Deutsche Bank has highlighted the potential impact of the US budget bill, known as the Beautiful Bill, which is poised to become law. The bill is expected to promote US dollar stablecoins and exert pressure on the Federal Reserve to cut interest rates. This comes as Federal Reserve officials, including Governor Waller, have unexpectedly suggested a possible rate cut in July, and discussions on easing bank supervision have begun. George Sarevelos, head of global foreign exchange research at Deutsche Bank, noted that these developments, while seemingly unrelated, signal a significant shift in US macroeconomic policy. Dubbed the Pennsylvania Plan, this strategy aims to transfer US Treasury bond ownership from foreign to domestic investors, increase domestic financial repression, and address the US government's substantial debt burden.