Macro Dose: What Had Happened Last Week?
Weekly Data Summary Report
As of July 21, 2025
Below is a summary of the United States, primarily based on critical events related to President Donald Trump, the trade war, and war conflicts within the week.
Disclaimer: Please note this is opinion-based; do not take it as investment advice.
Key Highlight Event this week:
- Russia-Ukraine: Trump is threatening Russia with sanctions in 50 days and pledging to supply Ukraine with weapons through NATO, signaling a shift toward pressuring Russia to negotiate peace. He also made a deal with other economies that want to help supply Ukraine as well. As for Ukraine, he stated that he will increase domestically produced weapons from 40% to 50% within the next six months. Yet, Ukraine also suggested having a meeting with Russia next week, although the uncertain topic would be discussed.
- Trade agreement: Trump reaffirmed his stance that August 01st would be the deadline and all imposed tariffs would be applied, while he mentioned on a “big announcement” that big trade letters would be sent as well.
- US-China: a mixed signal was sent all over the place with Nvidia now openly allowed to resume shipments of the H20 AI chip to China, and that also bolstered the NVIDIA stock prices last week, while some reports stated the objection from the Top republican on the House China Committee to US Commerce Secretary Lutnick. Furthermore, as per SCMP, it is expected to have more meetings between Trump and China’s president Xi ahead of or during the APEC summit.
- Central bank digital currency (CBDC): Trump plans to ban the CBDC while possibly signing the stablecoin bill into law. This comes after his announcement of opening the 9 trillion retirement market to invest in crypto. According to Matt Mena, crypto research strategist at 21Shares, “Bitcoin may be setting up for a bullish end to the year, where a push toward $200,000 is no longer just a long shot but a growing probability.” Even Jamie Dimon admitted to focusing on the stablecoin as well.
- Federal Reserve Chair Powell’s position: Trump clearly said he won’t fire Powell, yet still criticizes Powell for overspending on building renovations, which led to him falling under fraud investigations. Trump also mentioned optioning Bessent as the next Fed chair. This has sent a mixed signal for the gold price mid-week.
- The Israeli war conflict continues, albeit not many are focusing on it right now.
Economic Indicator this week
Economic Indicator vice, all the economic indicators—inflation, retail sales + labor market—are leading toward stronger economic activity, and that could lead the Federal Reserve to hold the interest rate high for longer. The market is pricing in two rate cuts, starting in September and December this year.
Earning Calendar
Many major banks’ earnings reports, such as JPMorgan and Wells Fargo overbeat the forecast in revenue and earnings, and yet, some stock prices still declined for the reason:
- A liquidity problem arises.
- Sloppy economy due to tariffs’ impact + Dimon also emphasized the macroeconomic risks that stem from political decisions
- Investors’ worse sentiment on the stock market and the economy.
BlackRock also faces the same problem, although the report missed the expectations.
Citigroup:
Overexceed the estimation
Plan for a citi stablecoin → positive outlook.
NETFLIX
Financial firms have updated their price target from $1,300 to $1,560 given a strong bullish sentiment among analysts, especially when the earnings report also beat the expectations.
