In the middle

Good morning. Jerome Powell is in the middle of one of Donald Trump's preferred attack strategies. The administration is paving the way for crypto to enter the mainstream. And meme stock mania is spreading. Listen to the day's top stories.

Markets Snapshot

S&P 500 Index Futures

6,408.25

+0.11%

Nasdaq 100 Index Futures

23,385

+0.03%

Bloomberg Dollar Spot Index

1,198.96

+0.31%

Market data as of 07:08 am EST.

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The dollar strengthened after Donald Trump downplayed his clash with Jerome Powell over the Federal Reserve's renovation costs, saying it wasn't reason enough to fire him. But it didn't stop him digging in again on interest rates. Wherever he turns, the Fed chair is finding himself smack in the middle of one of the president's preferred attack strategies: flooding the zone.

Green light. The Federal Communications Commission cleared Paramount's merger with Skydance after the administration extracted concessions on political coverage and diversity. It comes on the heels of Paramount's $16 million settlement with Trump over alleged election interference by CBS, and the network's announcement last week that it's canceling The Late Show with Stephen Colbert.

Citigroup pressured a trading desk head to delete a post critical of Israel's actions in Gaza that highlighted widespread starvation in the region. It's the latest sign of corporate caution on divisive issues. Trump's support for Israel has prompted companies, universities and nonprofits to rethink their approach to the conflict. Meanwhile, the US rebuked French President Emmanuel Macron for pledging to recognize a Palestinian state in September.

Gaza Talks Stall as Israel, US Pull Negotiators

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Lights out. Amazon scrapped plans to build an industrial plant in Dublin after failing to secure power supply for the project, the Irish Times reported. It's another headache for Ireland, which relies heavily on US investment to fuel its economy and tax revenue. Trump tariff fears are already prompting some penny-pinching in the Dáil.

Michael Gordon built a quiet reputation as a federal prosecutor who got results, from fentanyl rings to Jan. 6 defendants. But just days after charging a $100 million fraud case, he was abruptly fired. His dismissal is part of a broader purge of prosecutors who took on the Capitol riot. Now he's speaking out.

Play Pointed, the news quiz for risk-takers: Who recently became the world's second-richest person for the first time? Test your knowledge.

Deep Dive: Are Mom and Pop Ready for Crypto?

Photographer: Christopher Furlong/Getty Images

The private asset industry has been laying the groundwork for Trump's plan to open 401(k) plans to alternative assets, with firms such as KKR, Blackstone and Blue Owl Capital asking retirement plan managers a pointed question: Why should only the elite have access to this type of investment?

As the White House readies an executive order to offer legal cover for including alternative assets in 401(k) plans, the potential rewards—and the risks—are becoming clearer.

Supporters point to attractive returns while critics say alternative assets are too risky and poorly understood by the mom-and-pop brigade. But those concerns are unlikely to change the trajectory of the industry's push to tap into the $12.5 trillion retirement savings pool.
A green light from Washington could deepen the rift between the industry's dominant players and middle-market firms, giving alts with "brand names" a clear signal to compete aggressively. That could leave smaller players in the dust.
It could also pave the way for crypto to enter the mainstream. Eaglebrook Advisors offers a glimpse into how digital assets are being integrated into professionally managed investment accounts.

The Big Take

Supporters at a rally for the right-wing Sanseito party in Tokyo. Photographer: Kyodo News/Kyodo News Stills

The rise of right-wing populism is rocking Japan's political stability and threatening its haven status in global markets. With economic frustration mounting and nationalist rhetoric rising, Prime Minister Shigeru Ishiba's grip on power is slipping.

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Photographer: Beata Zawrzel/NurPhoto via Getty Images

AI-generated content should make our skin crawl, Parmy Olson writes. Yet YouTube viewers seem happy to gorge on slop. It's a win for Alphabet but offers an unsettling future for the rest of us.

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Before You Go

Through the roof. Shares of little-known Healthcare Triangle soared 115% yesterday for no apparent reason, another example of how investor exuberance is fueling wild gyrations in the equity market. More than 3 billion shares traded, accounting for a staggering 15% of total US market volume. The meme stock mania is spreading.

A Few More