State Wyoming Financial News

The global economy is shifting toward a higher-for-longer period for interest rates, making the coming flurry of monetary decisions across the developed world pivotal in mapping out that plateau.

In an effort to promote regulatory clarity in the cryptocurrency industry, several prominent crypto and blockchain companies have joined forces to establish the Crypto Freedom Alliance of Texas.

By Davit Kirakosyan

In early 2019, Wyoming enacted legislation authorizing the creation of state-chartered banks catering to firms doing business with bitcoin and other cryptocurrencies. The banks would serve as custodians of digital assets and take dollar deposits, forming a bridge between cryptocurrency and dollars for firms to make payroll and payments, or help realize crypto investment gains or losses. Four years later, the Cowboy State’s experiment with state-chartered crypto banking has gone slower than expected.

But despite making significant progress, inflation remains above the Fed's long-term target of two percent. Meanwhile, the US jobs market has shown growing signs of softening in recent months, a key precondition for the Fed to contemplate an end to its cycle of monetary tightening. «That was a helluva good week of data we got last week, and the key thing out of it is it's going to allow us to proceed carefully,» Fed governor Christopher Waller said in an interview with CNBC, referring in part to last week's jobs data. «There’s nothing that is saying we need to do anything imminent any time soon, so we can just sit there, wait for the data, see if things continue,» he added. Waller's comments follow a similarly cautious view to Fed Chair Jerome Powell, who told the Jackson Hole economic symposium in Wyoming at the end of August that the Fed would proceed «carefully» from now on. Investors and analysts overwhelmingly expect the Fed to pause its hiking cycle at its next rate-setting meeting on September 19-20, while keeping the prospect of another hike later in the year alive. Futures traders currently put the probability of a rate pause in September at 95 percent, and the chance of another hike in November at around 40 percent, according to data from CME Group. On Tuesday Waller indicated the Fed should keep its options open in the months ahead. «I don’t think one more hike would necessarily throw the economy into a recession if we did feel we needed to do one,» he told CNBC.

Retirement is a milestone in one’s life that highlights the freedom from laboring days. Some are preparing for this day ahead of time while others tend to delay their retirement and save up what they need.

News stories of badly behaved tourists in Yellowstone National Park have been going viral all summer, and they only keep coming.

Say hello to the ASX’s newest lithium explorer.

Rising trade barriers

By Howard Schneider

Investing.com — U.S. stock futures pointed higher on Monday, as investors digested key interest rate commentary from Federal Reserve Chair Jerome Powell and looked ahead to fresh economic data.

Employment growth in the world’s largest economy probably cooled and wage increases moderated in August, suggesting a further tempering of inflation risks that reduces the urgency for another Federal Reserve interest-rate hike.

European shares opened higher on the final trading week of August, as traders weighed the prospect of higher interest rates from the U.S. Federal Reserve and looked ahead to upcoming economic data later in the week.

Powell has the bond market exactly where he wants it: lacking conviction as to the Federal Reserve’s next steps. It’s a scenario — evident in part through split futures positioning — that gives the Fed chair and his colleagues leeway to quickly adjust policy in the coming months as economic data unfolds, without having to fret about potentially roiling the world’s biggest fixed-income market. Powell said in a Friday speech in Wyoming that the central bank is ready to tighten again if needed to tame inflation. For investors, it means that reports like the monthly jobs data out next week will be crucial, and that it will be tough to crown a winner in the battle between the bond bulls and bears any time soon, even with Treasuries poised for four straight months of losses. Powell has “retained maximum policy optionality,” Mohamed El-Erian, chief economic adviser at Allianz SE and a Bloomberg Opinion columnist, told Bloomberg Television. The 10-year yield ended the week a bit above 4.2%, after touching 4.36% during the week, the highest since 2007. US Treasuries have lost 1.3% this month through Thursday, leaving them down slightly for 2023, according to a Bloomberg index.

Rising trade barriers

Gold prices were flat on Monday as Federal Reserve Chair Jerome Powell's hawkish commentary doused expectations that the U.S. rate-hiking cycle was nearing an end, with investors awaiting economic data this week for confirmation on rate trajectory. FUNDAMENTALS * Spot gold was little changed at $1,915.79 per ounce by 0105 GMT, U.S.

Stocks on Wall Street ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained.

By Howard Schneider, Ann Saphir and Balazs Koranyi

dollar held steady on Friday, on pace to finish the week strong, after Federal Reserve Chair Jerome Powell said the central bank may need to raise interest rates further to ensure inflation is contained, but promised to move «carefully» at upcoming meetings. Powell, in a speech at an economic summit in Jackson Hole, Wyoming, said policymakers would «proceed carefully as we decide whether to tighten further,» but also made clear that the central bank has not yet concluded that its benchmark interest rate is high enough to be sure that inflation returns to the 2% target. The U.S.

The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said in a closely watched speech that also highlighted the uncertain nature of the economic outlook

Interest rates in the European Union will need to stay high “as long as necessary” to slow still-high inflation, Christine Lagarde, president of the European Central Bank, said Friday