22 Burst results for "United States Federal Reserve"
Thinking Crypto News & Interviews
"united states federal reserve" Discussed on Thinking Crypto News & Interviews
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off by giving you some perspective about all markets and bad actors and good actors. You know, quite often we hear Gary Gensler say there's a lot of scammers and hucksters and whatever else in the crypto market, right? He's painting the whole industry and asset class with broad strokes. But we know that's a lie and he's just gaslighting, right? But if you look at all markets, there are bad actors there. For example, UBS, one of the largest banks to pay $1.4 billion for fraud in mortgage backed securities. So great example that even a established, fully regulated industry still has fraud happening, JP Morgan and all these banks, Wells Fargo, they all get billions of dollars in fines almost every year because they're doing something shady. And that is because in civilization and humanity, there are bad people looking to do bad things. So it's not that the technology or the asset class is bad, but rather there needs to be proper regulations and we have to weed out the bad actors. Now one could argue it's not possible to weed out every bad actor because we don't know what's happening in the minds of people. We're not mind readers, but we at least have to have proper regulations. So when you see the likes of Gary Gensler and others who are anti-crypto, gaslighting and putting out sensationalized headlines, don't be dismayed and realize what's happening. They're trying to put out a narrative. And we know crypto is here to stay. There are a lot of folks building with the technology. Are there bad actors? Of course, just look at Sandbank-Meerfried, right? But Sandbank-Meerfried is crypto's Bernie Madoff. So you just see these things when you line up all markets, you see the bad actors and of course the good actors. So a great example here. Now folks, Michael Burry, the big short Michael Burry, apparently he is running some shorts here and it's at a market value of $1.6 billion. Apparently he bought $890 million of the SPY puts, bought $740 million of the QQQ puts Now, we don't know what the expiration dates are on these. So we don't know what the timeline is here, but he's looking to short the stock market and we'll see how that works out because look, he was right with the 2008 mortgage backed security situation and everything that took place there. He was absolutely right, but he hasn't been right every time. And we'll see where this goes. But I think he's seeing something on the horizon that what many of us have been tracking, many analysts is that the stock market is retracing. I don't know if this is a move to all time highs. I honestly don't know. I took some profits recently because I'm like, I don't know. I'll walk away with some money on my stocks, but we'll see what happens. And, you know, as far as the stock market and we know Bitcoin and crypto has been correlated to it, you know, Bitcoin is at a pivotal moment right now. So one of analysts tweeted out sideways at $29K has run its course. So it's decision time for Bitcoin this week. Is our next significant move up or down? You all know. I'm hoping it's upwards. Right. I've been sharing a chart with you guys for over a year now where we've been following Bitcoin's retracement. You know, certainly it's going to be a roller coaster ride upwards, just like it was in 2019. Nothing goes up in a straight line. But boy, I hope there's another leg up that takes us to, you know, 40K plus. And that will be a nice retracement move, at which point I'll take some profits. But there's no guarantee of that. And right now, Bitcoin is still holding support here with this trend line. But boy, like I said, guys, I'm hoping for another move up. We'll see what the catalyst may be, maybe some bullish news, some other big player entered in the crypto market. But let's keep our eyes on this. Hopefully it's not a dump. All right, folks, we got some very huge Hedera HBAR news. You all know I hold HBAR in my portfolio. I am bullish on it. I continue to dollar cost average, you know, not financial advice. Please do your own research. So here's the headline. FedNow showcases DLT powered payment system as service provider. The United States Federal Reserve's instant payment system FedNow has added a company powered by the distributed ledger technology platform Hedera Hashgraph to its showcasing service providers. On August 14, FedNow's official website added DROPP, a micro payments platform built on Hedera to its FedNow service provider showcase section. The section aims to connect financial institutions and businesses with service providers that can help them innovate and implement instant payment products using the FedNow service. Folks, this is really huge. I mean, the Fed endorsing micro payments provider that is built on the Hedera blockchain. That is huge news. If you hold HBAR, remember, they don't necessarily have to be using the HBAR token, but we're talking about Metcalfe's law, network effects, right? The more building on a network, the more adoption, the more participants, the stronger the network becomes, the more valuable it also becomes. And of course, in this digital realm that we live in, in the token economy, the native token will increase in value, folks, because the tokens grease the blockchain, right, help to process and fund the blockchain. So this is huge news. I'm very, very bullish on HBAR. Once again, not financial advice. Please do your own research. According to the FedNow site, DROPP is a digital solution that was made so that merchants can accept payments at low cost. The company uses DLT and regulated banking tech to build its solution that allows merchants to accept payments without paying huge transaction fees. While the new updates seem like the Federal Reserve is warming up to the DLTs, the FedNow service also wrote on its website that materials are only presented as convenience to potential FedNow service participants. So huge news, folks. And remember, the folks who are part of the governing council for Hedera, their global governing council includes Boeing, Dell, Google, IBM, LG, ServiceNow, Standard Bank, much more huge, huge brands. This is one of the projects I think will come out of the whole speculation bubble and enter the utility phase and be one of the crypto blockchains that have lasting potential. So I'm very bullish on this. All right, let's move ahead. We got some updates here from Eric Balcones of Bloomberg around Cathie Wood's ARK Invest crypto ETFs. So he said new filing from ARK for a digital asset and blockchain thematic ETF will hold equities. So this is interesting. Cathie, we know she's trying to get a Bitcoin spot ETF. She's in line with BlackRock and the others, but they're also looking to build new ETFs, too. So here, Nate Geraci of the ETF store said, odd filing, given how saturated this space is. He's talking about the equity ETFs. Wonder if there is anything to read into here regarding ARK's confidence around spot Bitcoin approval, which if it happens, these blockchain ETFs would face an additional headwind in terms of competition. So maybe ARK is not that confident. So we shall see. Look, I think it's certainly almost guaranteed that BlackRock is going to get approved because of their record and because they pretty much run the world for the most part. But let's see what happens. There's no guarantees here, folks. And look, there could be a buy the rumor, sell the news event around these ETF approvals. So just be prepared for that. If an ETF is approved, that doesn't mean billions of dollars are coming in overnight. They have to set up the marketing, the structures. They have to get the RIA's onboarded, right? It doesn't happen overnight. They'll probably need a few months. If you look at the when the gold ETFs were approved, it didn't pump instantaneously. It pumped maybe like six months later the gold market. So something to keep in mind, folks, and, you know, know how to strategize. So I think there will be, once again, a buy the rumor, sell the news event. Now, quick word from our sponsor, and that is Uphold, which makes crypto investing easy. I've been using Uphold since twenty eighteen, one of my go to exchanges, so I can vouch for this platform. They have ten plus million users, two hundred and fifty plus crypto currencies, and they're available in one hundred and fifty countries. You can also trade precious metals and equities on this platform. If you'd like to learn more about Uphold, please visit the link in the description. All right, folks, let's move ahead because we got Jay Coward Clayton. Yes, former SEC chairman that I call a coward because he's the one who filed a lawsuit against Ripple and ran out the door the next day. He did not approve a Bitcoin spot ETF. And of course, we know he was doing some corruption in the back room with Bill Hinman and Ethereum to get them the free pass, nothing against Ethereum, but rather the SEC corruption, because guess what? These are the people who are supposed to have integrity. They're funded off our tax dollars and they're supposed to be stopping the bad guys, but they themselves are the bad guys doing fishy corruption in the back room, getting paid millions of dollars. So Jay, of course, making his biweekly appearance on CNBC Squawk Box this time, he was talking about Sandbag Refreed and of course, the Bitcoin spot ETF. And of course, the Joe Kernen, Becky Quick, Andrew Ross Sorkin and these folks failed to do their job. No questions about the Ripple ruling. Of course, there was no question when he came on the show, I think last week or the week before, because they're clearly and probably Jay doesn't want to answer anything and they're kowtowing to that. So it's pathetic. It is not how a journalist does their job trying to bury a story when the man who filed a lawsuit is sitting right in front of you. Right. And this ruling, we know how huge it is. Members of Congress are using it as a president to push their crypto bills through and much more so pathetic. Jay's a coward. And of course, he doesn't want to talk about it. Pathetic. They won't even ask him the question. It's not like they ask him the question. He's like, you know what? Good for Ripple, but I don't want to talk anymore. You know, it could have been that much. But guess what? No questions. Zero, zero questions. So, you know, there's a big cover up. There's a big Jay is just a coward. Like, don't even ask me that question. So screw Jay Clayton. He's a coward. Let's move ahead. Coinbase launches nonprofit to advance crypto legislation to stand with Crypto Alliance will prioritize supporting and advancing legislation in the US that supports the industry and investors. The stand with Crypto Alliance is something Coinbase obviously is trying to get going and they want you to participate and sign up. This is great, guys. We need need more of this, more advocacy, more education, more getting the word out there so that we can bring more folks together and unite against folks like Gary Gensler and corrupt bureaucrats and regulators like Gary Gensler. So the alliance is a 501 C for organization under the internal revenue service, meaning it is an exempt social welfare group. The current discussion around crypto policy in Washington, D.C., between centralized players and other big groups. Kara Calvert, Coinbase's head of US policy, said Monday during a Twitter Spaces event, but the stand with Crypto Alliance hopes to bring new voices into the picture. Here's a quote. The alliance completely embodies exactly what the crypto industry is all about. Calvert said it's all about decentralized efforts, decentralized power, decentralized access. And that's, I think, really what the stand with crypto movement is about. So this is great. I love it. I wish more crypto companies would unite and do this. And get the once again, the word out there. Education is a big key in D.C., getting our representatives educated about blockchain and crypto. We're seeing more and more bipartisan support for crypto. So our efforts are paying off, but we need to do more, of course. Now, folks, there's some interesting news coming out of Argentina. So pro Bitcoin candidate Triumph sees Bitcoin reach historic high against Argentinian peso. So we got a presidential candidate. I honestly don't know much about this person, but, you know, a lot of people are bullish on this because his name is Javier Mele, if I'm saying that right, won the country's primary presidential race. He's pro Bitcoin. And we know the folks there are dealing with insane inflation. Many have been moving to Bitcoin as a store of value, as well as stable coins. So hopefully, you know, some things could happen here where they can maybe make Bitcoin a legal tender, something along those lines like El Salvador. But there is something else happening in the mix here. So Mele's unexpected triumph is seen as a rejection of Argentina's entrenched political establishment. The pro Bitcoin candidate became anti establishment after proposing the dollarization of the economy and call for the abolishment of the central bank due to the country's economic woes. So they want to certainly use the US dollar over the Argentinian peso. And I don't blame them. So this could be a really big move. And once again, this guy's pro Bitcoin. So let's see where it goes. Moving ahead, new indictment alleges Sam Bankman-Fried gave more than $100 million to politicians. Bankman-Fried and his associates donated across party lines to various candidates and political action committees. Boy, look, I am not a conspiracy theorist, but man, this guy donated a lot of money and it's probably why he's been getting the easy path, right? Being able to stay at home in his parents' house. And obviously recently they were like, no, dude, you're trying to, you know, game the system. He released Caroline Ellison's diary. So witness tampering and all that. And they were like, all right, we're going to put you in jail. So that's a good thing. He's in jail. But look, there are some people saying he could have an Jeffrey Epstein situation, if you know what I mean. And that wouldn't surprise me, folks. This man has a lot of dirt on politicians. He made them all look like fools, right? And that's, I've often talked about it. Optics is a big thing in politics. It's narratives and optics. So right now he's not making a lot of people look good and they want him gone. As you can imagine, like get the hell out of here, whether it be in jail or you know what else. So it looks like they may try to bring back some of the campaigns, finance charges that had been previously dropped, but we shall see what happens. And hopefully, you know, he sits in jail for a long time because he committed the crime folks. He's the one that was committing fraud. He's the one that was okaying funds, leaving FTX and going to Alameda, which was his firm. They were trading that money and losing it. So straight up fraud, as I said earlier in the podcast, he's the Bernie Madoff of crypto. But let's hope justice is served here and we'll follow this as it continues. Now, here's some not so good news. Coindesk lays off 45% of editorial staff as an eyes deal to sell company. Look, it's not so much that they laid people off, but it's in conjunction with what else has been happening with Digital Currency Group. So Digital Currency Group owns Grayscale, Coindesk, Genesis Trading and much more. And we all know what has been happening with the Genesis Trading and Gemini situation. So Barry Silbert and these guys, it's not looking good. And I would not be invested or involved in anything Digital Currency Group, guys. If you're holding Grayscale shares, just be careful. I don't know what's happening here with this whole parent group and they could be in big trouble. So especially with the Genesis Trading situation and who knows if there's going to be cross contamination, the fact that Genesis Trading is in a hole and they are going to have to pull money and sell Coindesk and all these things, it's just a mess. So I don't think these guys are running the business well. Once again, it doesn't have anything specific to do with the blockchains or the crypto currencies, but rather, you know, the risks that you take and how you run your business. So we shall see. Finally, guys, our partner, Quorium, and I highly recommend you check out this blockchain. It is a third generation blockchain. They announced here new wallet integration. Frontier is now supporting the Quorium mainnet, prioritizing security through real time fraud prevention. It says Frontier Wallet offers a swap aggregator and cross chain bridges, a key partner to manage Quorium assets effectively. So once again, guys, check out Quorium. They're doing some great things and they got a new wallet support here. And I personally hold a Quorium tokens, not financial advice. Please do your own research. As always, don't blindly invest because you hear me holding a token or somebody else, any influencer or any YouTube or a podcast or whatever it may be, always do your research. So definitely check out Quorium. They're doing some great things. All right, folks, that's the news. Let me know what you think. Leave your thoughts and comments below, hit the thumbs up button and leave a five star rating on the podcast platforms. And I'll talk to you all later. Bye.
