US initial jobless claims for the week ended August 8 came in at 209,000, exceeding the forecast of 202,000.

According to CME FedWatch data, ahead of today’s PPI report, the probability of the Federal Reserve raising interest rates by 25 basis points in September stood at around 40%. After the report’s release, that probability dropped to roughly 35%, while the likelihood of the Fed keeping its policy rate unchanged in the 3.50%-3.75% range in September is about 65%.

World Liberty Financial (WLFI) announced that it has appointed Ryan Ballantyne as its Chief Business Officer. Ballantyne boasts over 30 years of experience in capital markets, derivatives, asset management, and digital assets. He most recently served as Head of Corporate Client Strategy at Coinbase Institutional, where he was responsible for assisting public companies and institutions in adopting digital asset fund management, trading, and custody solutions. Prior to this role, he held senior positions at Osprey Funds and Blackforce Capital, and has also worked at institutions including Susquehanna, Deutsche Bank, and Smith Barney.

On-chain data visualization analytics platform Bubblemaps has issued a warning that XST, a meme coin with a roughly $70 million market capitalization, is being heavily promoted on TikTok. However, its supply structure is extremely concentrated—74% of the total supply is controlled by a single entity, marking it a potentially high-risk rug pull token. Bubblemaps is urging investors to avoid such projects, advising users to directly ignore similar content if it appears on TikTok’s For You Page. In recent years, TikTok has become a key distribution channel for low-quality meme coins, which leverage AI-generated celebrity videos and false associations to create an illusion of credibility. Paired with the token’s concentrated holdings, these projects typically turn into high-risk rug pulls once the hype subsides. BlockBeats reminds users that most meme coins lack real use cases, exhibit extreme price volatility, and require cautious investment.

2027 FOMC voting member and Richmond Federal Reserve President Barkin delivered a speech on the economic outlook. Barkin did not explicitly state whether he believes interest rates need to be raised, but he pointed out that "many" at the Federal Reserve consider the current interest rate level sufficiently restrictive to curb inflation. Barkin also noted that there are reasons to view price pressures as entrenched, and achieving the Fed’s goals may require weaker demand or further interest rate hikes.

US July PPI year-on-year rate came in at 4.7%, the lowest since March, below the expected 4.9% and the prior reading of 5.50%.

US July PPI month-on-month rate came in at 0%, falling short of the consensus expectation of 0.20%, with the prior figure revised from -0.30% to -0.1%.