Macro Briefing: 11 July 2024

* Near-zero rates era is “probably over,” says Fed Chairman Powell
* Federal Trade Commission set to sue big pharma over high drug costs
* Gen X retirement crisis looms, new survey suggests
* CFTC chairman reiterates that Bitcoin and Ether are commodities
* Asia stock surge, led by tech stocks rallied including chipmaking giant TSMC
* US stock market (S&P 500) rises sharply, setting yet another record high:

Atlanta Fed’s second-quarter GDP nowcast rises to 2.0%, based on the GDPNow model (as of July 10). The estimate is moderately higher vs. Q1’s 1.4% increase.

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