Thinking Crypto News & Interviews
A highlight from HUGE HBAR NEWS! FEDNOW HEDERA DROPP - COINBASE CRYPTO REGULATIONS, ARGENTINA BITCOIN + COREUM
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off by giving you some perspective about all markets and bad actors and good actors. You know, quite often we hear Gary Gensler say there's a lot of scammers and hucksters and whatever else in the crypto market, right? He's painting the whole industry and asset class with broad strokes. But we know that's a lie and he's just gaslighting, right? But if you look at all markets, there are bad actors there. For example, UBS, one of the largest banks to pay $1 .4 billion for fraud in mortgage backed securities. So great example that even a established, fully regulated industry still has fraud happening, JP Morgan and all these banks, Wells Fargo, they all get billions of dollars in fines almost every year because they're doing something shady. And that is because in civilization and humanity, there are bad people looking to do bad things. So it's not that the technology or the asset class is bad, but rather there needs to be proper regulations and we have to weed out the bad actors. Now one could argue it's not possible to weed out every bad actor because we don't know what's happening in the minds of people. We're not mind readers, but we at least have to have proper regulations. So when you see the likes of Gary Gensler and others who are anti -crypto, gaslighting and putting out sensationalized headlines, don't be dismayed and realize what's happening. They're trying to put out a narrative. And we know crypto is here to stay. There are a lot of folks building with the technology. Are there bad actors? Of course, just look at Sandbank -Meerfried, right? But Sandbank -Meerfried is crypto's Bernie Madoff. So you just see these things when you line up all markets, you see the bad actors and of course the good actors. So a great example here. Now folks, Michael Burry, the big short Michael Burry, apparently he is running some shorts here and it's at a market value of $1 .6 billion. Apparently he bought $890 million of the SPY puts, bought $740 million of the QQQ puts Now, we don't know what the expiration dates are on these. So we don't know what the timeline is here, but he's looking to short the stock market and we'll see how that works out because look, he was right with the 2008 mortgage backed security situation and everything that took place there. He was absolutely right, but he hasn't been right every time. And we'll see where this goes. But I think he's seeing something on the horizon that what many of us have been tracking, many analysts is that the stock market is retracing. I don't know if this is a move to all time highs. I honestly don't know. I took some profits recently because I'm like, I don't know. I'll walk away with some money on my stocks, but we'll see what happens. And, you know, as far as the stock market and we know Bitcoin and crypto has been correlated to it, you know, Bitcoin is at a pivotal moment right now. So one of analysts tweeted out sideways at $29K has run its course. So it's decision time for Bitcoin this week. Is our next significant move up or down? You all know. I'm hoping it's upwards. Right. I've been sharing a chart with you guys for over a year now where we've been following Bitcoin's retracement. You know, certainly it's going to be a roller coaster ride upwards, just like it was in 2019. Nothing goes up in a straight line. But boy, I hope there's another leg up that takes us to, you know, 40K plus. And that will be a nice retracement move, at which point I'll take some profits. But there's no guarantee of that. And right now, Bitcoin is still holding support here with this trend line. But boy, like I said, guys, I'm hoping for another move up. We'll see what the catalyst may be, maybe some bullish news, some other big player entered in the crypto market. But let's keep our eyes on this. Hopefully it's not a dump. All right, folks, we got some very huge Hedera HBAR news. You all know I hold HBAR in my portfolio. I am bullish on it. I continue to dollar cost average, you know, not financial advice. Please do your own research. So here's the headline. FedNow showcases DLT powered payment system as service provider. The United States Federal Reserve's instant payment system FedNow has added a company powered by the distributed ledger technology platform Hedera Hashgraph to its showcasing service providers. On August 14, FedNow's official website added DROPP, a micro payments platform built on Hedera to its FedNow service provider showcase section. The section aims to connect financial institutions and businesses with service providers that can help them innovate and implement instant payment products using the FedNow service. Folks, this is really huge. I mean, the Fed endorsing micro payments provider that is built on the Hedera blockchain. That is huge news. If you hold HBAR, remember, they don't necessarily have to be using the HBAR token, but we're talking about Metcalfe's law, network effects, right? The more building on a network, the more adoption, the more participants, the stronger the network becomes, the more valuable it also becomes. And of course, in this digital realm that we live in, in the token economy, the native token will increase in value, folks, because the tokens grease the blockchain, right, help to process and fund the blockchain. So this is huge news. I'm very, very bullish on HBAR. Once again, not financial advice. Please do your own research. According to the FedNow site, DROPP is a digital solution that was made so that merchants can accept payments at low cost. The company uses DLT and regulated banking tech to build its solution that allows merchants to accept payments without paying huge transaction fees. While the new updates seem like the Federal Reserve is warming up to the DLTs, the FedNow service also wrote on its website that materials are only presented as convenience to potential FedNow service participants. So huge news, folks. And remember, the folks who are part of the governing council for Hedera, their global governing council includes Boeing, Dell, Google, IBM, LG, ServiceNow, Standard Bank, much more huge, huge brands. This is one of the projects I think will come out of the whole speculation bubble and enter the utility phase and be one of the crypto blockchains that have lasting potential. So I'm very bullish on this. All right, let's move ahead. We got some updates here from Eric Balcones of Bloomberg around Cathie Wood's ARK Invest crypto ETFs. So he said new filing from ARK for a digital asset and blockchain thematic ETF will hold equities. So this is interesting. Cathie, we know she's trying to get a Bitcoin spot ETF. She's in line with BlackRock and the others, but they're also looking to build new ETFs, too. So here, Nate Geraci of the ETF store said, odd filing, given how saturated this space is. He's talking about the equity ETFs. Wonder if there is anything to read into here regarding ARK's confidence around spot Bitcoin approval, which if it happens, these blockchain ETFs would face an additional headwind in terms of competition. So maybe ARK is not that confident. So we shall see. Look, I think it's certainly almost guaranteed that BlackRock is going to get approved because of their record and because they pretty much run the world for the most part. But let's see what happens. There's no guarantees here, folks. And look, there could be a buy the rumor, sell the news event around these ETF approvals. So just be prepared for that. If an ETF is approved, that doesn't mean billions of dollars are coming in overnight. They have to set up the marketing, the structures. They have to get the RIA's onboarded, right? It doesn't happen overnight. They'll probably need a few months. If you look at the when the gold ETFs were approved, it didn't pump instantaneously. It pumped maybe like six months later the gold market. So something to keep in mind, folks, and, you know, know how to strategize. So I think there will be, once again, a buy the rumor, sell the news event. Now, quick word from our sponsor, and that is Uphold, which makes crypto investing easy. I've been using Uphold since twenty eighteen, one of my go to exchanges, so I can vouch for this platform. They have ten plus million users, two hundred and fifty plus crypto currencies, and they're available in one hundred and fifty countries. You can also trade precious metals and equities on this platform. If you'd like to learn more about Uphold, please visit the link in the description. All right, folks, let's move ahead because we got Jay Coward Clayton. Yes, former SEC chairman that I call a coward because he's the one who filed a lawsuit against Ripple and ran out the door the next day. He did not approve a Bitcoin spot ETF. And of course, we know he was doing some corruption in the back room with Bill Hinman and Ethereum to get them the free pass, nothing against Ethereum, but rather the SEC corruption, because guess what? These are the people who are supposed to have integrity. They're funded off our tax dollars and they're supposed to be stopping the bad guys, but they themselves are the bad guys doing fishy corruption in the back room, getting paid millions of dollars. So Jay, of course, making his biweekly appearance on CNBC Squawk Box this time, he was talking about Sandbag Refreed and of course, the Bitcoin spot ETF. And of course, the Joe Kernen, Becky Quick, Andrew Ross Sorkin and these folks failed to do their job. No questions about the Ripple ruling. Of course, there was no question when he came on the show, I think last week or the week before, because they're clearly and probably Jay doesn't want to answer anything and they're kowtowing to that. So it's pathetic. It is not how a journalist does their job trying to bury a story when the man who filed a lawsuit is sitting right in front of you. Right. And this ruling, we know how huge it is. Members of Congress are using it as a president to push their crypto bills through and much more so pathetic. Jay's a coward. And of course, he doesn't want to talk about it. Pathetic. They won't even ask him the question. It's not like they ask him the question. He's like, you know what? Good for Ripple, but I don't want to talk anymore. You know, it could have been that much. But guess what? No questions. Zero, zero questions. So, you know, there's a big cover up. There's a big Jay is just a coward. Like, don't even ask me that question. So screw Jay Clayton. He's a coward. Let's move ahead. Coinbase launches nonprofit to advance crypto legislation to stand with Crypto Alliance will prioritize supporting and advancing legislation in the US that supports the industry and investors. The stand with Crypto Alliance is something Coinbase obviously is trying to get going and they want you to participate and sign up. This is great, guys. We need need more of this, more advocacy, more education, more getting the word out there so that we can bring more folks together and unite against folks like Gary Gensler and corrupt bureaucrats and regulators like Gary Gensler. So the alliance is a 501 C for organization under the internal revenue service, meaning it is an exempt social welfare group. The current discussion around crypto policy in Washington, D .C., between centralized players and other big groups. Kara Calvert, Coinbase's head of US policy, said Monday during a Twitter Spaces event, but the stand with Crypto Alliance hopes to bring new voices into the picture. Here's a quote. The alliance completely embodies exactly what the crypto industry is all about. Calvert said it's all about decentralized efforts, decentralized power, decentralized access. And that's, I think, really what the stand with crypto movement is about. So this is great. I love it. I wish more crypto companies would unite and do this. And get the once again, the word out there. Education is a big key in D .C., getting our representatives educated about blockchain and crypto. We're seeing more and more bipartisan support for crypto. So our efforts are paying off, but we need to do more, of course. Now, folks, there's some interesting news coming out of Argentina. So pro Bitcoin candidate Triumph sees Bitcoin reach historic high against Argentinian peso. So we got a presidential candidate. I honestly don't know much about this person, but, you know, a lot of people are bullish on this because his name is Javier Mele, if I'm saying that right, won the country's primary presidential race. He's pro Bitcoin. And we know the folks there are dealing with insane inflation. Many have been moving to Bitcoin as a store of value, as well as stable coins. So hopefully, you know, some things could happen here where they can maybe make Bitcoin a legal tender, something along those lines like El Salvador. But there is something else happening in the mix here. So Mele's unexpected triumph is seen as a rejection of Argentina's entrenched political establishment. The pro Bitcoin candidate became anti establishment after proposing the dollarization of the economy and call for the abolishment of the central bank due to the country's economic woes. So they want to certainly use the US dollar over the Argentinian peso. And I don't blame them. So this could be a really big move. And once again, this guy's pro Bitcoin. So let's see where it goes. Moving ahead, new indictment alleges Sam Bankman -Fried gave more than $100 million to politicians. Bankman -Fried and his associates donated across party lines to various candidates and political action committees. Boy, look, I am not a conspiracy theorist, but man, this guy donated a lot of money and it's probably why he's been getting the easy path, right? Being able to stay at home in his parents' house. And obviously recently they were like, no, dude, you're trying to, you know, game the system. He released Caroline Ellison's diary. So witness tampering and all that. And they were like, all right, we're going to put you in jail. So that's a good thing. He's in jail. But look, there are some people saying he could have an Jeffrey Epstein situation, if you know what I mean. And that wouldn't surprise me, folks. This man has a lot of dirt on politicians. He made them all look like fools, right? And that's, I've often talked about it. Optics is a big thing in politics. It's narratives and optics. So right now he's not making a lot of people look good and they want him gone. As you can imagine, like get the hell out of here, whether it be in jail or you know what else. So it looks like they may try to bring back some of the campaigns, finance charges that had been previously dropped, but we shall see what happens. And hopefully, you know, he sits in jail for a long time because he committed the crime folks. He's the one that was committing fraud. He's the one that was okaying funds, leaving FTX and going to Alameda, which was his firm. They were trading that money and losing it. So straight up fraud, as I said earlier in the podcast, he's the Bernie Madoff of crypto. But let's hope justice is served here and we'll follow this as it continues. Now, here's some not so good news. Coindesk lays off 45 % of editorial staff as an eyes deal to sell company. Look, it's not so much that they laid people off, but it's in conjunction with what else has been happening with Digital Currency Group. So Digital Currency Group owns Grayscale, Coindesk, Genesis Trading and much more. And we all know what has been happening with the Genesis Trading and Gemini situation. So Barry Silbert and these guys, it's not looking good. And I would not be invested or involved in anything Digital Currency Group, guys. If you're holding Grayscale shares, just be careful. I don't know what's happening here with this whole parent group and they could be in big trouble. So especially with the Genesis Trading situation and who knows if there's going to be cross contamination, the fact that Genesis Trading is in a hole and they are going to have to pull money and sell Coindesk and all these things, it's just a mess. So I don't think these guys are running the business well. Once again, it doesn't have anything specific to do with the blockchains or the crypto currencies, but rather, you know, the risks that you take and how you run your business. So we shall see. Finally, guys, our partner, Quorium, and I highly recommend you check out this blockchain. It is a third generation blockchain. They announced here new wallet integration. Frontier is now supporting the Quorium mainnet, prioritizing security through real time fraud prevention. It says Frontier Wallet offers a swap aggregator and cross chain bridges, a key partner to manage Quorium assets effectively. So once again, guys, check out Quorium. They're doing some great things and they got a new wallet support here. And I personally hold a Quorium tokens, not financial advice. Please do your own research. As always, don't blindly invest because you hear me holding a token or somebody else, any influencer or any YouTube or a podcast or whatever it may be, always do your research. So definitely check out Quorium. They're doing some great things. All right, folks, that's the news. Let me know what you think. Leave your thoughts and comments below, hit the thumbs up button and leave a five star rating on the podcast platforms. And I'll talk to you all later. Bye.
