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Chicago Federal Reserve Bank President Austan Goolsbee said on Tuesday that U.S. President Donald Trump's announced tariffs are "way bigger" than had been modeled, and it's unclear how quickly or fully those higher costs will be passed on to consumers and to what degree businesses and consumers may react by hunkering down, slowing the economy. "We just lived through and learned what happens when inflation is raging out of control," Goolsbee said in an interview with Illinois Public Radio, in which he called tariffs a "negative supply shock" to which the Federal Reserve's response isn't necessarily clear.

Stocks surged at midday Tuesday, with the Dow Jones Industrial Average jumping nearly 1,000 points, as the major indexes rebounded somewhat from tariff-induced losses.

The European Union's securities watchdog warned on Tuesday that problems in the cryptocurrency industry could pose risks to broader financial stability in future, as the sector grows and as ties between it and traditional financial markets increase. The appeal for caution from the European Securities and Markets Authority (ESMA) comes as U.S. economic policies roil global markets and U.S. authorities look to remove some of the barriers between crypto and traditional banking sectors. "EU financial markets are, as we speak, under severe strain coming from the broader political and geopolitical developments," ESMA executive director Natasha Cazenave said in a speech to the European Parliament posted on the watchdog's website.

The move follows sharp drops in user activity and total value locked on Polygon as Base’s usage climbs

Shares of RPM International sank Tuesday as the specialty coatings and sealants company reported fiscal third-quarter results that came in weaker than analysts projected.

The CEO of Chile's Codelco, Ruben Alvarado, said on Tuesday that the state-run copper producer aims to bring output to the upper end of its estimated range this year, expecting to reach 1.39 million metric tons. Alvarado said the world's largest copper producer plans to return to the bond market but is evaluating the timing. In 2024, Codelco managed to boost production after hitting 25-year lows in 2023 due to delays in key projects and operational issues, which it has been resolving.

BlackRock has chosen Anchorage as the additional custodian of its Bitcoin holdings, Coinbase being the primary one.

The Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and is shifting its focus away from complex crypto-related cases involving banking and securities law, according to a memo reviewed by The Associated Press. “The Department of Justice is not a digital assets regulator,” Deputy Attorney General Todd Blanche said in a memo sent to prosecutors Monday. It’s the latest move by the Trump administration to try to boost the cryptocurrency industry while undoing the Biden administration’s efforts to crack down on wrongdoers in the industry.

President Donald Trump’s top trade negotiator came under fire Tuesday from senators unnerved by the president's sweeping global tariffs, a market meltdown and the heightened risk of recession from an upended global trading order. Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president's aggressive bid to raise tariffs on almost every nation on earth.

Frustrated bitcoin bulls might want to zoom out as stocks gain across the globe following the days-long tariff-induced rout.