The Federal Reserve's Beige Book report indicated little change in overall economic activity since the previous report, with three districts reporting slight to moderate growth, five reporting no change, and four reporting a slight slowdown. Overall consumer spending, particularly on retail goods, has declined slightly in recent weeks, though strong demand for electric vehicles boosted auto sales in some districts ahead of the expiration of federal tax credits at the end of September. International tourist demand for leisure and hospitality services declined further during the reporting period, while domestic consumer demand remained largely unchanged. Despite this, high-income households continued to spend strongly on luxury travel and accommodations. Several reports highlighted that middle- and low-income households continued to seek discounts and promotions in the face of rising prices and heightened economic uncertainty. Manufacturing activity varied across districts, with most reports citing challenging conditions due to increased tariffs and weakening overall demand. Agriculture, energy, and transportation activity declined across the reporting districts. Conditions were mixed in the financial services sector and other interest-sensitive sectors, such as residential and commercial real estate. Some reports noted an improvement in business lending in recent weeks due to lower interest rates, while others continued to highlight sluggish activity. The outlook for future economic growth varied across regions and sectors. Sentiment improved in some regions, with some anticipating an increase in demand over the next six to 12 months. However, many other regions continued to expect heightened uncertainty to weigh on economic activity. One report highlighted the downside risks to growth posed by a prolonged government shutdown.

The Federal Reserve Beige Book: Since the last report, economic activity has changed little overall, with three districts reporting slight to moderate growth, five districts reporting no change, and four districts noting a slight slowdown in economic activity.

The Federal Reserve's Beige Book: A regional report emphasized that a prolonged government shutdown poses downside risks to economic growth. (Jinshi)

The three major U.S. stock indices partially turned positive, with the S&P 500 up 0.2%, the Nasdaq up 0.4%, and the Dow Jones Industrial Average flat. (Jinshi)

Fed Governor Milan said he doesn't think a rate cut of more than 50 basis points is necessary, and there's no evidence in the data that tariffs are pushing up inflation; the opposite view is based on previous trends.

Fed Governor Milan said that the difference in policy views with his colleagues is more based on the pace of rate cuts rather than the ultimate goal of rate cuts. The Fed's current policy is tighter than people think because the neutral interest rate has fallen. (Jinshi)

Coinbase announced that it will include BNB in ​​its coin listing roadmap.

Sony Bank subsidiary Connectia Trust has applied for a U.S. national banking charter to issue a dollar-pegged stablecoin, maintain reserve assets, and provide digital asset custody and management services.

U.S. Treasury Secretary Benson said that quantitative easing reform is an important consideration in selecting the next Federal Reserve chairman, and he does not advocate that the Fed reduce its balance sheet or abandon its ample reserve system. (Jinshi)

Coinbase announced the launch of The Blue Carpet, a listing support service designed to empower asset issuers, integrating previously fragmented listing services into a unified, cohesive bundle that is available to anyone who wants to list an asset on Coinbase. It provides strategic advantages for developers looking to launch and grow projects on-chain, including: access to the Coinbase listing team, customized asset pages, referral services, and Coinbase One subscriptions.

Powell's primary motivation for stopping balance sheet reduction is to prevent a liquidity crisis in the financial markets.

The high threshold for listing coins on exchanges and the need to build a platform for a full range of products are systematically stifling innovation on the chain.

Plasma, Plasma reconstructs the stablecoin value chain: How a dedicated public chain subverts the on-chain payment rules. Golden Finance, stablecoins are quietly changing the global payment landscape.

As U.S. crypto regulation becomes increasingly clear, stablecoin issuers are launching a new compliance race.

Recommended reading tonight: 1. The US "harvests" 127,000 BTC from a fraud ring; 2. Three questions suggest the October 11 flash crash was short-lived; 3. Why are stablecoin issuers flocking to apply for national trust banks?

As we lead an investment in Titan, Solana’s leading meta-aggregator exchange, we wanted to share our thoughts on Solana’s evolving market microstructure and Titan’s positioning within this rapidly changing landscape.

Treasury, Cryptocurrency, The Evolution of Crypto Treasury Golden Finance, The evolution of corporate crypto treasury is unfolding along a clear and definite path.

Citi’s CEO said tokenized deposits will drive the future of digital payments because they are less frictionless and more regulatory compliant.

Ripple has partnered with Absa Bank to offer institutional digital asset custody in South Africa. Absa will use Ripple’s technology to securely store and manage cryptocurrencies for its clients.

Ripple has partnered with Absa Bank, one of South Africa’s largest financial institutions, to launch a digital asset custody platform for institutional clients, marking the company’s first major custody partnership in Africa.