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Trades being a rally in bonds a two year German bunch yield up two basis points three point one nine percent is where that's trading now a similar move across the curve in fact in Germany and across most of the major continental bond markets as well. The two year treasury yields is unchanged this morning at four point seven nine percent. The Bloomberg dollar spot index three tenths stronger that's leading to a weaker pound and euro against the dollar. Those are the markets these are our top stories. Profit margins need to fall and pay rises need to be curved. That's the message from the Bank of England after its surprise markets with a half point interest rate hike. The nine member monetary policy committee voted seven to two for an increase to five percent. The governor Andrew Bailey says that they will need to do whatever is necessary. Well we're not seeking to precipitate a recession and we've got an economy that is much stronger and more resilient than than we expected it to be. Part of that is because energy prices have come down so much which is good news. It's good news. we're So not we're not expecting we're not desiring a recession but we will do what is necessary to bring inflation down to target. Policymakers led by Andrew Bailey also said nothing to rein in market expectations rates for peaking around six percent by early next year. Bloomberg economics calculates that rates at that level would lead to a two percent drop in GDP. Britain remains an outlier in the group of seven nations because consumer prices rose at eight point seven percent in May, four times the Bank of England's two percent target, more than double the rate being seen in the United States. Federal Reserve Chair Jerome Powell says Wall Street's biggest banks may have to increase capital requirements by 20 percent. Speaking before the Senate Banking Committee, Powell said the largest lenders will have to set aside the most. The idea would be to raise them by 20 percent. In other words, if 20 percent of whatever current capital requirements are, raise you would it by 20 percent of the total existing amount. Bloomberg understands that dozens of regional US banks might have to meet the new standards, with lenders warning that the rules will hinder economic growth. The US Treasury Secretary Janet Yellen has told Bloomberg that she sees a diminishing risk of a recession in spending in order to get inflation under control. The former Fed chief's comments come as the current the head central of bank Jerome Powell told lawmakers that he expects two more US interest rate hikes. JP Morgan has agreed to pay $290 million to settle a lawsuit alleging it knowingly benefited from former client Jeffrey Epstein's sex trafficking. The deal has the approval of the lead plaintiff but must still be approved by a judge. Money from the settlement will go to women who say they were victims of Epstein. As much as 30 % is understood to set have been aside for lawyers. and just finally the five men aboard the missing sub near the titanic are now presumed dead after the US coast guard Rear Admiral John Morger says the vessel is likely to have explosion. I know that there's a lot of questions about why, how, when this happened and the members of the unified command you know have those questions too and that's going to be I'm sure focus of future review. Morger says the debris was found by a robot on the seabed of the North Atlantic search operations are ongoing an in attempt to determine the cause of the explosion. straight ahead on daybreak Europe we'll be discussing what's markets moving with Esther Law senior investment manager for emerging markets debt at Amundi Asset interesting conversation to have given the hawkish news we've had from central banks in places like Norway Switzerland and the UK what are the implications for emerging markets hi everyone Al Roker here as a guy own with his catchphrase I appreciate that Smokey's only said only you can prevent wildfires but I'm because there's a lot more to report like when they're parched or windy conditions out there you gotta extra be careful with things like burning yard waste after all wildfires can start anywhere even in your neck of the woods go to smokeybear .com to learn more about wildfire prevention brought to you by the US Forest Service your State Forester and the Ad Council from New York another update on Wall Street in fact records to
The Café Bitcoin Podcast
"united states federal reserve" Discussed on The Café Bitcoin Podcast
"Morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the cafe Bitcoin podcast. Right, so today, what do we have going on? The banking system is still a concern. There's basically a full court press going on right now. With the major central banks of the world have announced, basically, I think they're the 6th largest if I don't have that run. The United States federal reserve, the Bank of England, the bank of Canada, the bank of Japan. European Central Bank and the bank of Switzerland are all like yo guys, we got this. Morning ants, born and Peter, parents, good morning guys. Just a couple of thoughts that I've had that I wanted to be invited me up. One thing is like, so I was an institutional cash manager for a bank, so my clients were large institutions, municipality, corporations, anyone that wanted to manage their cash, their treasury cash. On a short term basis if the cash they used to, you know, for payable payroll stuff like that, that they're going to need quickly. Deposits. Essentially, right? So when I was in that business, I considered it against my fiduciary. And every other banker in the bank considered against their fiduciary duty, you kept on an insured deposits close to 250,000. In an operating account. And so I'm just curious for when that question comes up from a regulator perspective where as far as I know, they were contractually obligated to do something these customer. And it was a part of the deal of receiving funding for their startups. So that's a little hairy for me. Yeah, go stop there. Anyone have any thoughts on that? It's not that they don't care. They know they get back stock. They don't care. It's not that they're not being,
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"RIA. We're watching what's been happening in the crypto space and what we see is quite a lot of turmoil. We see fraud. We see a lack of transparency. We see run risk. Lots and lots of things like that. And so what we've been doing is making sure that the regulated financial institutions that we supervise and regulate are careful are taking great care in the ways that they engage with the whole crypto space. If the Federal Reserve there on crypto silvergate capital planning to wind down operations and liquidate its bank a little bit more on that in just a moment, your equity market shaping up as follows on the S&P 500 futures negative a third of 1%, yields basically unchanged on a ten year. There's your four handle on a ten year maturity, your yield 4% at the very front end, the two year. Just north of 5 comes in a couple of basis points on a session, 5.05%. We are about 43 minutes away from jobless claims in America and then 24 hours after that. It's all about payrolls, Tom, and then it's on to march 14th and CPI. Yeah, it's a Derby that we're in right now and we'll keep you in monitoring the rates that we see and what we see on the screen as well. John, I'm going to go back in the conversation we just had here. There's only one statistic that I guess is the thermometer right now, and that's the vanilla twos ten spread. And it really hasn't moved all that much from the shock of two days. Seeing it negative triple digits though. Minus one 11 and we've barely pulled back. Minus one O 5 right now. 1981. So go back to 81 to something like this. John, do you follow Bitcoin? Not much. It's grinding lower. I don't know what to make of it. 21,000 600. It's just this technically it's a mess. And I don't know what to make of it. Mentioned in the crypto space. It's nice to call it. So you have the crypto space. She's Bloomberg crypto space correspondent Chanel basset joining us right now with an update. There was a point and I believe 1981 where a young Robert mcteer, who ended up running the Dallas fed, and they had to look at 5 banks a weekend, 7 banks a week and to shut down. So I know the headlines this morning is bank a of the S names, but there's also a second bank signature bank. It's New York State regulated. Do they make it to 4 p.m. this afternoon? Do they make it to Saturday? There's no reason to believe that signature doesn't. Remember, signature they are trading at a third of what they were trading at about a year ago. But they do have less exposure to crypto than silvergate. They're not a pure play on crypto. Exactly. Silvergate 90% of its deposits were tied to the crypto industry by September of last year. And remember, this ties in very closely to the broader banking industry because there's a lot of question around whether the reason they got into crypto in the first place was because it was so hard to be a regional and community bank in America at that time. What is it? I don't understand. I mean, John, was it 8 cups of coffee ago that every young stud in Manhattan was a crypto bank expert? I think it was like, what? 9 months ago. That was the thing. People were quitting their jobs together. You know, we're going to do crypto do Christmas accounts and give out Bitcoin. Is it dead? It's not dead. Remember, Bitcoin itself. Why is it not dead? I'm not going to let you get off with that. Right, so why is it not dead? If you think about it, we had a really great conversation recently for the crypto podcast with Jeremy allaire. He is a person who runs circle. No, well, think about it. He makes this great point that if you're paying via Venmo. And you want to pay somebody in China. Your Venmo account doesn't connect to their grave account and you can't send them a $100,000 via payment rails. So the payment rails in the country and globally are outdated. It is really hard to transfer money. Use case makes a ton of sense. Exactly. And USD C stablecoins, that's the next part of this conversation, stablecoins are backed by dollars treasuries and custody in Bank of New York Mellon. And managed in part by BlackRock. Well, Jeremy allaire is one of those who actually wants to see some of these banks fail, or wants to see some of these crypto actors fail so that you can kind of weed out those actors, encourage regulation around stablecoins that are backed by assets that are audited and get on with the use case scenario that we were just talking about. How much closer are we to that being a reality versus just simply the lowest hanging fruit getting washed out? Lisa to the extent that the regulators have entirely failed leading up to the collapse of FTX, stablecoins would be the next place to start getting it together. Because it is the most direct rail to the United States digital ecosystem when it pertains to the U.S. dollar. Remember, it's not like the United States Federal Reserve has their own Central Bank. The Central Bank digital currency like China does. So stablecoins is really important. It's a huge on ramp to the crypto ecosystem, but also a potential way to just pay for things digitally in a way that requires normal U.S. dollars, which is already, by the way, already happening. So you get the sense that that is where the focus of regulation will be. We've been talking about this for months. How far does the contagion go? And it seems to have kind of lost some energy. People thinking, okay, well, there'll be a couple shoes, but otherwise things are kind of going to chug along as previously had been experienced. Is that true? Well, think about it. Another firm is failing and nobody's really blinking an eye because people are getting so desensitized firms failing, but billion billions of dollars are being lost in the meantime. Something else that's interesting is if you look at concerns from regional banks once again, what they are concerned about is stablecoins. They're very worried that stablecoins will start to take up what more banks had previously done, which is why even community banks are pushing for stablecoin regulation because they're very worried about big tech getting into this. This is ancient history. The
Crypto Voices
"united states federal reserve" Discussed on Crypto Voices
"Historical money, which everybody knows, even a child knows, is gold, and silver, and possible future base money, which is Bitcoin. But for this episode today, we're going to take a look at a concrete view of the United States monetary base, which we covered yesterday in the last video. And we're going to layer in the asset side. Of the Federal Reserve's balance sheet, specifically the gold portion. Of the United States, Federal Reserve's balance sheet. The gold assets that the Federal Reserve holds. Remember, the monetary base, any type of money that a bank issues, whether it's a Central Bank or any bank, it's always a liability, the monetary base is a liability. Your bank deposits, you are checking accounts, savings accounts, time deposits, accounts, they are all liabilities on the banks, balance sheets to you. They are your assets, but they're acclaim. They're your assets. Your claim on the banks, balance sheet, they're the banks liabilities to you. So anytime we talk of money, this is fiduciary media. It is a liability on the bank's balance sheet, be it. Commercial bank, credit union, thrift. Even a non banking entity. That engages in M three type money. Or in the case of the Central Bank, the monetary base. That is a liability on the banks balance sheet. Remember, assets equal liabilities plus equity and the monetary basis, the largest liability. Typically almost the size of total assets, but it's the largest liability on the central banks balance sheet. And unlike bank deposits, the monetary base is a special type of liability because it can be created ex nelio by the Central Bank. And since 1971, there is no statutory reserve requirement. To hold gold. So it's a special type of liability. The monetary base, and it's also known as Central Bank money state money, so on. And so forth. So that's what we're going to cover. Today. This is the same chart that we looked at yesterday, the monetary base. Remember from about this period mid 2010s the Central Bank of the United States has a huge liability that has grown to over $2 trillion, two and a half trillion dollars worth, which is the reverse repurchase facility, basically it's repurchase agreements. Again, liabilities from the federal reserves. Perspective, it's basically base money for non banks. Money market funds in particular that can hold repurchase agreements, but we're not going to address that here. This is just the officially defined to this day as of this recording. Monetary base of the Federal Reserve of the United States ending December 2022, 5.4 $1 trillion. And what was it in, let's go to the beginning here. If I can get it, January 2018, it's hard to find it on the mouse. There we go. 4.9 $1 billion. January 2018, the Federal Reserve opened their doors in 2014. So, remember, this is a liability on the central banks. Balance