Base Officially Explores Native Token Launch to Boost Decentralization and Global Growth

Cryptocurrency

Summary:

Base founder Jesse Pollak delivered the announcement during the Base Camp event, outlining the network's vision to scale from tens of millions to billions of users globally.

Base officially announced exploration of a native network token during its Base Camp event on Sept. 15, marking a potential milestone for Coinbase’s Ethereum layer-2 network as it targets global adoption.

Base founder Jesse Pollak delivered the announcement during his presentation at the event, outlining the network’s vision to scale from tens of millions to billions of users globally.

Pollak positioned the token exploration within three core principles: achieving complete decentralization, aligning builders and creators as economic participants, and pushing the boundaries of crypto to unlock new systems.

He stated: “The economy can only work if we’re the ones shaping it and benefiting from it.”

Additionally, he explained the rationale behind creator and developer alignment through tokenization.

Base currently operates as a stage one rollup, consisting of a decentralized fraud or proof submission system and a security council.

However, it is not fully decentralized, requiring additional work to achieve complete decentralization in stage two. The potential token represents a mechanism to accelerate this transition while incentivizing ecosystem participation.

Brian Armstrong, co-founder and CEO of Coinbase, confirmed the development via X, stating the token “could be a great tool for accelerating decentralization and expanding creator and developer growth in the ecosystem.”

Armstrong emphasized that no definitive plans exist, referring to the announcement as a philosophical update as the team explores possibilities.

Three key commitments

Pollak made three explicit commitments regarding token development. Base remains committed to building on Ethereum, rejecting speculation about alternative blockchain foundations.

Further, the team pledges to “do this right” by collaborating with regulators and legislators, drawing on Coinbase’s 15-year compliance track record.

Finally, Base commits to transparent development, building “in the open” through community engagement and feedback.

The announcement follows Base’s decision to embrace transparency over secretive development. Pollak acknowledged receiving advice to keep exploration private but chose the “Base way” of open development without predetermined answers.

Base plans to gather community input during the two-day Base Camp event to inform token development in accordance with the network’s values.

Pollak described the announcement as “a new day one” opportunity to leverage tokenization for building a global economy.

The exploration phase begins without specific timelines or implementation details, as Base will prioritize community consultation and regulatory compliance before advancing the development of the token.

Source: Cryptoslate

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Adam

Economic

Optimism over Federal Reserve interest-rate cuts is putting anxiety over a global trade war firmly in the rearview mirror for many on Wall Street.

The S&P 500 Index has surged 32% since President Donald Trump first outlined his onslaught of global levies in April, with most forecasters expecting further gains before year-end. Measures of projected volatility look dormant, and analysts’ profit views for the first half of 2026 are climbing back toward where they stood at the beginning of the year.

While Trump’s tariffs weigh on business confidence and are slowly creeping into consumer prices, Wall Street is acutely focused on the Fed’s path for borrowing costs and continued enthusiasm around artificial intelligence to keep the S&P 500 rally afloat.

“It’s almost as if the trade war was a bad dream that lived mostly in Wall Street’s imagination,” Bloomberg Intelligence strategists Michael Casper and Wendy Soong wrote in a Sept. 9 note to clients.

Wall Street All But Abandons Its Trade Angst as Rate Cuts Near_1

Improving Outlook | Analysts' 2026 profit views have been recovering since July

Analysts are rapidly upgrading their profit outlooks after slashing them at the fastest pace since the onset of the pandemic in 2020. The trend highlight confidence in Corporate America’s growth engine that has supported the S&P 500 during its bull run.

Since bottoming in July, 2026 earnings estimates for the S&P 500 have climbed in each of the past nine weeks. At $295 per share, they’re in line with where they stood in late April, according to BI data.

“While tariff concerns may bubble back up should inflation numbers pick up, it isn’t enough to kill the positive vibes,” said Dave Mazza, CEO of Roundhill Financial Inc. “The high likelihood of rate cuts and strong earnings are driving stocks, with the AI boom providing the tailwind.”

Analysts are growing more optimistic after second-quarter profits grew by 11%, more than triple the pre-season estimate as consumers showed resilience and AI spending continued. As a result, earnings projections are now rising for each of the next three quarters.

