• President Donald Trump delivered conflicting messages regarding the fate of Federal Reserve Chairman Jerome Powell, stating it’s “highly unlikely” he would be fired “unless he has to resign for fraud,” after earlier reports indicated that a plan for removal was underway. Trump’s pressure campaign against the Fed chairman generated temporary market disruptions, but he ultimately retreated from plans for immediate firing while still criticizing Powell’s performance and the expense of the renovation of the Fed building.

• In the House, Republicans, at the prodding of Trump, ended a two-day standstill on industry-backed crypto bills. That opened the door for consideration of a series of measures, including Senate-passed stablecoin legislation, during what Trump had dubbed “Crypto Week.” The multi-hour obstruction vote, a new record, passed by an adequate number of conservative Republicans crossing the aisle to join their party members.

• Meanwhile, Chinese steel manufacturers are allegedly circumventing global anti-dumping duties by shipping greater volumes of semi-finished steel items like billets. This tactic, undermining protectionist policies in Indonesia and Turkey, has led to an increase in lower-value exports of Chinese steel and is alarmist in Beijing.

• In a boost for the chipmaking technology sector, Taiwan Semiconductor Manufacturing Company Ltd., the world leader in contract chipmaking, posted a record 60.7% increase in second-quarter net profit, an all-time high. The strong performance far outpaced analysts’ expectations and was primarily fueled by surging global demand for semiconductors used in artificial intelligence.