sheet, and it is indeed the main monetary liability of the Central Bank. If I asked you how much gold have they held over the years. What do you think it would be? 100%, 90%, 80%, how much gold. Would they have recorded on their balance sheet over the years? The answer is complicated. It's wrapped up in geopolitical issues. It's wrapped up in the fact that during World War II and leading up to World War II, most of Europe's gold. Fled Europe, because of tyrannical Hitler and tyrannical, Stalin. Remember gold is a unique metal. It doesn't tarnish, it doesn't corrode. The golden your wedding ring could be the same gold of an Egyptian pharaoh. Gold is a unique metal. That's why it's served well as money over the millennium. So the same goal that was in many European empires and then democracies governments. At the turn of the 20th century, but the same goal that was in Europe for centuries fled. To Canada to the United States to the Caribbean for a time, but mostly to New York. Mostly to the New York fed. Fled Europe in the late 30s and during. World War II. So the United States had an influx of gold. I hastened to say, though, some of that gold was earmarked specifically like a bailment. That means the possession was transferred, but not the right to use or to re hypothecate or to make loans on. So many, many nations. That was the case. Their gold went into the United States and the United States didn't have the right to use that gold. But in many other cases, and as we learned in many videos that we've done already, specifically after the bretton Woods conference, a lot of the gold that went into the United States is coffers at the end of the 30s started the 40s. And led to the creation of bretton Woods, which was the gold exchange standard. Meant that specifically after the dust had settled after the horrible World War two and Eastern Europe was carved off basically from the western free nations. What happened primarily with western free nations, but also the Soviet Union in some way, shape or form is that if they wanted to trade and do international payments, they would do so with dollars. And then if they really, really wanted to reclaim their gold. They could go to the United States and repatriate that gold. But that in practice never happened during the Cold War. And you may remember some stories, the Netherlands, Germany, in particular, finally did reclaim some of their gold. Last decade from 2013 to 2017, most all of their gold, it took four to 5 years. But the United States did return Germany's gold that had left West Germany's gold in particular. That had gotten out of war torn Europe during the Hitler times that gold was repatriated to Germany. Last decade. And many other countries, the Netherlands have done that as well. Trying to bring some of the gold back out of the United States is coffers. So what I'm about to show you here is specifically gold that the United States Federal Reserve claims is an asset on.
Crypto Voices
"united states federal reserve" Discussed on Crypto Voices
"So here we are looking at the broadest metric, the broadest money supply that the United States has ever published in recent memory. They have published a money supply that was even broader than this. It was called el but that wasn't really used in the last few decades. The broadest money supply that was used in the last few decades. It was called M three. And as I mentioned, the Federal Reserve, the Central Bank of the United States, the institution that is in charge of getting a handle and a control on the nation's money supply of dollars. Has not published it since February of 2000 6. And as I've said throughout most of these money supply videos, again, this is a cumulative stack when you look at all the money that is on the client side or consumer side. The consumer facing accounts of both people, retail and institutions in the United States or in any country, it's this cumulative number in system which Paul Volcker and many fed officials in the 50s and the 60s started to define. In this way. And that is very simply again M zero is supposedly the most liquid money supply of the United States that includes simply base money, but its base money that is in cash and coin form and is outside of bank vaults, so it's a very specific portion of basic money. Next is M1, M1 is M zero plus what's traditionally called cite deposits, or if you're listening in the west, you might know this as checkable deposits or demand deposits. Typically when you think about a bank account, it's this. So M1 is M zero plus demand deposits. And then M two is where you get into the supposedly less liquid monetary retail instruments. M two is M1 plus less liquid type retail monetary instruments, and M three is M two plus less liquid type institutional monetary instruments. But again, I hasten to say, even though it's typically thought of because you have savings, deposits, time deposits where you can't easily withdraw your deposits from a bank. Or from a fund. It's typically thought of these broader money supplies M two and M three as being less liquid. That is not always the case, and it's certainly not the case here in M three. A better definition of these broader money supplies are simply that these are less regulated money supplies of the United States M zero of course is very regulated. This is the actual cash that the Central Bank itself prints and issues or in the United States, the treasury also mints and issues the coins. And then as you go up the stack here, really what's happening is you're looking at. Not necessarily less liquid instruments, but less regulated. Instruments. Now, it's extremely important to understand a nation's money supply on a macro level. Not just to understand the value of the currency itself, but to understand what's going on if there might be bubbles developing excess liquidity developing. Perhaps issues with the economy that it might be overheating in certain places. It's extremely important to get a handle and an understanding. Of a nation's money supply. And I am certainly not the first person to say this, I will not be the last that it was extremely unfortunate that the Central Bank of the United States Federal Reserve. After being a pioneer in describing these different types of monetary curves or M curves, different types of fiduciary money, fiduciary media, different types of bank accounts trying to classify them categorize them. I already told you that in 2020 they stopped publishing M1 in its traditional historical backwards compatible form. This was not that was not the first time. In 2006, and of course they stopped publishing now even before that, the liquid, the broadest L money supply. But M three was certainly a money supply that was used then by many economists and I will have quotes for you in the next video. But it's used by literally every other Central Bank in every other nation around the world. And they stopped publishing an M three money supply. In February and March of 2000 6. So here it is. And this causes a challenge for us, but it's certainly not an insurmountable challenge. A lot of data that is a part of the old M three money supply does exist. And so let's dissect this. And we're going to do this very methodically, very slowly. Over the next few videos, just to show you, each component of M three. And very, very specifically here, just like we did with M two. This is, if you look at the subtitle, this is the non M two portion of M three. Remember, these M curves, these monetary supply curves are cumulative. So M1 includes M zero M two includes M1 M three. Of course, includes M two, but we've already gone through the lower level curve. So now we're just going to look at the non M two portion of M three. I know it's a mouthful, I know if you haven't any experience with understanding this curve as it might be hard to understand, but I'm going to try to do it as methodically and as clearly as possible and hopefully I succeed for you. So, two items to start with here. The first that you're probably noticed is the big dark green shaded area. This goes from the beginning of the chart all the way to the end, what is that? That is large time deposits as calculated by the fed. These are time deposits that have in excess of $100,000 in account balance value, and typically this is understood to mean institutional or corporate type deposits, but of course. Private sole individuals can have large time deposits that are over that amount as well, and what is a time deposit, we talked about it a little bit in the M two videos, of course, it's simply a deposit that you lend your money to the bank explicitly for a certain amount of time, whereas the site deposit demand deposit, even a savings deposit in many cases. Is not limited to a certain time window, time deposits have an explicit window of withdrawal that is a certain type of bank account where you are literally lending your money as you do with all type deposits, but this is very explicit where you are lending your money for one, two, three, 6, 12 months, even longer. With a very explicit window that if you choose to withdraw this money before that time you will be penalized and you will not get the entire amount of interest that you have negotiated with the bank beforehand. That is a time deposit. And so typically time deposits, whether you're talking about the USA or Canada or any Central Bank, these are of course in M two or M three. And many countries, as far as I've seen with my research, they're not even in
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"This morning. It's key for markets, but so too is the size of UK government guilt issuance. That is going to come alongside that autumn statement. Now the guilt yield premium versus bunts has retraced back to pre August levels, but it's certainly important for us to watch that elsewhere in markets then just to give you a broader check offshore and onshore yuan are down this morning, China's benchmark ten year bond yields fall with PBOC intervention after a rapid sell off in bonds a real route that we saw today also concerns around the health of the U.S. economy, the yield curve, signaling recession, a U.S. twos and tens under pressure this morning, in terms of stock futures, U.S. futures are in the green, U.S. 50 features those slightly lower as stocks in Asia also significantly under pressure the hang seng index is down by 2.2%. Gold declining right now, 6 tenths of 1%, and the Euro trades at one spot zero three 7 8, but remember, it's actually up some 5% this month we've seen a really swift recovery in the Euro. Let's just bring you some breaking corporations and you use on the terminal this morning from the German giant Siemens, their fourth quarter net income coming in on target €2.7 billion for the fourth quarter they've also upgraded their 2023 earnings per share before purchase price allocations to 8.7 to 9.2 billion the previous estimate had been for 8.6 billion. So that's as we see there both their orders and their sales numbers coming in higher than expected for the fourth quarter. That's from Siemens. Okay, that breaking on the terminal, let's also bring you our top story. So the UK Chancellor Jeremy hunt will announce tax cuts and spending rises today aimed at plugging a 55 billion pound hole in the country's finances. The economic squeeze comes just 24 hours after data showed you came inflation topping 11%, speaking yesterday, the Bank of England governor Andrew Bailey said that he expects price rises to fall in the new year. We think that's once we get through this winter because of the way the gas price affects are going to work through this winter. That there should be quite a pronounced fallen inflation thereafter. And our forecast brings it back to target and actually takes it below targets to actually to zero. So the Bank of England governor Andrew Bailey there. Now he also told lawmakers that September's mini budget, which eventually caused the collapse of the Liz truss government, has damaged the UK's reputation internationally. In remarks released by the treasury though ahead of today's budget, Jeremy hunt is expected to say that he will face into the storm and fixing problems depends on taking difficult decisions now. In the United States, Federal Reserve officials are signaling they'll be voting for 50 basis points of 8 rise next month while also stressing the need to keep hiking into 2023. Speaking at an event in Phoenix, fed governor of Christopher Waller says he's open to a sequence of half point hikes. Looking forward to the FOMC's December meeting, the data of the past few weeks have made me more comfortable considering stepping down to a 50 basis point hike. While his comments come after last week's CPI data came in cooler than expected prices rising, 7.7% year on year in October. Crypto contagion fears are rippling through the financial world once again with a key lender facing a liquidity crunch, genesis, locked down for hours yesterday after it was hit by more withdrawal requests than it had cash. It has since reopened, but is one of many crypto lenders facing a crisis of confidence after FTX is implosion. Now sadder charted CEO Bill winter says that regulators will have to take over. What's going to happen? All of that stuff that ecosystem is going to come into the regulated institutional environment, because it's just too risky. They set out with a bunch of cowboys who have managed to blow themselves up. Okay, cowboys, well, one of those so called cowboys that Bill winters refers to, Sam bankman free, tweeted yesterday that his company got overconfident and careless. Without the latest from Ukraine and Kyiv's allies are coming under pressure to beef up support for the country's air defenses. It's believed that a Ukrainian rocket killed two people in Poland on Tuesday in a failed attempt to intercept an incoming Russian missile. NATO's secretary general Jens Stoltenberg says Moscow is to blame. Let me be clear. This is not Ukraine's fault. Russia bears ultimate responsibility as it continues its illegal war against Ukraine. Southern comments come after Ukraine's defense ministry said it shot down 73 Russian missiles on Tuesday as well as ten kamikaze drones. Now just after 8 o'clock this morning on the program, we'll be bringing you a very special interview from Bloomberg's new economy forum in Singapore, the event is concluding with a virtual address by Ukrainian president Vladimir zelensky, followed by a panel discussion with our editor in chief John Michael white. We'll be bringing you that in full on the program later this morning. Just finally, after the U.S. midterm elections, Republicans have won the majority in the House, slim, as it may be, but Bloomberg's Ed Baxter says it does give them considerable power. It's a smaller margin than they had hoped, and the votes do keep being counted, but they have some newfound power to carry out threats they've made regarding an agenda. They now have subpoena power and control over powerful committees. They've said they will make the Biden administration their top priority, potential probes and everything from Afghanistan pull out the border policies, the origins of COVID-19, the FBI search at Mar-a-Lago