Most recently, United Airlines Holdings Inc. touted improved demand for travel, with the company’s chief executive officer saying he feels better about the global economy than just several weeks ago.

Data last week showed inflation rose in line with expectations in August, keeping the Fed on track to reduce borrowing costs. The core consumer price index, excluding the often volatile food and energy categories, increased 0.3% from July, according to Bureau of Labor Statistics data. On an annual basis, it advanced 3.1%.

Some companies on an individual level are being negatively impacted by tariffs, and their effect so far is showing up more in ISM prices data than CPI, according Michael Kantrowitz, chief investment strategist at Piper Sandler & Co. Trade policy is “like many macro concerns, a micro issue,” he said.

Some of the market’s resilience, he added, can be attributed to reduced uncertainty around tariffs rather than outright nonchalance, with a Bloomberg index that tracks global trade uncertainty falling to the lowest level this year, easing from April’s spike as the S&P 500 gained.

Wall Street All But Abandons Its Trade Angst as Rate Cuts Near_2

Moving in Opposite Direction | S&P 500 has advanced as global trade uncertainty subsided

Over at Citigroup Inc., global head of macro and emerging market strategy Dirk Willer points out that the US effective tariff rate is running at 9% compared to the theoretical announced rate of closer to 18%. That’s due to one of two reasons, he says: transshipments — when goods are rerouted through lower-tariff countries — or official exemptions from new or existing levies.

Whether the trade war flares up again in the future depends on which of the two it is. If it’s the former, Willer says, that risks further targeted tariff changes down the line. If it’s the latter, a softer trade war may be a policy objective of the administration.

“The tariff issue has moved from the top of the focus list for investors,” said Miller Tabak & Co.’s Matt Maley. “However, when the next earnings season comes around, it will likely come into focus once again. The impact of the tariffs was always going to be a second half phenomenon, so investors will focus on what companies have to say about this issue once again in October.”

Source: Bloomberg

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Adam

Economic

South Korea's negotiations with the U.S. on a trade deal to lower tariffs have stalled amid concerns over the foreign exchange implications of a $350 billion investment fund, part of an agreement reached with President Donald Trump in July.

WHAT HAS JAPAN AGREED TO?

South Korean officials, who had argued that the package would mostly comprise loans and guarantees with limited direct investment, said last week they could not accept terms similar to those of a $550 billion investment package finalised this month by Japan.

Tokyo agreed to transfer money within 45 days after the U.S. selects a project, and that available free cash flows from investments would be split evenly until they reached an allocated amount, after which 90% would go to the U.S.

U.S. Commerce Secretary Howard Lutnick said on Thursday that there would be no flexibility for Seoul. "The Japanese signed the contract. The Koreans either accept that deal or pay the tariffs. Black and white, pay the tariffs or accept the deal."

HOW IS SOUTH KOREA'S SITUATION DIFFERENT FROM JAPAN'S?

Since South Korea's deal was announced in late July, there have been concerns among market participants that the resulting dollar demand will overwhelm the domestic currency market, depressing the won .

Since suffering traumatic capital flight during a financial crisis in the late 1990s, South Korea has retained a tight grip on its currency market. It started opening it to foreigners last year but there is still no offshore market to trade the won.

The daily average global won trade stood at $142 billion in 2022, compared with $1.25 trillion for the Japanese yen, according to a triennial survey by the Bank for International Settlements. The won accounted for 2% of global market share, against 17% for the yen.

WHY IS IT SOUTH KOREA PARTICULARLY WORRIED?

The won hit a 15-year low at the end of last year at around 1,476 to the dollar and now stands around 1,390.

Market participants say the $40 billion needed by the state pension fund every year for its overseas investments is already a heavy burden on the currency. Citi estimated that the investment package would generate dollar demand of around $100 billion each year from 2026 to 2028.

South Korea's economy is much smaller than Japan's. It had a current account surplus of $99 billion last year, compared with Japan's surplus of nearly $200 billion, and central bank foreign reserves of $416 billion in August, compared with Japan's $1.3 trillion.

