Evening Money Brief: Oil at $100, Bitcoin Holds $66K, and Alphabet’s Record Cash Burn
Good evening, neighbors. We are ending the day with a whirlwind of movement in the global markets. Crude oil has officially surged past the $100 mark as tensions in Iran and renewed Houthi attacks in the Red Sea disrupt the flow of the world’s energy. Meanwhile, in the digital world, Bitcoin is holding steady near $66,000, buoyed by six straight days of ETF inflows even as the CLARITY Act faces a tough battle in the Senate.
This volatility matters because it touches every corner of our lives, from the gas pump to our retirement accounts. We are seeing Alphabet report its first-ever quarterly cash burn of $44.9 billion, a massive bet on AI infrastructure that has the tech world on edge. Simultaneously, Blackstone has gated withdrawals on its $79 billion private credit fund, signaling a tightening in the lending markets that could ripple through the broader economy. On a brighter note for transparency, the House has finally passed a ban on stock trading for members of Congress, aiming to restore a bit of trust in our leadership.
For those of us at home, these shifts mean we need to keep a close eye on our household budgets as fuel costs likely tick upward. With the FOMC meeting scheduled for July 29, the Fed is expected to hold interest rates steady, but the cost of "everyday everything" remains a heavy lift for many families.
Take a moment tonight to review your transportation costs and consider using local fuel-savings apps to soften the blow at the pump. If you’re invested in the markets, stay patient as the AI race continues to reshape the tech landscape.
How do you feel about the House finally moving to ban stock trading for Congress? Does it change how you view our financial future? Drop a line and let’s talk on the porch. For more daily updates, sign up for our newsletter here.