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Now Powell says it's got to go up. We don't know where it goes from there. So he's not telling anybody anything new here. They're likely to raise that rate to match. At least with the markets are saying, but that's the point they want people to focus on that. And that gives them maybe some flexibility to spread things out. They don't pause yet, he said that was clear. But they maybe come down so that they can get a little bit better read. The thing he said over and over again is that we've got a ways to go. And I think that's going to be the new watchword. I can make you and I know that every Central Bank and particularly major country central banks are haunted by how the Japanese got the rate call wrong a good 20 years ago, Justin wolfers wrote up on Twitter, the wonderful professor at Michigan about the asymmetry that was discussed today. Is this a J Powell who sang I'm not afraid to make the mistake the Japanese make? And if we overshoot and become too restrictive, we've got the confidence to turn around. Well, I think he's saying we're not going to make the mistake of ending too soon, which is more than just Japan. The ECB had that issue and of course United States Federal Reserve in the years before Paul Volcker under Arthur burns. So they've made that clear all along. They don't want to make that mistake. Now, the question is, as you and Michael gabin, we're talking about a few minutes ago when you get to a point where the unemployment rate starts to go up and you start to get the kind of political pressure that we've seen from democratic sub on Capitol Hill, do you feel maybe you need to back off a little bit and pulse try to thread the needle in saying
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"In the United States, Federal Reserve bank of Boston president Susan Collins says additional tightening is needed to rein in stubbornly high inflation. Returning inflation to our 2% target will require further tightening of monetary policy as signals in the recent FOMC projections. It will be important to see clear and convincing signs that inflation is falling. That's Federal Reserve bank of Boston president Susan Collins giving her first public speech since taking office, median projections show fed officials expect rates to reach 4.4% by the end of this year and 4.6% in 2023. Okay, those are fed expectations then, bringing to a close, I'll look at the top stories. I lost to look ahead to, though, the young garand has a rundown on what we're watching out for today Leanne. Yes, Anna at 11 a.m., Sweden's Rick spanks governor is speaking on the economic situation at Nordea bank here in London. At midday, the focus is on central banks as BOE chief economist Hugh pearl, St. Louis fed president Jim bullard and the ECB's vice president of speaking at the Barclays and center for economic policy research, international monetary policy for him, so watch out for that. And here in the UK, the labor leader Keir Starmer is delivering his keynote speech at the party's annual autumn conference, which has been happening in Liverpool for the last few days, and this will be happening at 2 o'clock this afternoon. At 3 p.m., if the double data drop from the U.S., we will learn more about how inflation is impacting consumers with U.S. conference board consumer confidence data and we'll find out how well the housing market performed amid rising rates and there is a fresh strike today by workers at the UK's largest container port around 1900 members of the unite union at Felix Stowe are walking out until next Wednesday and this is in a row overpaying. We'll also have some strikes on the railways over the weekend, Stephen. Beware if you're planning to travel Leon garands, thank you very much for that. It's no time for the London rush or we carve out time to highlight UK businesses making announcements in London. We've got Bloomberg's breaking, he's ever trials capable with us in studio. Charles, I promise let us know that you would bring us some optimism, but you're not starting with any from united utilities. Yes, sadly not. I wish I could bring you better news. But united utilities, which is a water and wastewater company, it's mainly focused on the northwest of England. Now they have actually had quite a pessimistic statement this morning and it's a familiar story of rising prices and lower consumption. So on one hand they've got prices going up, especially when it comes to things like energy and also chemicals. They said 10% of their energy wasn't hedged. And so they have seen higher prices as a result of that and also those higher chemicals, the previously they expected their cost to be about a 100 million pounds per year and in the first half alone it was 65 million pounds higher than expected. Now that's going to hit their profitability. But one of the things that I thought was really interesting about this is that they've also cited lower consumption. Now, I wouldn't have thought that water and wastewater is a particularly discretionary commodity. You generally have a shower. Exactly, yeah, you have a shower every day. You wash your hands when you need to, you wash up your things, but it looks like perhaps people are cutting back a little bit a little bit on that. And in Germany, they have been telling people to have shorter showers, haven't they? So that's part of the messaging we haven't enjoyed just yet here in the video. Exactly, yeah. But anyway, we'll see whether that comes. Now, M and a news has been a little bit short in we've been short of M and a in recent months, haven't we? Given market turmoil, but there's a little bit of it back, except not in the shape of bank of Cyprus. No, so bank of Cyprus had previously received some interest from lone star funds. Now they went back and forward a little bit and it looked like at some stage lone star was really considering their options because bank of Cyprus had been rebuffing them. Now, what they have said this morning is that they don't intend to make an offer. Now, I don't know what was underlying that, whether it was a market conditions thing, or they just decided that they couldn't meet an offer at that price that bankers Cyprus would want. But they had had a deadline of the end of this month. And they reserved the right to for 6 months to set aside that statement and potentially make another offer, but they had had multiple takeover takeover office rejected. More successful takeover news from biffa. Yes, yes. Well, look, biffa has agreed a deal with a fund energy Capital Partners. It is worth 1.3 billion pounds. Now they value the company at 410 pence per share and they're making that takeover offering cash. Now, it's one of these really interesting sectors. And again, kind of like the united utilities. Which is water and wastewater biffa is recycling it, getting rid of our waste. Now, it's obviously a very, very important sector in the UK. We need to get rid of our waste and there has been a bit of consolidation that was a deal between CO viola and sewers recently. Now biffa is also getting this deal. What the fund is saying is that biffa requires patient sustained capital and investment on a long-term investment horizon. So they're saying that the public markets aren't really serving biff a very well. But their board back to that transaction transaction along with a couple of shareholders. Okay, Charles, I asked for optimism, I did note, and we don't have to talk about it that you're looking ahead to boohoo tomorrow. So there's something else in terms of sentiment. Thank you very much, Charles capel, our breaking news editor with the
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Their mortgages over the next year. Meanwhile, recession concerns are mounting Ned Davis research he's a 98% chance of a lumen global recession while Morgan Stanley's Lisa Charlotte is warning that earnings optimists are sleepwalking, walking off a cliff. In the United States, Federal Reserve bank of Boston presences and Carlin says additional tightening is needed to rein in stubbornly high inflation. Returning inflation to our 2% target will require further tightening of monetary policy as signals in the recent FOMC projections. It will be important to see clear and convincing signs that inflation is falling. That's Federal Reserve bank of Boston presidencies and Collins there giving her first public speech since taking office. Median projections show artificials expect rates to reach 4.4% by the end of this year and 4.6% in 2023. Those are our top stories, let's look ahead to what we're watching out for today with our own Liang gar. Good morning, Leanne. What's on the slate then for today, so there's a bit happening today so at 11 a.m., Sweden's wristband governor's speaking on the economic situation at Nordea bank here in London. At midday, the focus is on central banks as the BOE chief economist pupil, St. Louis fed president Jim bullard and the ECB's vice president, they all speaking at the Barclays and center for economic policy research international monetary policy for him. So watch out for that at midday. Then here in the UK, the labor leader Keir Starmer is delivering his keynote speech at the party's annual autumn conference, which has happening in Liverpool and this will start at 2 o'clock at the afternoon. At 3 o'clock, it's a double data drop from the U.S., so we'll learn more about how inflation is impacting consumers with the U.S. conference board consumer confidence data out and we'll find out how well the housing market is performing amid a rising rate over in the U.S. too. And there is a fresh strike today by workers at the UK's largest container port around 1900 members of the unite union at Felix Stowe are walking out until next Wednesday and this is in a row overpay so strike action. We also have strike action on the trains this coming weekend. Okay, Leon guerin's, thank you very much. Now European natural gas prices have been dropping for the past four weeks, thanks to strong inflows of LNG as growing winter stockpiles help to counter concerns about Russia's future supplies to the continent, but with EU government spending hundreds of billions of Euros to caution the energy price pain could this in fact be worse than the global financial crisis. That's the subject of today's Bloomberg big take and we are joined to discuss this by our energy and commodities reporter, Paul Wallace, Paul, thanks for being with us. Are we wildly underestimating the impact of the Russian energy supply squeeze? Well, I think a lot of people are and as Bloomberg's economics is modeling a worst case scenario could see the EU's economy contract by as much as 5%, which is which is huge. The base case is a 1% drop. In Venice, though, to markets market, it's not as if markets have been oblivious to this in recent months. I mean, if you look at the price of gas, it's been screaming high oil that has come down a bit in the last two months. And governments have obviously been frantically trying to work out how to deal with this and to lower gas prices without hurting their fiscal metrics too much. But certainly we're not through the worst and if anything, things could get even more troublesome. Yeah, I mean, it's not for lack of awareness, really, is it, but it's about what will work and fantastic piece on the terminal looking at the billions being spent by governments in Europe and the big question will it work? That is the big, if I think it's very difficult to see any sort of magic solution in the short term, the factor of the manner is that Russia supplied so much gas to Europe in that contributed. Such a big proportion of the continent's energy needs that whatever happens, you can't replace those in the short term with LNG or ramping up coal production or renewable energy. I think we're going to sort of get an onset to your question more. It's more the case that we'll get an answer to the question in the next few years. But for next year and probably a little bit beyond that, it's going to be extremely tough. Essentially, Europe will be suffering from gas shortages and very likely high gas prices will continue at least until then. What about the global impact of all of this? Because Europe is chasing a limited supply of gas and it's not the only ones. Yes, it is that is a big problem. For Europe and other gas consumers around the world, whether it's China, whether it's Japan, the gas market globally is essentially maxed out and there's very little spare production capacity and we're seeing the big producers of gas, whether it's the U.S. or Qatar or Australia. They're trying their best to ramp up production, but they can't do it significantly in the short term. In the case of Qatar, they are spending tens of billions of dollars to increase their production, but this is not something that's going to bear fruit for several years to come. So all of that, I mean, we've had Russia's invasion of Ukraine at a time when there's just no spare buffers in the gas market and very little to very few spare buffers in the oil market. And that's causing that cause prices to rock it and it's very difficult to see how Europe and other big energy importers as well get out of this without suffering a lot of damage. Yeah. The Russian invasion of Ukraine really upending the energy markets that worn out 7 months on. Thank you so much for being with us Paul Wallace are energy and commodities reported with today's big take. Coming up on
