[U.S. Treasury Sanctions Two Indian Citizens and a Pharmacy] The U.S. Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on two Indian citizens and an online pharmacy, accusing them of involvement in fentanyl trafficking. The sanctions also involve a cryptocurrency wallet.
**[Strong Economic Growth in the U.S. Second Quarter, Consumer Spending and Business Equipment Investment Remain Resilient]** BlockBeats News, September 25 — The U.S. economy grew at its fastest pace in nearly two years during the second quarter, with the government revising upward its previous estimates for consumer spending. A report released on Thursday showed that the inflation-adjusted U.S. GDP grew at an annualized rate of 3.8% after revisions, stronger than the previously reported 3.3% growth, while the first quarter saw a complete contraction. The data indicates that annual revisions were relatively minor, with real GDP growing at an average annual rate of 2.4% from 2019 to 2024. This paints a picture of the economy quickly rebounding from the initial shock of the pandemic and transitioning into a more stable trend growth period, despite persistent inflation. The latest quarterly GDP data confirms that after a sharp surge in imports earlier this year, the U.S. economy rebounded in the second quarter. The third-quarter economy also appears robust, with recent reports showing resilience in both consumer spending and business equipment investment. Economists expect the personal consumption expenditure data for August, scheduled for release on Friday, to show a year-over-year increase of nearly 3%. (Jin10)
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[Federal Reserve's Schmidt: Monetary Policy Adjustments Will Be Based on Economic Data] Federal Reserve official Schmidt stated that the formulation and adjustment of future monetary policy will be strictly based on the performance of economic data. This statement indicates that the Federal Reserve will continue to adopt a data-driven decision-making approach in responding to economic changes.
[U.S. Initial Jobless Claims Decline, Unemployment Rate Rises to Four-Year High] Data from the U.S. Department of Labor shows that for the week ending September 20, initial jobless claims decreased by 14,000 to 218,000, but the unemployment rate rose to 4.3%, marking a four-year high. Weak labor demand has led companies to hoard workers but remain reluctant to hire more staff. Protectionist trade policies and immigration policies further constrain job growth, and the Federal Reserve cut interest rates last week to address economic pressures.
[South Korea's Ruling Party Establishes Digital Asset Task Force to Promote Stablecoin and Cryptocurrency Legislation] South Korea's ruling Democratic Party has announced the establishment of a Digital Asset Task Force aimed at drafting a comprehensive legislative framework for stablecoins and cryptocurrencies. The task force plans to push for the enactment of digital asset bills during this year's regular sessions and the National Assembly meeting at the end of the year. South Korea is currently facing capital outflow pressures, with $40.6 billion worth of digital assets transferred overseas in the first quarter of 2025 alone, half of which were stablecoins.