HOW IS SOUTH KOREA TRYING TO MITIGATE THE IMPACT?

The idea of seeking a foreign exchange swap line with the U.S. was raised publicly by Presidential Policy Secretary Kim Yong-beom last week, when he said the yen's status as a key international currency and an unlimited swap line between Japan and the U.S. put Tokyo in a stronger position.

Finance Minister Koo said last week there would be an announcement on foreign currency when tariff negotiations conclude and he told Reuters on Monday he thought the U.S. would "contemplate" a currency swap line, after a local media outlet said the government had passed the request to the U.S.

WHICH COUNTRIES HAVE FX SWAP LINES WITH THE US?

The U.S. Federal Reserve has standing swap line arrangements with the central banks of Canada, Britain, Japan, the European Union and Switzerland.

It established temporary swap lines of $60 billion each with the Bank of Korea and eight other central banks in March 2020 during the COVID-19 pandemic.

After the swap line expired in December 2021, the Fed offered the Bank of Korea a safety net of $60 billion through repurchase agreements, enabling it to borrow dollars with its holdings of U.S. Treasuries as collateral.

Source: Reuters

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Kevin Du

Economic

President Donald Trump suggested Monday on Truth Social that companies should stop filing quarterly earnings reports and instead move to a semiannual schedule. Trump’s call to replace quarterly earnings reports with semiannual filings revives a debate that also surfaced during his first term.

In his post, Trump said the idea is “subject to SEC approval” and would “save money, and allow managers to focus on properly running their companies.” He added: “Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!’”

The concept has long divided business leaders and regulators. In 2018, Warren Buffett and JPMorgan Chase CEO Jamie Dimon argued against quarterly guidance, writing: “In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability.”

But others warn that reducing reporting could weaken transparency. “Trying to get companies less hyper focused on the short-term quarterly hamster wheel would be good, but it's far from clear that reducing investor disclosure to semi-annual reporting would do that,” Dennis Kelleher, CEO of advocacy group Better Markets, told Axios. “The real solution would be getting Boards of Directors to incentivize and then support corporate executives to focus more on the long term and less on the short term.”

TD Cowen, in a note Monday, said Trump’s comments could carry weight: given his push to roll back regulations, the post moves the idea “from improbable to probable though not guaranteed,” according to Axios.

“In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. ‘Stop quarterly reporting & go to a six month system,’ said one. That would allow greater flexibility & save money. I have asked the SEC to study!” Trump said in a post on X during his first term in 2018.

Currently, U.S. companies must file quarterly reports, though forecasts remain voluntary. Proponents say frequent reports give investors timely, reliable insights, with GAAP standards ensuring consistency. Critics, however, argue that short-term pressure hampers long-range planning.

Despite Trump’s comparison to China, firms there are required to file quarterly, semiannual, and annual reports. Hong Kong-listed companies report every six months, similar to rules in the U.K. and EU, where quarterly updates are optional. Norway’s sovereign wealth fund recently proposed semiannual reporting as well, citing the need for companies to prioritize long-term growth.

Source: Zero Hedge

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Adam

Economic

With a pivotal Federal Reserve meeting coming up this week, America’s central bankers are confronted with an all-too-familiar question: Is it already too late to step in?

In just a few days, the central bank is expected to lower interest rates for the first time since December to shore up America’s crumbling labor market. Unusually weak hiring in recent months has locked in a rate cut, according to futures, with perhaps a few more by year’s end. But some central bankers — namely, Fed governors Christopher Waller and Michelle Bowman, both appointed by President Donald Trump — say the Fed should have cut interest rates in July, echoing Trump’s loud demands to lower borrowing costs.

During a speech in Miami on August 28, Waller — a potential Fed chair candidate — said monetary policy risks “falling behind the curve” if economic conditions continue to weaken.

Fed officials wait for months of data before deciding to pivot on rates, but it’s notoriously difficult to time with razor-sharp precision. That timing is crucial because it can impact the jobs of millions of Americans and whether inflation shoots higher. In 2021, the Fed was criticized for responding too late to rising inflation.