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Will pay 80% more for their energy and average bill of 3549 pounds a year. The incoming prime minister is reported to be planning more help with energy bills within days of taking office, but for the FrontRunner and the Tory leadership contest Liz truss, the extent of the support is unclear. In the United States Federal Reserve charge your own pile delivers the keynote speech at the Central Bank's annual retreat in Jackson hole Wyoming, ahead of that event, more fat officials are stressing the need to keep raising rates. Bloomberg economics says that pal has just one mission and that is convincing Wall Street that the fed means business, going full throttle and lifting rates, even if the American economy suffers. And just under 12 months on from becoming U.S. open champion Britain teenager emira Kano has been listed as one of the world's highest paid tennis players. She's joined the Forbes earnings leaderboard collecting almost 18 million pounds over the last year, 15.2 million of that came off the course in endorsement deals, including with British Airways, Dior and Nike, Roger Federer tops the list for a 17th time, global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Stephen Carroll. This is Bloomberg. Well, we always knew that Emma Matt was going to do extremely well, wasn't she amazing on the tennis court and off but 15 million quid in 12 months is quite small. But a good haul, right, let's go over to our colleagues in the United States who are getting ready for Bloomberg daybreak and a huge day of course today. In the U.S., Nathan Hager is good morning. We are, of course, yeah, Caroline counting down the hours. Now hours till fed chair Jay Powell's keynote speech at Jackson hall. We have heard from a lot of fed speakers in the lead up talking tough against inflation. Will the chairman solidify that hawkish tone? Or could we see some wiggle room on signs of a somewhat weakening economy in this country? We have a packed lineup of guests to get you set for our Jackson hole coverage this morning. Wells Fargo senior economist Sarah house is with us, along with Matt maley, chief market strategist at Miller tayback, and will also be checking in with the founder of Rosenberg research David Rosenberg. Plus, the midterm campaign season looks like it's pretty much officially on now with President Biden now on the trail with some very tough words for Republicans and former president Trump at an event just outside the beltway last night. We're going to check in with Bloomberg government reporter Emily Wilkins on where the political momentum stands as we head closer to November. It is all coming up with me and Karen Moscow. It's Friday, it's Jackson hole, stay with us for Bloomberg daybreak America's Caroline. Go ahead, stop. Sounds really good. Nathan Hager there. We put it back day break up next. And if you're listening on London DAB digital radio, your hair Bloomberg surveillance. Okay, well let's get back to our markets conversation ahead of that Jerome Powell's speech at Jackson hole. We've got April roose fixed income specialist at intellect investments with us in studio. Good morning to you April. Thank you for joining us. I am curious about how you are reading this Jerome Powell's speech going into it. We've had all these signals from the other 5 officials in the past couple of days. There's everything been set up in advance, do you think? Is there any potential for a surprise? Well, we really look back at the history of Jackson hole and it really wasn't supposed to be a symposium with analysis, talking about economic issues, not as an opportunity as a platform to make big announcements about policy shifts. So although I know the market would dearly love some sort of comment like interest rates are going to go up by X percent and stay up for this period of time. We think they're going to be a little disappointed in what is revealed. The conference is all about uncertainty. They're going to be talking about where the inflation came from and how to deal with it. They're going to be talking about the labor market and how tight it is. But in terms of sort of strong steers on money market interest rates, I think they might be disappointed. Okay. You think that the dollar though is going to remain strong, perhaps too strong given the pace of rate hikes that we're going to have to see simply because the fed's been behind the curve so badly. Yeah, the strength and the dollar looks pretty, I mean, it's a really strong trend and it doesn't look like it's going to abate any time soon. And certainly, the U.S. has been really at the front forefront of hiking rates and hiking them really fast 225 basis points in 6 months is really, I mean, but the thing is in Europe and the UK, the bets are also going up for faster rate. We're following the trend. They are, but Europe maybe we'll get to two. The UK, well, the UK will certainly get to three and perhaps a little higher. But the U.S. is likely to do the most the fastest. And that is really continuing to be dollar support. If also the UK U.S. economy is in the strongest condition. We know that Europe is vulnerable economically. We also see the UK turning down faster. What is your risk assessment for a session in the U.S. then? Well, since World War II, there have been 14 fed tightening cycles and 11 have resulted in recession. You also see oil prices double. Honestly, a recession is likely. And of course, the faster you hike interest rates
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Mini futures down three tenths of a percent NASDAQ futures now down half a percent. We gain on the dollar Bloomberg dollar spot index rises two tenths of a percent U.S. ten year yield gains four basis points 3.0687 the yield on the U.S. ten year, we gain on Brent crude up 8 tenths of 8% holding just above a $100 for about a $100, 17 there, though we have losses for European benchmark Nat gas down 7.3% this morning. €298 per megawatt hour. That's your Bloomberg business fashion ads get more on the top news headlines with Stephen Carroll monitor Steven. Good morning to max, thank you the energy regulator in the UK Afghans and now it's just how much the price cap will rise from October, the typical household will pay 3549 pounds a year. That's an 80% increase from the current figure and triple what it was this time last year. The incoming prime minister is reported to be planning more help with energy bills within days of taking office, but for the FrontRunner runner and the Tory leadership campaign Liz truss, the extent of the support is still unclear. In the United States, Federal Reserve cherry Jerome Powell delivers the keynote speech at the Central Bank's annual retreat in Jackson hole Wyoming ahead of that event more fat officials are stressing the need to keep raising rates. Bloomberg economics says Powell has just one mission and that is convincing Wall Street that the fed means business going full throttle and lifting rates even if the American economy suffers. And president Vladimir Putin has ordered the Russian military to increase its armed forces by a 137,000 or more than 10%. The decree didn't explain whether that would happen with a draft or by upping the number 8 volunteer soldiers or both. So far, the Kremlin has avoided a mass mobilization as it seeks to limit the domestic fallout from the war in Ukraine. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than a 120 countries. This is Bloomberg
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Are moving. Yields actually lower globally from New York to San Francisco. Headlines involving Twitter. From London to Hong Kong. It has been a week of huge gyration. The world turns to Bloomberg for market moving headlines. All eyes are on what's going on in the tech space. The dollar really taking control here. Bloomberg television, the Bloomberg business app and Bloomberg dot com. Check your local listings for the cable or satellite provider in your area. Seeing through the eyes of experts gives you a better view. So let's talk about the paying trade and at Bloomberg, our market vision is 2020. I am shocked by the moves that we're seeing in the rates market. Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. This is Bloomberg daybreak Europe. Raising interest rates doesn't sound the supply side problem. It can even make it worse. It feels like the 1970s. You've got Keir Starmer proposing to freeze prices, subsidized suppliers. I believe that what we are going through is rather a big shift. A big upheaval. We are experiencing the end of an era of abundance. Bloomberg daybreak, Europe, on Bloomberg radio. It's 8 30 a.m. in London, 9 30 in Paris and brilliant, good morning to you. I'm Stephen carrier listening to Bloomberg daybreak you're alive on London DAB digital radio, we are half an hour into the equities trading session here in Europe, the stock 600 index up by a half of 1% of 4100 up by 6 tenths, similar move north for the cat car out in Paris, the Dax and Frankfurt is up by three quarters of 1% across the sectors in the stock 600 we are, seeing basic resources seeing the biggest gains of 1.6% technology shares of 1.3% and most of the sectors trading in positive charity today just a couple in the red for the stocks 600 this hour looking ahead towards Wall Street trading, share futures in the negative S&P even features are down by a tenth of 1%, and of course I had about important speech by Jerome pilot Jackson hole later U.S. ten year treasury yields are four basis points higher, 3.07 this morning as the Bloomberg dollar spot index is two tenths of 1% higher. So those are your markets. Let's get to today's top stories and average household energy bills in the UK are set to jump by 80% in October as the cost of energy soars. The UK's energy regulator off jam has announced a new price cap of 3549 pounds a year being the average estimate for annual household bills with a warning that prices could get significantly worse through 2023. Now rising prices have contributed to a wave of strike action in the UK as workers demand higher wages, and from the GMB union says people need more government support. Unless action is taken, then we're going to see major social problems. We're going to see families struggling to stay warm. We're going to see people struggling to have the electricity to keep Bond standard appliances. We're going to see businesses go in under. That is anti gas and the GMB union speaking there, more than a 100,000 workers at royal mail are on strike today, and their dispute overpay, it's the first of four days of planned walkouts. Now in the United States, Federal Reserve chair Jerome Powell delivers the keynote speech at the Central Bank's annual retreat in Jackson hole Wyoming. Bloomberg economics says that Paolo has just one mission and that is convincing Wall Street that the fed means business going full throttle on lifting rates even if the American economy suffers. While Bloomberg opinion columnist Muhammad Al Arian says that pal faces a huge challenge in finding ways to cool price growth without damaging the economy. He also spoke about why it's so hard to predict the fed's actions ahead of this speech. I know what they should do, which
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Suing inflation. Richard bove financial stratus at Odin capital group says that policymakers and CEOs are becoming more pessimistic. The probability of a recession is very high. And then, of course, what they're going to say is that we can handle it. It doesn't matter what it is. But the key difference is that they are now believing that there's a good chance that a recession will occur. That is Richard bove Odin capital group's financial strategist speaking to Bloomberg. In the United States, Federal Reserve governor Christopher Waller says he doesn't think the American economy is guaranteed a recession. Governor Walla told Bloomberg's Michael McKee that some economists are underestimating the strong jobs market. Based on the labor market, I just don't see how, like I said, it just is inconceivable to have a recession with an unemployment rate at 3.6%. Fat governor Christopher Waller speaking there on Wednesday, data show the U.S. consumer price index rose by 9.1% in June, the largest jump since 1981, putting more pressure on central banks to carry on raising rates, markets are currently pricing in a 31% chance of a 100 basis point rate rise. And 5 of the biggest investment banks in the U.S. will be hit by fines of about $1 billion over staff use of messaging apps, regulators have been cracking down on the use of services such as WhatsApp and personal emails to limit the risk of improper conduct. Morgan Stanley expects to pay a $200 million fine while Citigroup Goldman Sachs and Bank of America believed are believed to be in discussions on paying similar figures. Okay, well those are our top stories just to bring you one red headline crossing the terminal this morning to do with copper and the London metals exchange thing in the copper trading below $7000 a ton for the first time since November 2020, so another aspect of that commodities story. Okay, let's talk about some UK politics then tonight, the 5 remaining candidates to replace Boris Johnson will hold their first TV debate on channel four with Britain facing an economic crisis. This winter, more strikes over the summer and ongoing tensions in Ukraine, the potential future leaders of Britain are set to be heavily scrutinized on how they can improve on Johnson's record. But what do the public actually think about the candidates to be next prime minister joining us now is Kelly beaver, whose CEO of ipsos in the UK and Ireland, Kelly, good morning. Thank you so much for your time. So in lots of ways, this is rather a strange kind of competition on TV, isn't it? Because it's not the general public that are going to be voting on this, it's actually the members of the Conservative Party, they're voting on this individual becoming the leader and therefore the prime minister. Why are so many MPs so closely watching the polls then when it comes to these candidates? Because the public will eventually murder once this goes through the membership vote on a new prime minister is elected by the party. They have to be able to be appealing to the general public because we are going to lead into the next 18 months, really absolutely critical for both the delivery perspective for this government as they lead into the period for a general election. And they really need a candidate who does lots of different things. They need somebody who comes forward to be the new prime minister. Who has the leadership characteristics that the public say matter to them today and they are different from the characteristics that they wanted from a prime minister back in 2019 back then being good in a crisis also having a strong patriotic streak in big scene to be a strong leader with a top characteristics that really mattered in who they wanted leading the country. Today, other characteristics have risen, being really at one and understanding what it's like to be a sort of a normal average Britain in the country, really understanding normal life, but also trustworthiness and integrity have risen and obviously that is, I guess, a reaction to what perhaps was part of the previous prime minister's challenges. The other really key part is they're going to need somebody who can tackle some of those challenges you just mentioned. Public disruptions, strike action, a real sense amongst the public currently that the country is going in the wrong direction, heavy economic pessimism, the west we've seen in over 40 years on our tracking studies. And then, of course, the cost of living crisis linked to that and what it means for the average person on the street. So lots of policy, but also characteristics. And more recently, as you have seen in the papers this morning, the background, the personal background and story of those candidates will really matter when put to the public test. Normally, obviously, you focus on nationwide election results. Are you doing any work around this race? We're doing quite a bit around this contest and having a look at the different candidates, public awareness and familiarity who they think would make a good prime minister. What kind of characteristics they want in the leader and then more recently we put out a piece yesterday just testing the public on their views of whether the backgrounds of the candidates really matter and their personal history because you will see the front pages this morning are covering very heavily penny morden in particular because she was relatively unknown and I think that background will really start to matter as they get into that wider debates that we're going to see on the television right through until next Tuesday. I think neither will be quite a lot of coverage of it for the candidates. Just briefly in terms of the 5 candidates, then who has got most kind of household name recognition, I suppose, is it somebody like Liz trust who's had a lot of jobs in top government? So Rishi sunak actually which shouldn't be a surprise because he did have some of the most top jobs in central government as the Chancellor former Chancellor
