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FollowingInflation stubbornly above the Fed's target, policy pressure continues
Although price increases have cooled down in several months, inflation remains stubbornly above the Fed's 2% target, continuing to put pressure on policymakers. On August 5, Federal Reserve Governor Lisa Cook said she was prepared to support another rate hike if inflation failed to ease further. Earlier, at the Federal Open Market Committee meeting in July, three members disagreed and favored raising interest rates. Borrowing costs have been at multi-year highs, and although inflation has fallen from its peak in 2022, Americans are still struggling with high prices for daily necessities.
For millions of Americans, inflation is not reflected in government reports, but in what it feels every time you fill up your gas or buy groceries. Americans increasingly view the cost of living as their top concern, with inflation and household spending surpassing geopolitical issues such as the conflict in Iran. Gasoline prices have climbed again to above $4 a gallon in many places in the United States, grocery prices remain high, and the extra household savings accumulated during the epidemic have been largely exhausted.
Consumers 'buffer against high prices shrinks
Bloomberg recently reported that earlier fuel price increases were alleviated by tax rebates and remaining savings during the epidemic, but these financial buffers have now faded. Economists say personal savings rates have fallen, consumers have fewer options to absorb higher prices, and households are more likely to cut discretionary spending if inflation remains stubborn.
Given that inflation is longer than expected, many Americans are looking for new ways to get every penny better. Cryptocurrency payment rewards became an option. Cryptocurrency payment platform CoinZoom said it is witnessing the shift, offering Visa debit cards tied to users 'cryptocurrency and cash balances. Customers can use digital assets to spend at merchants that accept Visa, and CoinZoom automatically converts cryptocurrency into legal currency during transactions. The company said users are increasingly relying on the card for daily consumption rather than cryptocurrency transactions.
According to CoinZoom data, the average number of debit card transactions per user in the first half of 2026 was approximately three times that of the same period last year, and customers can receive a cash back bonus of approximately $150 per month. The company said the rewards are often used to offset recurring expenses such as gas and groceries. CoinZoom's debit cards offer up to 5% cash back on eligible purchases, paid in cryptocurrency. Unlike many traditional debit cards that offer limited or zero rewards, the company says users can get cash back without incurring revolving debt, in contrast to many U.S. credit cards, which often carry interest rates in excess of 20% if they are not fully repaid.
This trend is not unique. According to Paymentscan data, cryptocurrency payment card consumption reached a record of US$748.7 million in July, a month-on-month increase of 19% and a year-on-year increase of nearly 145%. At the same time, stablecin digital banking inflows exceeded US$1 billion for the first time.
