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The chairman said the agency has the basic disclosure and governance requirements to hold digital-asset firms accountable, although he did not address the fallout from crypto exchange FTX’s collapse. Crypto Markets Today is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 50 basis points to 4.25%, the highest level in almost 15 years, and signaled the tightening campaign was near an end. "It was always a coin flip."
Credit Suisse on Thursday headed into the final stage of a 4 billion Swiss francs ($4.25 billion) cash call that it hopes will allow an overhaul to draw a line under years of scandals. Despite widespread market uncertainty, five bankers involved in Thursday's 2.2 billion-franc rights issue said they were confident investors would take up more than 90%...
As winter approaches, governments across Europe have been frantically drafting aid programs to protect their citizens from the surge in energy costs triggered by Vladimir Putin’s invasion of Ukraine. There are electricity price caps in France, gasoline discounts in Italy and heating-bill subsidies in Germany.
Billionaire Ray Dalio Warns Stock Market Hasn’t Priced in ‘Very Harmful’ Fed Rate HikesDec 8, 2022 - 05:34:40 PST
Bridgewater Associates founder Ray Dalio said the stock market could face further turmoil in the coming months as the Fed hikes interest rates to a "harmful" level.
For many investors, December has been a shocker in the stock market. After getting sucked in by a rousing seven-week rally, they’ve now had to watch as the S&P 500 posted the longest stretch of down days to begin a month since 2011.
The dollar edged up on Thursday, supported by a rise in U.S. Treasury yields, as investors weighed the outlook for Federal Reserve policy against the chances that high interest rates could lead to a recession. Next week brings a raft of major central bank decisions, including from the Federal Reserve, the European Central Bank and the Bank of England...
The Federal Reserve hasn’t had much success so far in wrestling down sky-high inflation, but its monetary tightening campaign is having a major impact in deflating asset bubbles that swelled during the pandemic.
U.S. stock futures rose ahead of the open Thursday as investors attempted to stymie this week's losing streak across equity markets from stretching into another day as rate jitters and recession chatter hamper a seasonally bullish period for Wall Street.
After household debt grew by the largest amount since 2007 in the third quarter, American consumers kicked off the fourth quarter by piling on even more debt.Consumer debt grew by another $27 billion in October, a 6.9% year-on-year increase. Americans now owe $4.73 trillion in consumer debt, according to the latest data released by the Federal Reserve.
Stocks have struggled in recent days due to some better-than-expected economic data and more hawkish talk from Fed officials. This has revived fears that the Federal Reserve could make a mistake and raise rates too high and keep them there too long, sparking a recession. In his podcast, Peter Schiff said the markets are worried about the wrong mistake.
Dec 7, 2022 - 12:54:57 PST
"Russia’s decision to link gold to oil could bring gold back as a settlement medium and increase its intrinsic value sharply... Banks active in the paper gold market would face a liquidity shortfall."
Dec 7, 2022 - 12:50:23 PST
The Perth Mint sold 114,304 troy ounces (oz) of gold and 1,315,293 oz of silver in minted product form during November.
In the laboratory of history, great inflation followed by great disinflation opens the road to monetary regime change. Sometimes the road leads to a better place.
More than two-thirds of Americans are having a hard time affording groceries as food costs continue to soar, according to new data.
Dec 7, 2022 - 11:58:49 PST
The Fed has signaled the terminal rate will likely be around 5% — we think an upper bound of 5% — reached in early 2023. To get there, the central bank will likely raise rates by 50 basis points at its December 2022 meeting, followed by two more 25-bp hikes in 2023. We then see it holding at 5% throughout the year. Markets have priced in a similar amount of tightening.
Dec 7, 2022 - 11:56:55 PST
In 5 of the last recessions, industrial production was primarily a coincident indicator of recessions. In 1990 IP peaked one month after recession started and in 1980 IP peaked at the start of the recession.
China Confirms It Is "Mystery" Massive Gold Buyer With First Official Purchase In 3 YearsDec 7, 2022 - 11:55:03 PST
One month ago, we sparked a frenzy across precious metals circles when we reported that a "mystery" buyer had bought some 300 tons of gold, roughly three quarters of what would be a record 399 tons of central bank gold purchases in the third quarter.
"The historical record is clear: Gold-backed money is fully capable of delivering short-run stability and long-run prosperity. The Fed can’t." ~ David Brat & Alexander William Salter
By financing ballooning spending with short-term debt, the government failed to lock in record-low interest rates while it could. Now the piper has come to call.