Morgan Stanley has highlighted a significant increase in US labor productivity, which may prompt the Federal Reserve to consider further interest rate cuts. In the second quarter, labor productivity rose by 3.3% year-on-year, a notable recovery from a 1.8% decline in the first quarter. While the Fed currently anticipates one rate cut in 2026, market sentiment suggests a 72% probability of rate reductions by the end of the year. In parallel, the European Union's Markets in Crypto-Assets Regulation continues to influence global cryptocurrency policy, with a strong emphasis on countering the financing of terrorism. These regulatory discussions are shaping the future landscape of crypto markets worldwide.