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"In 12 Now as we settle and it's still a bit of movement the NASDAQ up 270 points that's almost 2% higher on the day Dow Jones really your lagged therefore the cyclicals up to 7 tenths of a percent to a 154 points on the upside And lastly let's just drag it out Let's look at what the Russell 2000 did because well small caps still did catch a bit up more than a percentage .22 points higher Carol All right tell a little bit of a bounce higher there In terms of the S&P 500 I know we're going to break down the major trading groups there But you definitely saw risk on trade 360 names in the S&P 500 pushing higher a 145 lower today Taylor Carol you saw that as well within some of the sectors for radio audiences we do every day the sector winners the sector losers but there's a lot of green even in the sector losers What I think is so interesting is there was a big B of a call out of the quantum there saying that the financials had oversold too much given some of the flattening and inversion of the yield curves and banks indeed are some of the best performers today You're up about two and a half percent sort of that reflationary yields higher that we continue to see Also autos and technology So really sort of broad based when you think about some of the individual sectors that are some of the best performers I come down to the bottom of the screen and energy I think is a notable one We're coming off a little bit from those highs here energy has been up so much Carol for the year You're starting to see a little bit about unwind of that Yeah a lot of green as you can see by Taylor's charts and certainly for radio all those major sectors As for some of the gainers that really jumped out for me Nike we were breaking down their earnings after the closing bell We saw the stock pop in the aftermarket up another two and a quarter percent in today's session All regions that it sells into driving sales and that helped it beat estimates And it seems like it was able to manage supply chains and even up its inventory a little bit I also want to mention Chinese stocks on a tear again many top and the NASDAQ 100 today PDD up almost another 19% here in today's session Not quite sure why because they reported earnings overnight fourth quarter revenue was amiss active buyers were amiss fourth quarter monthly active users missed You had analyst cutting price targets All I can think about is again maybe investors thinking that China is going to continue to support many of those Chinese names And then you had Alibaba right upping it buy back up to $25 billion in that stock was up another 11% It is up 50% in the past 5 trading days still down a little bit lower so far Those ADRs in the U.S. but man those Chinese stocks have been a tear Nothing like government support or saying they're going to support them to give them a boost Yeah well some stocks not getting a boost today was actually kind of difficult to find notable declines today Pfizer though near the bottom of the S&P 500 at least on a point basis falling 2% this after the company said it's reached an agreement with UNICEF to sell up to 4 million doses of its packs of it COVID-19 treatment It's a pill It cuts the risk of hospitalizations and death by almost 90% in clinical trials And it's certainly going to play an important role when it comes to battling COVID Octave finishing the day down by 1.8% worries over a potential data breach by the hacking group lapses It claimed it gained access to the tech firm's system privileges the company's CEO though is said that it sees no evidence of ongoing malicious activity beyond what was detected back in January We did see some analysts weigh in in the wake of this Raymond James affirmed a strong buy rating on the stock but truest securities downgraded to hold from buy And then also watching energy companies Taylor you mentioned that we're starting to see a little bit of an unwind with energy companies today Hess corp finishing the day down by 2% They were the worst performers in the S&P 500 today Has this down but still up more than 37% just this year Maybe a little bit of an unwind happening in the oil market as well Just down ever so slightly not by much about three tens of percent little but a significant volatility in the training range on the day Oil pulling a little bit lower after we had the high of about a 119 down to about a 111 is where we settled But overall the commodities market was a little bit calmer today Of course we've seen continued pressure in some of the soft commodities for our radio audience as well You still see natural gas in the U.S. up a 5 percentage point move People starting to worry about steel in particular as well and we're just off by about 6 to 10% there but something to bake your eyes on in terms of the next few days how much that becomes an air of concern particularly for the auto industry and the like We're looking though really at an FX market that feeds out of commodities and today this is a risk on view from the FX market because Japanese yen down by a percentage point at the moment the weakness there as we still anticipate the bank of Japan to act in a very different way to the certainly the United States Federal Reserve and the weakness being identified there and also not a need for a haven instead the bid comes into some of those commodity related FX pairs The New Zealand dollar up more than a percentage point Aussie dollar up 9 tenths of a percent to reflect some of the demand for metals at the moment We also get a bid for the British pound who'd have thought it at the moment And I'm looking at the sovereign bond market which across the board this is a global sell off We keep telling you this but Swedish ten year up 9 basis points Canada as well The Swiss bond market also selling off two Taylor Certainly you're seeing that within full faith and credit here in the U.S. as well And Caroline this isn't a one day story but this is now a really big two and three day story Let me just walk you through the two year yield We started three days ago at a one 91 You're now added two 16 Europe anywhere from almost 26 basis points in the last three days alone The story also looks pretty dramatic on a ten year yield Two days ago we were at a two 15 You're now at a two 38 You think about sort of a 20 basis point move in the last two days alone and Carol this sort of kicks off this conversation about again how much of the negative news about inflation or a fed hard landing have the markets already priced in and really how much more are we really looking for guidance from the Federal Reserve I would note that it is a course over at Guggenheim out the latest CIO note saying that it is going to be the moment for the Federal Reserve to determine sort of the path forward and how hard or soft the economic landing will be It's a lot of questions It's a really tough one We can see the fed continues to struggle with it And Gina I think about constantly investors have to be determining what is the best investment choice And so in a rising rate environment in a more aggressive fed environment John authors writes about this for Bloomberg news What's better Is it the bond market or is it stocks Yeah and a lot of it depends on your inflation call Do you think inflation is going to settle in at a pace that's faster than the average pace of the last cycle or do you think we're just going to normalize back to a more deflationary disinflationary area of risk And I just think that most likely the inflation behind this cycle is very different than it was last cycle which means your allocation has to look different this time Meanwhile it's interesting how well tech companies about performed considering some of the borrowing costs on the rise the fact that inflation is being worried about and indeed you'll call that but I'm interested in the.
Bloomberg Radio New York
"united states federal reserve" Discussed on Bloomberg Radio New York
"Pellet great stuff as always Given all that's gone on in these markets right now I think it is a prudent step to step back and take a big macro view and there's nobody better to do that with than Ben emmons Ben emmons is met the global adviser's managing director of global macro strategy Ben Lod across currents here you know economic financial inflationary Obviously geopolitical Let's try to parse it out a little bit As you think about the macro call here one of the key drivers is going to be the United States Federal Reserve What did you hear from chairman Powell today as it relates to maybe how this may play out over the next 12 months Hi Paul Thank you very much Yeah it certainly is cautious soon I thought by power Of course there's optimistic that the economy is in good shape That's good to be excessive confidence But I think acknowledges that you do the very flu situation which means that the outlook becomes much more dependent upon how this conflict eventually plays out and really should think of the macro picture impacted this situation has on the outlook for inflation So I think he was cautious by saying we're going to lift off a march but then the following central be I guess somewhat more conditional upon what do you do Ukrainian situation will be I think this is where the markets took all night It will be set of multi policy tightening but when I do maybe with a really rapid Titan here because of exploding energy prices and inflation So I think this is by market share in general good move around the decimal Do you think he removed or primarily removed the potential for a 50% rate increase in this march meeting Yeah I think he did Of course he too was notable that he says it was perhaps enough an option on the table as you can see in those words But instead of that you know if you get this persistent inflation much higher than what they thought it would be and you could have higher rate increases at or at meetings they can join the range with others but that's nothing else to say We can always increase a bit more than 25 basis points But at the March meeting that's not the case So it's created about we want to live off here and then give our outlook We are going to see the staff economic projections and then make the following section in the future not community leading to rapid rate and increasing 50 basis points You know a hot war in Europe Eastern Europe or something that investors have not had to deal with for quite a long time When you speak to your clients how do you help them frame it out it's called just for lack of a better word the geopolitical risk out there How do you what kind of conversations do you have Well there is a loss Obviously people are concerned about this conflict with lighting And so the invasions ongoing there will be no talks as we just learned And I will definitely ceasefire announce and most of all how do we have to interpret how Putin in terms of its actions from the what to do and that's I think it's on real money because we don't really know how one citizen bases sort of ended what then the next step will be to the west side of Ukraine and all the risks to other countries I think this was to say addressed last night very clearly about by Biden that he did say that they will protect NATO countries right With every inch So I think this is what people are worried of how does this conflict precisely by or not Yeah well one of the good old fashioned European war to take the pandemic off the front pages because we haven't really haven't talked about that in nearly as much because news seems to be continued positively trend But let's talk about inflation because you see what's happened to energy prices across the board You pull up the GLC screen on the Bloomberg terminal for global commodities and all you see is green Price is going higher for whether it's metals whether it's softs whether it's all kinds of things across the commodity space To me that suggests inflation is here for longer Is that your take That's really useful because if you look at that it's across the board passion in commodities and look at it makes up in most of the CPI in season developed markets that is up to 25% or more and people are very effective by what happens when food and gas prices So the expectations are that it faces only going to buy some here whether it's in the market that's trying to trade that by pricing in a higher CPI for a much consumer survey from the Congress market higher expectation in the year ahead So it is going to be elevated and will stick here and therefore scenario of this idea that inflation will moderate by the second half of the year I think there's this lead energy shock that we're going through is clearly after table So we're going to think about CPI some of the neighborhood of a degree 5 to 7% for the remainder of the year Some intern higher levels could even be up to 8% in April Yeah I guess the call prior to the war was getting down to maybe a three 4% by the end of the year That may be more of a challenge here One of the things I took away from chairman Powell's comments was basically I think I read it correctly that he's saying we're pretty much at full employment right here So that suggests that the three to 4 million folks that left the workforce during a pandemic are unlikely to come back Is that kind of how you see it Do you know that we actually are full employment in maximum costs Yes you have people on the sidelines that have made a decision to not return to the labor force but it is related to the pandemic or should be over time for other reasons And so that's what we're going to have to do with that we're going to keep a really tight labor market and I think this also is in that respect that as much as you have to raise rates to bring inflation up and down it's not going to necessarily be the labor market So I don't think it was specifically asked about stagflation but I know that this is their stagflationary environment It's more of an environment of elevated inflation and labor market That's going to stay extremely fast Interesting Yeah a lot of things a lot of issues for investors to parse here financial economic announced geopolitical So we're looking for the answers to a lot of questions And that's why we talk to smart people like Ben emmons Ben thanks so much for joining us Ben emmons Medley global advisers managing director of global macro.
Africa Business News
Fed to Review Financial Trading Rules for Officials
"The united states federal reserve is reviewed ethics policy that governor financial holdings and activities of senior officials in the wake of resent disclosure that to regional fed presidents engage in extensive trading last ti- financial disclosure form shows arabic's coupling president of the dallas federal reserve bank into into twenty treated millions of dollars of stock in companies. Such as apple. Amazon and google while eric rosengren president of the boston fat traded stocks in real estate investment. Trust coupla hours in green said last week that it trades repeated on the feds ethics rules. They however sat there will sell their holdings at the end of this month and place. In money index funds we truck a wide range of securities or in cash.
