County Jerome Financial News

Members of the House Committee on Financial Services have called for Federal Reserve vice chair Lael Brainard to clarify her position on a central bank digital currency ahead of deadlines set by United States President Joe Biden’s executive order on digital assets. 

Peter Goettler, the chief executive officer of United States-based think tank Cato institute, has provided an update to the crypto community on the man who photobombed former Federal Reserve chair Janet Yellen during a 2017 congressional hearing — and he’s in the family.

Federal Reserve Chairman Jerome Powell in an appearance Thursday emphasized the importance of getting inflation down now before the public gets too used to higher prices and comes to expect them as the norm.

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Federal Reserve Chairman Jerome Powell is set to speak Thursday morning in a moderated discussion at a Washington, D.C., think tank, his last scheduled public remarks before the Fed’s next policy meeting, Sept. 20-21.

Federal Reserve Vice Chair Lael Brainard vowed Wednesday to press the fight against inflation that she said is hurting lower-income Americans the most.

The Federal Reserve appears to be on a path to raise interest rates by another 0.75 percentage point this month in the wake of Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment.

Prominent economists including Larry Summers predict a recession is coming. Half of Americans think the U.S. is already in one, according to a Wall Street Journal poll. Federal Reserve Chairman Jerome Powell has stopped talking up a “soft landing,” when the economy slows enough to bring down inflation but not push unemployment up much, and has begun warning of pain.

Traders are now seeing a near-certainty that the Federal Reserve enacts its third consecutive 0.75 percentage point interest rate increase when it meets later this month.

Capital is flowing into short bitcoin (BTC) funds at a record rate, while regular long bitcoin funds continue to see outflows, new data from the crypto research and investment firm CoinShares shows.

An $860 surprise price correction on Sept. 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The movement caused $74 million in Bitcoin futures liquidations at derivatives exchanges, the largest in almost three weeks. The current $18,733 level is the lowest since July 13 and it marks a 24% correction from the rally to $25,000 on Aug. 15.

Pershing Square Capital Management's billionaire founder Bill Ackman shared some commentary about markets and the US economy during a brief interview on CNBC's "Squawk Box" early on 6 September.

The Federal Reserve's efforts to battle inflation by rising interest rates and killing demand may have limited results as long as the supply side of the inflation problem won’t be fixed, according to macro analyst Lyn Alden. 

The price of many crypto assets, in the last 30 days, registered bearish retracements from highs logged in July. Furthermore, the hawkish remarks made by Federal Reserve Chair Jerome Powell on 26 August caused the market to plummet further, causing Bitcoin [BTC] and many other coins to close the month with double-digit price declines.

Bitcoin’s [BTC] retest of sub-$20,000 levels this week came as a surprise to many traders because the market outlook was in favor of an upside. On the plus side, the dip confirmed support and that there is strong demand between the $19,000 and $20,000 range.

Short-term bond prices edged higher Friday morning after fresh Labor Department employment data showed that the unemployment rate ticked up in August, indicating progress for the Federal Reserve’s efforts to tame inflation by cooling the economy.

Although it has now established more consistent messaging to the market, the U.S. Federal Reserve needs to do two more things to re-establish its credibility, according to Mohamed El-Erian, chief economic advisor to Allianz.

From a bearish perspective, there's a fair probability that the crypto market entered a descending channel (or wedge) on Aug. 15 after it failed to break above the $1.2 trillion total market capitalization resistance. Even if the pattern isn't yet clearly distinguishable, the last couple of weeks have not been positive.

US Fed chair Jerome Powell's vow to push interest rates to higher spooked traders. However, after dropping below $20,000, its key support and psychological level, Bitcoin flexed its muscles to rise more than 3 per cent to regain the $20,500 mark. Ethereum rose about 10 per cent to race past the $1,600 mark and recover all the weekly losses. The second-largest crypto token has been in the news over the blockchain’s ambitious software upgrade — 'The Merge.' The green days must be taken with a pinch of salt, warned Sathvik Vishwanath, Co-Founder and CEO, Unocoin. «The next couple of days are expected to be slang higher.»

The sandbox programme will begin in October, with an inaugural cohort of participants focused on cross-border payments. Further cohorts will follow, each of which will carry out an education phase followed by a pilot phase.The project is designed to provide the federal government, policymakers, and private sector organisations with a stronger, clearer picture of what implementing a CBDC in the US would look like, and to answer questions of what a roll-out might entail across retail, wholesale, and international use cases.Jennifer Lassiter, executive director, Digital Dollar Project, says: "The Digital Dollar Project is excited to bring a broad array of industries and technical experts together to define desired outcomes and explore a wide range of technical design choices in relation to a US CBDC."In January, the Federal Reserve published its long-anticipated discussion paper on the risks and benefits of a digital dollar and invited public comment - but studiously avoided giving any hints on its plans.Fed chair Jerome Powell has remained noncommittal on the chances of a digital dollar, but others at the central bank have been less circumspect.Supervision chief Randal Quarles has suggested that CBDCs could be an embarrassing fad, comparable to the parachute pants made famous in the 1980s by rapper MC Hammer.

Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States inflation darkened.