In 2025, getting the timing right for rate cuts is an even tougher task with Trump’s widespread tariffs already pushing up some prices and the US labor market hitting a lull in hiring.

And whether the Fed has already missed its cue is “the million-dollar question that I think no one knows the answer to,” Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company, told CNN.

The Fed’s tough job

Economic forecasters don’t always get it right — and neither does the Fed.

In 2021, some economists and Fed officials, including Fed Chair Jerome Powell, said a bout of inflation would prove to be only “transitory,” which ended up not being the case. And, in 2023, forecasters and Fed economists predicted a recession that never happened.

“The Fed isn’t any better at reading the tea leaves than all the other private forecasters out there,” said Kent Smetters, an economics professor at the University of Pennsylvania’s Wharton School.

The central bank has to factor in abstract concepts, such as the lagging effects of interest rates and the so-called neutral rate of interest, the point where borrowing costs neither stimulate nor dampen economic activity.

“Monetary policy lags in terms of how much it stimulates the economy, so, ideally, it should move a couple months ahead of weaker jobs numbers,” said Smetters. “But the Fed also can’t place a lot of weight on data for a single month or even two.”

Last year, the unemployment rate climbed quickly in a short period and there was similar criticism that the central bank was too late to lower rates. Then the Fed stepped in with a bold half-point rate cut to stave off further weakening.

By the end of last year, it turned out that the labor market wasn’t falling off a cliff: In December, employers added a massive 323,000 jobs as the unemployment rate edged down from the prior month to 4.1%.

The Fed’s efforts last year showed that despite central bankers’ good-faith attempts to right-size their policy in a timely manner, there isn’t a science to it and they could be off-point.

The challenge of Trump’s policies

Powell has said that if it weren’t for Trump’s trade war, the Fed would have already lowered interest rates at this point this year.

Instead, Trump’s unprecedented tariffs have squeezed businesses and begun to erode American consumers’ purchasing power. This has threatened both sides of the Fed’s dual mandate — stable prices and maximum employment.

According to the Fed’s preferred inflation gauge — the Personal Consumption Expenditures price index — inflation of goods exposed to tariffs, such as appliances and furniture, has already crept up and could continue to rise in the months ahead.

But several Fed officials have warmed up to the idea that tariff inflation may be short term, possibly resulting in only a one-time price adjustment.

San Francisco Fed President Mary Daly wrote in a recent social media post that “tariff-related price increases will be a one-off.” St. Louis Fed President Alberto Musalem said as much at a September 3 event, stating that he expects “the effects of tariffs will work through the economy over the next two to three quarters and the impact on inflation will fade after that.”

Not only does the tariff situation remain highly uncertain, despite Fed officials’ higher hopes that tariff inflation may be limited, but so does the future of the labor market.

Before Powell opened the door to rate cuts in his keynote speech at the Kansas City Fed’s annual economic symposium last month, the Fed chief had repeatedly described the labor market as “solid” with some “downside risk.” But the most recent federal data showed that the labor market was on shakier footing than previously thought.

Last week, the Labor Department reported that US job growth in the year ending in March was running at a much slower pace than previously reported. Job gains were revised down by 911,000 during that period, the biggest downward revision on record. Since March, job growth has continued to slow to a crawl, with more industries shedding jobs than adding.

“Labor market momentum is being lost from an even weaker position than originally thought, reinforcing expectations of meaningful interest rate cuts,” James Knightley, chief international economist at ING, said in a September 9 note after the benchmark revision was released.

Chicago Fed President Austan Goolsbee said in a speech last month that the Fed’s meetings this fall will be “live,” meaning policy decisions will not be obvious and will be subject to incoming data.

“We’re going to have to figure it out,” he said.

Source: cnn

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Adam

Bond

While the stock market hovers near record highs, a shift in the bond market is signaling mounting concerns about the economy’s health.

A bevy of data this month showed the labor market is on shakier ground than previously thought. That spurred a rally in bonds as investors sought safe havens and ramped up bets that the Federal Reserve will cut interest rates this week.

As bonds rallied, it pushed yields lower: The two-year Treasury yield this month hit its lowest level since 2022, and the 10-year yield hit its lowest level since April, when President Donald Trump announced an unprecedented tariff campaign that sparked fears of an economic slowdown.

