-driven positioning. 3) Treasury supply and the "debt spiral" debate: With the deficit approaching $2 trillion and interest expense above $1 trillion, long-dated Treasuries are increasingly trading on fiscal sustainability. After this week's hike, whether long-term yields can stabilize will be pivotal for the valuation anchor of high-multiple assets.

Cambodia's central bank has revoked the payment service provider license of Tianxu International Technology Co., Ltd., the parent of local payments platform CoolCash (Xiao Yi Pay), and the company has entered liquidation. The National Bank of Cambodia said it canceled Tianxu International Technology's license on Aug. 3, according to an announcement dated Aug. 10. The license had been issued on May 27, 2024 and was due to run until 2030. Citing Article 68 of the Law on Banks and Financial Institutions, the regulator appointed Morrison Kak MKA Audit Accountants as liquidator to manage the winding-up process and return customer funds in the legally prescribed order of priority. The move follows U.K. sanctions imposed in March on Tianxu International Technology and its director, Pang Weizhi, over alleged links to the Taizi Group. U.K. sanctions documents list Pang as holding Cambodian and Chinese nationalities and using the Khmer name Pang Visal. He is also named as a director of ULife KH Super App Company Limited, the parent of Elemeat Delivery. U.K. authorities said there are reasonable grounds to suspect Pang's association with the Taizi Group and alleged he provided financial services, funds, economic resources, goods, or technology to the group. The Taizi Group has been accused of operating scam centers in Cambodia involving forced labor and serious human rights abuses. Tianxu International Technology and Pang have been designated under the U.K. regime as sanctioned corporate and individual parties, respectively.