The financial markets have recently shown signs of instability, with the weak performance of the dollar attracting attention. U.S. bank strategists indicate that the uncertainty surrounding the leadership of the Fed is weakening the dollar's performance. The market seems to have begun to anticipate a more accommodative monetary policy environment, even if future leadership transitions occur in a conventional manner. Signs of political interference are becoming increasingly evident, which may be one of the main resistances preventing the dollar from rebounding.

At the same time, the U.S. job market remains relatively stable. The latest data shows that for the week ending July 19, the number of initial jobless claims was 217,000, lower than expected, indicating that the job market is still relatively strong.

In the investment sector, a significant policy change is brewing. The White House is preparing an executive order aimed at providing legal protection for 401(k) retirement plan managers, allowing them to include alternative assets such as private market funds and cryptocurrencies. This initiative will have a profound impact on the U.S. retirement savings market, not only providing ordinary investors with more diversified investment channels but also creating new growth opportunities for large private equity management companies.

The cryptocurrency market has also shown new trends. According to reports, since mid-May, ETPs (Exchange-Traded Products) and publicly listed companies have collectively purchased 2.83 million bitcoins. This data reflects the continued interest of institutional investors in crypto assets, despite the many uncertainties that still exist in the market.

Overall, the current financial markets are facing multiple challenges and opportunities. The independence of the Fed, the resilience of the job market, the transformation of retirement investment policies, and the institutionalization trend of cryptocurrencies will all have a significant impact on the future market direction. Investors need to closely follow these developments to make informed investment decisions.