The decline in Treasury yields shows markets are adjusting to the reality of a weaker-than-expected job market and expectations for potentially subdued economic growth.

The Fed, which has held its benchmark interest rate steady since December, is widely expected to lower rates at its policy meeting this week amid a slowing labor market. Investors are flocking to Treasuries to lock in the current relatively high rates ahead of expected Fed rate cuts.

Labor Department data released on Thursday showed one of the biggest weekly increases in jobless claims in more than a year. That came after separate data earlier this month showed the unemployment rate in August ticked up to 4.3%, its highest level since 2021. The US economy also added 911,000 fewer jobs for the year ending in March than previously thought, according to Bureau of Labor Statistics data this month.

Treasuries are seen as relatively risk-free assets because they are backed by the full faith and credit of the US government. When investors expect a slowdown, they often move cash into Treasuries as a sure bet to ride out the uncertainty.

“The bond market is acknowledging that job creation, a powerful engine of the US economy, is decelerating,” said Chip Hughey, managing director for fixed income at Truist Advisory Services.

The two-year Treasury yield tracks expectations for the Fed’s rate policy, and has swiftly dropped as markets have adjusted to the prospect of rate cuts. The 10-year yield, meanwhile, tracks expectations for economic growth.

“The yield declines we are seeing right now can be viewed as a recalibration for an expected step-down in economic activity — not recessionary — but softer in comparison to the past few years,” Hughey said.

A balancing act

The 10-year yield — a key benchmark for borrowing costs across the economy — fell from 4.27% at the start of the month to briefly dip below 4% on Thursday.

A decline in the 10-year yield can lead to lower mortgage rates and more affordable loans. But a swift decline in the 10-year yield is not always a good sign: It could signal investors think the economy is weakening.

“Yields are coming down because the market is expecting slower growth ahead,” said Kathy Jones, chief fixed income strategist at Charles Schwab. “That’s the assumption behind why the Fed will cut rates, because the job market is deteriorating.”

Matthew Luzzetti, chief US economist at Deutsche Bank, on Friday said he raised his expectations for interest rate cuts this year. Luzzetti now expects three quarter-point cuts across September, October and December.

“With recent data showing further weakness in the labor market and somewhat more modest inflationary pressures than anticipated, we have brought forward one rate cut from next year,” Luzzetti said in a Friday note.

Bank of America earlier this month also revised its expectations for the Fed to cut interest rates. The bank now expects a quarter-point cut in September and December, after previously forecasting zero cuts this year.

“The August jobs report is likely to amplify the Fed’s concerns about labor market weakness,” Aditya Bhave, senior US economist at Bank of America, said in a September 5 note.

It’s unclear how much interest rates will be slashed. Traders are pricing in a 96% chance the Fed will cut its benchmark interest rate by a quarter point this week, with a 4% chance of a jumbo half-point cut.

Consumer spending and inflation are key

While investors are adjusting to the reality of a weaker labor market, consumer spending this year has remained relatively robust, supporting outlooks for economic growth, according to Bill Merz, head of capital markets research at US Bank Asset Management Group.

Consumer spending rose 0.5% from June to July, according to Commerce Department data. Economic growth in the second quarter, as measured by gross domestic product, also came in stronger than expected.

“Consumer spending continues to be the engine for growth,” Merz said. “We’re not seeing signs of that cracking yet, but we’re watching that carefully, because there’s obvious weakening in the labor market at this point.”

And while nerves about a labor market slowdown are at the forefront of investors’ focus, concerns about inflation still linger.

The Fed is in a tricky spot, balancing a weakening labor market while inflation remains relatively elevated. A core measure of Consumer Price Index that excludes volatile food and energy prices rose 3.1% year-over-year in August, according to data from the Bureau of Labor Statistics. That’s well above the Fed’s target of 2%.

“Short-term (borrowing) rates are coming down faster than long-term rates, and that is also a bit of a signal of concerns about long-term rates and how much they can decline in this environment of a great deal of uncertainty about fiscal deficits, inflation remaining high and not turning lower,” said Jones of Charles Schwab.

