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CONWAY GITTINS: I’m Conway Gittins, a reporter from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
All eyes are now on Federal Reserve Chairman Jerome Powell as he lays out his plan for cutting interest rates as inflation slows and the labor market cools. Investors are betting on at least a quarter-point cut at the September meeting. Wall Street is also seeing its biggest jump in new home sales in 14 months. The median sales price rose to $429,800.
RELATED: The 2024 Election Has Already Changed How Americans Feel About Money
In other news: Cryptocurrencies are betting big on the 2024 election cycle. The industry has donated about $119 million so far, nearly half of all corporate donations this election cycle, according to estimates from Public Citizen, a nonprofit watchdog.
Most of the political contributions went to a bipartisan political action committee known as Fairshake. According to its website, “Fairshake supports candidates committed to securing the United States as a home for the innovators who are building the next generation of the Internet.”
Coinbase and Ripple account for 80% of cryptocurrency industry donations. Coinbase has contributed more than $50 million, and Ripple has contributed $48 million. Both companies have been locked in legal battles with the Securities and Exchange Commission during the Biden administration.
Republicans have tried to portray their party as pro-crypto. In August, Donald Trump announced a new crypto project for his family company called The DeFiant Ones. But cryptocurrencies play on both sides of the aisle. Political donations go to both Republicans and Democrats, hoping to tilt the balance away from legislation and regulations that the industry deems too strict.
That’s all for your daily briefing. From the New York Stock Exchange, I’m Conway Gittins on The Street.
ICYMI Watch this week:
