美国国债收益率上升，曲线趋陡

BlockBeats News: On May 6th, Hadal announced the launch of a token buyback program: Every week, Haedal distributes 50% of the protocol revenue (including liquid collateral fees, HMM fees, and haeVault's net profit) directly to repurchase Haedal tokens from the secondary market. Reward for veHAEDAL Stakers: 100% of the repurchased HAEDAL will be distributed to veHAEDAL stakers based on the proportion of veHAEDAL balance. (The actual reward distribution will be executed in the next week's veHAEDAL cycle after each repurchase.)

According to Bloomberg, insiders have revealed that Limestone Trading, one of Tower Research Capital's internal quantitative trading teams, has increased the funding allocation of its cryptocurrency trading ledger and upgraded its infrastructure to play a more important role as a market maker on global cryptocurrency exchanges. As institutional investors rekindle their interest in digital assets following US President Trump's support for the industry, Tower Research Capital is quietly increasing its bets on cryptocurrencies such as Bitcoin. Insiders say that the team is known for its machine learning driven strategies across asset classes and has now become a leading force in Tower Research Capital's digital asset market making field. It is reported that the Limestone Trading team has over 50 members, located in New York, London, Singapore, and Gurgaon. Previously, after experiencing turbulence in the cryptocurrency industry, including the collapse of FTX and Alameda Research in 2022, as well as Binance's $4.3 billion settlement agreement with US regulators, Tower Research Capital has scaled back its cryptocurrency business over the past two years.

ETH has declined, with a trading volume of $23.6 billion in the past 24 hours and a circulating market value of $215.8 billion, representing a 1.33% decrease in market capitalization. Data for reference only

Odaily Planet Daily News: Emma Reynolds, the UK Chancellor of the Exchequer and Secretary of State for Economic Affairs, has made it clear that the country will not follow the example of the United States in establishing a national cryptocurrency reserve. She pointed out that the plan is not suitable for the UK market, although the UK's digital asset reserves have not yet been realized, the country is considering the possibility of issuing sovereign debt through the use of distributed ledger technology. Reynolds emphasized that the UK will not simply copy the specialized legislative model of the EU MiCA Act, but will adjust existing regulations based on a results oriented approach. For decentralized assets such as Bitcoin, she acknowledges regulatory limitations and limited intervention measures that the government can take. （Decrypt）

BlockBeats News: On May 6th, before the Federal Reserve announced its interest rate decision this Thursday, renowned financial journalist Nick Timiraos, also known as the "New Federal Reserve News Agency," published a latest report analyzing the dilemma faced by the Fed in responding to the Trump administration's "hasty" tariff policy, suggesting that the Fed may temporarily postpone interest rate cuts. The article suggests that the Federal Reserve will closely monitor changes in the labor market and use employment data as an important reference for its decisions: "The Federal Reserve will not cut interest rates prematurely due to expected economic slowdown, they need to see actual data, especially in the labor market." Tariffs may force the Federal Reserve to "take the latter path. Because tariffs may push up prices in the short term, their uncertainty will also slow down economic activity, leading to signs of stagflation, which may cause the Federal Reserve to postpone interest rate cuts. If inflation expectations get out of control, controlling inflation will become even more difficult. The article further points out that compared to five years ago, the "limiting factors" mentioned by former Federal Reserve Governor Brainard have worsened, as the economy has recently experienced a period of very high inflation. Even if the Federal Reserve may consider cutting interest rates internally, it still needs to remain vigilant about inflation in public to stabilize market expectations.