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Deutsche Bank: US "Lummis-Gillibrand Responsible Financial Innovation Act" will strongly promote US dollar stablecoins and put pressure on the Federal Reserve to cut interest rates

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#Macro
Odaily
622Words
Jun 26, 2025

Recently, the US budget bill "The Beautiful Law" is very likely to pass a vote and become law. Federal Reserve officials, including Fed Governor Waller, have unexpectedly suggested that interest rates may be cut in July, and the Federal Reserve Board has begun discussing relaxing bank regulatory requirements. Deutsche Bank said that the main contents of this plan include: the ownership of US Treasury bonds shifting from foreign investors to domestic investors, increasing domestic financial repression, vigorously promoting dollar stablecoins, putting pressure on the Fed to cut interest rates, and significantly weakening the dollar. George Sarevelos, Global Head of FX Research at Deutsche Bank, said in a recent report that these events may seem unrelated, but in reality, they foreshadow a significant change in the US macroeconomic policy mix in the coming years. They call this shift the "Pennsylvania Plan," named after the street where the US Treasury Department is located in Washington, D.C., and say the plan is designed to help the US government cope with its massive debt. [Odaily星球日报]

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