Market calm prevails as a lack of major news events and economic data has subdued volatility across asset classes. QCP Capital reports this period of stillness, attributed to market indifference towards negative headlines previously capable of triggering significant reactions. While the U.S. Treasury saw yields fall following fiscal turbulence from the recently passed ‘Grand Beautiful Act,’ national debt remains above 120%, with further increases anticipated. 10-year and 30-year U.S. Treasury yields have dropped below 4.5% and 5%, respectively, while Japan’s 30-year bond yield has fallen below 3%. Historically high but short-term risks have diminished. The market is now focusing on upcoming U.S. Treasury auctions in June, with Japan planning to issue long-term bonds in the coming days. The market anticipates a stabilization strategy for long-end yields and remains cautiously optimistic about potential future progress in cryptocurrency policy. Recent data has largely avoided impact from last month’s tariff policies as businesses adjust pricing and spending patterns. This trend will likely become visible in data released during the third quarter, with the Federal Reserve opting to remain cautious until economic conditions deteriorate significantly. Senator Lummis’ remarks on stablecoins and Bitcoin strategic reserves have reignited hope for substantial progress in cryptocurrency policy. With lukewarm digital asset plans under the current administration, this meeting could provide the necessary momentum to re-engage the White House, potentially encouraging more companies to follow in the footsteps of Strategy and Metaplanet by creating new opportunities for market growth.