Intelligence Squared U.S. Debates
"united states federal reserve" Discussed on Intelligence Squared U.S. Debates
"Trading you a camel for your gold coin. How do i trusted you. Debase the coin or not the guy who has monopoly on violence in an area crates. Put his face on the coins. As if you debase this kill you. That's a business model way to monetize monopoly on violence that enables us to engage in our trade so for six thousand years. That's the way we've been going about solving things. We create these central institutions that since we can't trust each other we just trust them for the first time in six thousand years. We can have consensual exchange among strangers. Humans have done by creating these institutions and those institutions. Have accumulated like barnacles on the hull of civilization. Some of them are private corporations. Some of them are functions of government but remember they didn't come out of a burning bush. We created them so we can go about achieving our ends. It's now possible to achieve those functions without those institutions. It's much bigger than the internet. The internet disrupted publishing. I've been in a silicon valley company. One hundred sixty institutions on the wall. Everything from notary publics to wall street to many of the functions of lawyers and judges can all be reduced a smart contracts and such so we will not have to rely on those central institutions. Nearly as much going forward some of the old timers here may remember the soviet union and there was this country that tried to run itself setting prices. Twenty three million prices sent by some bureaucrat in moscow in a big ledger book and we think that's ridiculous how silly these people were to try to run a society with them setting prices on twenty three million things. What's the single most important price. Any society faces. It's the price at which we discount. The future against the president which is to say interest rates and currently that price is being sent and a central department of central planning call. The united states federal reserve my worthy opponent ever opposing her believes that we need government to manage to address the money supply to manage the economy. People like this when you hear that. Remember the dilbert strip the pointy hair manager in the corner. Who is he knows. What's best what could possibly go wrong every day. He's got a different solution to something. And that is the mentality of the people who think that we need government to do all these things i. They need to manage our money supply for us. We have to communicate with each other information about value and scarcity. That's what a prices. It's a packet of information about value and scarcity. We want a form of money. We can communicate that information to each other without having to go through through some field that any government mandarin controls. Then we can really communicate the truth to each other. The mandarin's want to have their hands on the dial to be able to just that field and distort that signal to serve their own private political. And that's why they're against bitcoin. They don't wanna form money. That mandarins can't control. We have seen in the last financial crisis. The allah guards bought themselves some senators. They bought themselves congressman. They bought themselves the esteemed regulators. One thing that they can't buy the mathematics that underlies cryptography which is why we should rebuild our social institutions on crypto and in particular bitcoin. Thank.
Monocle 24: The Briefing
Stimulus from Congress needed for full economic recovery
"UN. Let's start in the United States Federal Reserve of. Warning more fiscal stimulus is required. ABC Five down days out of the last six sessions for us. Stocks are pretty gloomy MoD hanging over the markets in America. Coming from Federal Reserve officials really not helping. Host of comments from over the last couple of days estrogen that more fiscal stimulus more government spending possibly, tax cuts is needed in the US to sustain the economic recovery not chairman Jay Powell the money himself continuing to waive the fiscal flag while the carefully at a Congressional hearing saying that more support is likely to be necessary others while the clearer in their word in Cleveland Fed President Loretta Mestre saying it's very much needed given the deep hole the economy is climbing out of. Boston President Eric Rosengren cautioning that it could take another wave of farce infections to prompt further action. The problem not for the first time is gridlock on Capitol Hill Democrats and Republicans have been at loggerheads over the next virus relief package really throughout the some of the no formal negotiation since early, August, and then of course, the death last week of Justice Ruth Bay the GINSBURG. Putting the S Supreme Court sends a stage rather than more stimulus measures from the US government. So the Federal Reserve, the Central Bank clear that more money is needed from the government's but that doesn't seem to be forthcoming.
Lars Larson
Heritage Foundation, Steve Moore And Visiting Fellow discussed on Lars Larson
"Tonight and Steve Moore joins us now distinguished visiting fellow at the project for economic growth at the heritage foundation the author most recently of trouble now makes inside the America first plan to revive our economy Steve before we get into talking about dixieland can I ask you what you make of the federal reserve's move I I know is anticipated ahead of time that this quarter point drop in interest rates and what your take is on the well as you know I've been a strong supporter for the last year of of lower rates and that's one of the reasons that Donald Trump had done nominated me to be on a summer resort because I I do want to say the fad you know but restore strong solid money in this country and is the fed's tightening actions of late last year it will not likely slow the economy and because of massive reduction in the stock market and so I think is the right move unfortunately that that chairman and see if that John Paul made a statement when he was making this nonsense that you know with this this may not may only be one you know rate cut and that was a mistake because the market wants more rate cuts and and their need to be at least one maybe two more and so the felt a market stall it was a big selloff day on the stock market today and I think that's because strong Powell signaled that he may not be continuing to cut rates and we need another one or two were great productions can I ask you this Steve does anybody measure what the market rate value of money would be not the artificial rate set by this you know sort of government agency the fed but I do believe it would be like saying well you know the actual because because the government sets the cost is acts five dollars but but if it was actually the free market it would be three dollars I mean does anybody measure that and and I I almost so you be worthwhile start pointing out the difference the actual market value of the money you know it it did this represented by the federal raid would be you know two and a half percent but the fed is set at three and and and then measure the differential it's a great question what this there's a there's so many mythologies about the fact that this is one of the reasons that I think a lot of people that mom and some reports that was exposing a lot less cells is one of them is that the United States federal reserve sets the interest rates it does not that's just the price in interest rates that's the price that that you know are calibrate states you know supply and demand of credit in that shot we are mostly by the private sector two people one of our people willing to lend the money install the fat you know the reason the sad needed to load lower interest rates not to lower the interest rates you know that thanks our church and so on but the issue is more money into the economy my line is that we create a really strong economy which record low unemployment you know a great sure you know stock welcome in the everybody wanting invest night stage the study has not accommodated that floats with an additional infusion of money so I I believe that the role of that should be the simply keep the dollar stable which is why you've got a great your question so white you know what the reason we have a currency is so the dollars today will be worth what they will be two years from now or five years or ten years from now travels around with Venezuela officials say is right because you all the blood of the initial Basil may not be worth anything so we want to keep the dollar strong as good as gold and I think one way of doing that right now is to lower rates getting more you'll get more growth with more money in the economy without inflation without inflation let's take a moment to talk about the south though the southern part of the United States because you you're an interesting take on this that that the south has been one of the hotter locations but but for some reason now is it falling behind no actually you know so I was responding to a piece in the Wall Street journal the news pages about a month ago it which was saying of the south is not you know that the heart region of the country anymore and now simulate a minute look at nine on the fourth side you know hot stage right now in the south you got Texas you got Florida got Tennessee you got shorter in North Carolina and those are five of the ten fastest growing states in the country right now next fall last you've got somebody's pretty fast growing states yes well states like Utah Idaho Washington Oregon but you know the shelters that is not coming to a screeching halt in fact it is growing and it's because it's taking a lot of jobs a lot of people out of the northern states especially in the northeast and allow those northern midwestern states and they continue to slide into the south because of low taxes right to work laws and they kind of pro business atmosphere and so we don't I mean my goodness Texas from two thousand seven to two thousand fourteen create more jobs and then the other forty nine states combined you know so Texas burn rate in Florida is now the new taxes and affordable myself now this is a mythology that somehow those houses slowing down and the northeast by the way those black I've called them the four states of the apocalypse and I think you know which a lot of you know my home state of Illinois New Jersey Connecticut New York the four states without papers with the highest taxes in the country have the biggest financial problems and a losing their people and I I'll tell you what they're gone they're going to Nashville they're going to Miami they're going to places like Austin Texas and so now the the rumors of the slow down in the south are greatly exaggerated so who's pushing that kind of mythology I mean in and walk out unions are and you know it's like this is very embarrassing to levels and I was listening to some of that debate you start up this conversation to talk about that the disgrace of what's happening on the democratic side of the island and its entry by the way to see you know what about what about nature to courage in this country is it you know the what terraced housing it Adam by you hours of eight well just to remind you no he kills you because I hear them saying last night things that a couple years ago I was telling my audience this is what's happening they said no no no the Democrats are not calling for the end of fossil fuels for the end of automobiles they're not calling for you know they're and they're saying and we're gonna make sure electric cars are made in union run plants and that the workers get part of the well the workers can have a piece of the action right now buy some stock in GM buy some stock in forward but by some stock in Toyota they've got the Toyotas understand makes more cars in America than it does in Japan so but but to have the government do yeah there are stylish thing eight no I I I think it's amazing and now there's a little bit off the top of your question but it's it's a heavy on my mind right now I've watched all three of these debates you know for that that each one last about an hour and a half right I'm not the whole thanks but I've watched most of them hello I can't think of one good idea that has come out of those debates not one maybe maybe have I missed one but it's all income redistribution raise taxes on the rich care down people are successful you know the the the the bowl of Americans to make all people which not to read make rich people poor and this idea that people are are villains because they've been Gretchen the drug companies are villains and the energy companies are villains are gonna tear them down high in and also so pessimistic and so this gets your question about why do people do you know why are people celebrating the south because the self does use this formula for taxes less regulation pro business and and none of those are the policies and Democrats are running nationally or in states like you know New York and Connecticut in California and in New Jersey and and you can see let's not make America look more like New Jersey let's make America look more like structures I couldn't agree with him I'm in fact I get curious about real estate around the country and I visited you know Louisiana and Mississippi I look at houses down there you can buy a house in in nice towns in Louisiana Mississippi I'm not talking right New Orleans but but in smaller towns of for what you could buy a parking spot New York City for which you can buy a nice house near the water down there I mean like a hundred a hundred thousand a hundred a quarter I mean we're the mortgages five hundred dollars a month or seven hundred dollars a month and you think well you could you could actually you know even if you are an average person making the minimum wage you know in in a family with two adults working you could easily afford that and and that what else flowers what are such a special here is that the right about that and I've talked to you know I know rich people in on another round needs of people are successful and you know millionaires and some of the universe and they moved out of California they've moved out of the level I did out of Michigan and northern New York and they've moved to Texas and Florida Tennessee and they tell me they can I I I Viewtiful host in Nashville or Miami or chairman Tony you know and and they can they can buy the house which is the money they save on the Traxxas reading and actually New York Connecticut rolling unbelievable his book is called trouble Namik she is Steve Moore from the
Clark Howard
United States, Federal Reserve And America discussed on Clark Howard
"Huge percent of people who would have because of lifestyle changes having kids not having kids anymore coming empty nesters. Whatever historically people would sell their homes if they owned a home and move on move to a bigger home smaller home, moved to a condominium, townhouse, whatever. But the transient nature of homeowners has changed and the amount of time that people stay and dwelling, his increased we were very unusual compared to other developed countries where most developed countries when people buy a home, they stay in that home. That's it. That's their lifetime home for maybe even multigenerational of lifetime homes in the family in the United States for so much of our history. Particularly starting in the late forties forward. Up till about a decade ago. People in America headed cheat and would routinely go into what was referred to as the move up market. You might buy your first home or sometimes for two starter home. Go to next next next. One is your personal circumstances and family life changed. People just aren't doing that. And one of the principal reasons came about the decade ago, and that was after the banking scandals and the resulting real estate crash in the United States, the foreclosures and all that. The Federal Reserve went through a lengthy period of artificially depressing interest rates in the United States, including interest rates that usually they wouldn't have an effect on necessarily mortgage rates. So massive numbers of people have mortgage rates unprecedented pretty much in US history. And I talked to so many people who got a house in the last. Let's say oh nine ten eleven twelve thirteen fourteen who have a mortgage interest rate in the twos or threes. Those rates are so fantastic. And translate into a monthly payment. That's great. Plus the home there in if they bought it in the midst of the bust has likely gone up substantially in value. And that has led to something that I read occasionally in the financial press, but has not caught on as term housing lock. Where people stay in place. Because financially it's too difficult or too costly to move somewhere else. So one of the results of this is people are more likely to add onto a house or renovate a house or improve a house. They might add an outdoor kitchen or may add swimming pool or may add redo the kitchen redo the bathrooms or add a new master on things that in the past happened. But not nearly in the numbers happening now is people would say, well, I want a new new fancier place. So they just sell that when a move to the new fancier place, but because you'd have the higher interest rates all that people are stay. So that makes this really significant. There was a survey done by one poll survey two thousand homeowners. It's enough to get some meaningful data and the stunner. Is how many people who had a renovation done by their own telling in the survey say they got scammed, and it's right at half of homeowners who did a renovation or quote unquote improvement to