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On August 24, ARK Invest CEO Cathie Wood stated that although Circle (CRCL) has seen its stock price rise by 84% since its IPO, the one-year chart indicates that the efficiency of public market pricing is quite low. Since going public in 2006 and 2008, Visa (V) and Mastercard (MA) have seen their stock prices increase approximately 33 times and 150 times, respectively, providing substantial profits for analysts who recommended buying on dips. This makes it difficult to understand Circle, a disruptive company. However, technology is driving changes in the traditional financial system, and Circle is expected to be a major beneficiary.

On August 24, Minneapolis Fed President Kashkari stated that although the yield on the 10-year U.S. Treasury recently rose to around 4.7%, it has not reached historically abnormal levels. There are currently no signs indicating a dysfunction in the U.S. Treasury market, and the Fed does not need to adjust its policy in response to fluctuations in Treasury yields, allowing it to continue prioritizing inflation control. Kashkari pointed out that long-term Treasury yields are influenced by multiple factors including inflation expectations, AI investments, government borrowing, economic growth, and productivity. It is currently unclear what is driving the recent synchronized rise in global bond yields. The issuance of U.S. Treasuries and management of the debt market should be the responsibility of the Treasury Department, while the Fed should focus on its inflation and employment targets. He also warned that conflicts in Iran could drive up energy prices, and trade tensions between the U.S. and Canada could prolong supply-side price pressures. Kashkari noted that the Fed has repeatedly predicted that inflation would return to 2% within the next one to two years, but this timeline has continually been pushed back, and it is still uncertain whether inflation is rapidly returning to target. The market is currently focused on this week's Jackson Hole annual meeting, with Waller's speech on Friday potentially providing more signals for the September interest rate decision.

On August 24, Minneapolis Fed President Kashkari stated that despite the recent rise in the 10-year U.S. Treasury yield to around 4.7%, it has not reached historically abnormal levels. There are currently no signs of dysfunction in the Treasury market, and the Fed does not need to adjust its policy in response to fluctuations in Treasury yields, allowing it to continue prioritizing inflation control. Kashkari noted that long-term Treasury yields are influenced by multiple factors including inflation expectations, AI investments, government borrowing, economic growth, and productivity. It is still unclear what the main drivers are behind the recent synchronized rise in global bond yields. The issuance of U.S. Treasuries and debt market management should be the responsibility of the Treasury Department, while the Fed should focus on its inflation and employment targets. He also warned that conflicts in Iran could drive up energy prices, and trade tensions between the U.S. and Canada could prolong supply-side price pressures. Kashkari mentioned that the Fed has repeatedly predicted that inflation would return to 2% within the next one to two years, but this timeline has continually been pushed back, and it is still uncertain whether inflation is quickly returning to target. The market is currently focused on this week's Jackson Hole annual meeting, where Waller's speech on Friday may provide more signals for the September interest rate decision.