Source :cnn

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Devin

Central Bank

In 2025, the mainstream Keynesian narrative that the United States would inevitably experience a recession and stagflation has proven to be utterly incorrect.

The American economy is performing much better than its comparable nations, is showing broad-based strength, and even has indications of accelerating growth, giving investors and consumers plenty of reason to feel more optimistic, despite the consensus estimates from earlier in the year.

The consensus was wrong.

The United States economy is outperforming the economies of the UK, Germany, France, Italy, Japan, and the entire euro area, showing estimates of economic growth that exceed those of the best-performing developed nations, along with significantly lower unemployment rates and solid real wage growth.

Due to exaggerated expectations of the impact of factors like new tariffs, global uncertainty, and the potential for persistently high inflation, most mainstream analysts and market commentators projected a stagnant or recessionary environment for the US in 2025, while hailing the euro area as the place to invest. We have seen the opposite.

US bond yields are falling, while euro area sovereign yields are rising despite ECB rate cuts. Additionally, GDP growth estimates for the euro area are weak, and US economic growth is stronger than the European Union’s “engines of growth,” whereas Japan and the UK remain stagnant. Inflation is under control, real wage growth is strong, and the private sector is improving.

The mainstream consensus predictions were biased and incorrect. Rather, the US economy has reported strong real GDP growth: following a short contraction in Q1, growth in the second quarter bounced back to 3–3.3% annually, and the Atlanta Fed’s GDPNow model currently projects Q3 growth at a stable 3% pace. In addition to consumer spending and imports, business investment also contributed to this GDP strength, and, more importantly, it came with government spending under control.

The most recent CPI and PPI data dispel concerns that the tariff regime is causing inflation. CPI and core measures in August came in close to or below expectations, indicating that headline monthly inflation and producer price increases are still under control. Prices for durable and nondurable goods are still stable, and, despite negative forecasts, tariffs have not generated a significant increase in the cost of living for Americans; instead, energy and important imports have either decreased or stabilised.

Despite recent revisions, the private-sector labor market maintained momentum from January through August. The significant negative revisions occurred during the January-December 2024 period, indicating that the Biden administration’s job creation was only half of what was reported and required a two million downward adjustment to the job figures from 2023 to 2024. What the Bureau of Labour Statistics has shown clearly is that the United States was in a private sector recession in 2024, which justified the negative sentiment from citizens.

Private payrolls have reported consistent net gains, particularly in the important service and construction segments, despite slight revisions to previous months. Even more encouraging is the fact that real wage growth is accelerating rather than merely keeping up with inflation. Real average hourly earnings increased by 1.2%, and real weekly earnings increased by 1.4% between July 2024 and July 2025. Increased purchasing power is boosting middle-class disposable income and driving retail demand because wage gains are outpacing price growth.

Retail sales also remain resilient in the face of market volatility and trade uncertainty. Bloomberg predicts that headline retail sales will increase by 0.2% in August, while the core control group will increase by 0.3%. This increase is significantly better than what April estimates showed, particularly since consumer sentiment is still cautious but generally stable. Throughout the third quarter, household consumption is increasing due to strong private labor markets and healthy wage growth.

The growing agreement that inflation risks are under control represents the most significant development for financial markets, paving the way for the Federal Reserve to finally recognise reality and cut interest rates in the coming months. Markets are beginning to anticipate that the Fed will soon lower interest rates, which could further boost borrowing, investment, and the economy’s momentum for the rest of 2025.

Despite the pessimistic predictions of recession and stagflation, they have proven to be undeniably wrong. The US economy is in a period of true private sector expansion, thanks to strong job and wage growth, favourable taxation, and deregulation, whereas tariffs are having no real impact on inflation. Now the Fed needs to be truly data dependent. Putting aside the pessimism of the previous year, the data currently indicates an improving outlook and a recovery from the private sector recession and fiscal mess inherited in 2024.

The Fed models were wrong about inflation and used labor market figures that were hugely inflated. The Fed should have read its own Beige Book, which alerted of a marked slowdown in job creation in March and April, instead of succumbing to the biased consensus narrative.