Have you ever compared the performance of Silver to the broader stock market indexes? How about comparing Silver to the rate of currency debasement? Cost of Living?
According to Odaily, the CME's 'Federal Reserve Watch' has predicted that the Federal Reserve is likely to maintain its current interest rates in August, with a probability of 94.3%. The chance of a 25 basis point cut is estimated at 5.7%. Looking ahead to September, the likelihood of the rates remaining unchanged drops to 27.4%. The probability of a cumulative 25 basis point cut increases to 68.6%, while the chance of a cumulative 50 basis point cut is predicted at 4.0%. These predictions provide an insight into the potential future actions of the Federal Reserve, which can have significant impacts on the economy.
According to BlockBeats, US Treasury Secretary Janet Yellen has denied providing guidance or coordination to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrency regulation. Yellen made this statement while testifying before the US House Financial Services Committee on July 10.The Treasury Secretary's comments come amid ongoing discussions about the role of various regulatory bodies in overseeing the rapidly evolving digital currency sector. Yellen's statement indicates that she has not been directing or coordinating the actions of the SEC and CFTC, two key regulatory bodies in the US financial system.This news provides insight into the current state of cryptocurrency regulation in the US, highlighting the independence of the SEC and CFTC in their approach to this new financial technology. It also underscores the complexity of the regulatory landscape for cryptocurrencies, with multiple agencies involved and no clear guidance from the Treasury Department.
According to BlockBeats, Evercore ISI analyst Krishna Guha has given his assessment of Jerome Powell's recent comments on the 'constantly changing risk balance'. Guha interprets Powell's remarks as dovish, suggesting that he is laying the groundwork for a potential rate cut in September. This prediction is contingent on the forthcoming data, particularly the inflation report due on Thursday, maintaining and supporting the Federal Reserve's assessment of the risk balance.
According to Odaily, Loh Boon Chye, the CEO of the Singapore Exchange, has stated that the local ecosystem in Singapore is not yet prepared for a Bitcoin ETF (Exchange-Traded Fund). As time progresses and the ecosystem matures, the Singapore Exchange could be considered one of the most innovative exchanges or platforms in the world.The Singapore Exchange was formerly known as the Singapore Securities Exchange, which was established on May 24, 1973. On December 1, 1999, the Singapore Securities Exchange (SES) merged with the Singapore International Financial Exchange (SIMEX) to form the Singapore Exchange.The CEO's statement indicates that while the exchange is not currently ready to handle a Bitcoin ETF, there is potential for this to change in the future as the financial ecosystem in Singapore continues to develop and mature. This could position the Singapore Exchange as a leading innovator in the global financial market.
According to Odaily, analysts from Citi Research predict that the Federal Reserve will commence significant rate cuts in the next few months, continuing until the summer of 2025. This forecast was made last week, citing new signs of economic slowdown as the reason for the anticipated action. The analysts believe that the Federal Reserve will start reducing the rates by 25 basis points at each meeting from September 2024, resulting in a total of eight rate cuts by July 2025. This would lower the benchmark interest rate by 200 basis points, bringing it down from the current 5.25%-5.5% to 3.25%-3.5%. The rate is expected to remain unchanged for the rest of 2025. This prediction comes as a response to the emerging signs of an economic slowdown, which has led to the anticipation of these rate cuts. The Federal Reserve's actions are seen as a measure to stimulate the economy and prevent further deceleration. The impact of these rate cuts on the economy and the financial markets will be closely watched by investors and analysts alike.
According to Odaily, the Fantom Foundation has emerged victorious in a lawsuit against Multichain in the Singapore High Court. The court ruled that Multichain had breached its contract and ordered it to pay $2.1 million in damages. The court pointed out that Multichain's leadership's control over crypto assets violated the user agreement. The backdrop to this case was Multichain's admission of a key breach on social media. The Fantom Foundation plans to continue pushing for Multichain's liquidation process and provide support for the recovery and distribution of affected parties' assets. The court's decision marks a significant victory for the Fantom Foundation and serves as a reminder of the importance of adhering to user agreements in the rapidly evolving world of cryptocurrency.
According to Odaily, Morgan Stanley strategist Mike Wilson has warned traders to prepare for a potential setback in the US stock market. This comes amidst increasing uncertainties surrounding the US presidential election, corporate earnings reports, and Federal Reserve policies. 'I think there's a high probability of a 10% pullback from now until some point during the US election,' Wilson stated in an interview on Monday. He also predicted that the third quarter would be rather turbulent, with companies losing their pricing power and needing to cut interest rates.Goldman Sachs' Scott Rubner echoed Wilson's sentiments on Monday, stating that if corporate performance falls short of expectations, he anticipates the stock market will endure a painful two-week period starting in August. Andrew Tyler from JPMorgan's trading department expressed a bullish outlook, but recent weak economic data has slightly dampened his confidence. Citigroup's Scott Chronert also issued a warning about a potential pullback.Despite the looming setback, Wilson is not overly concerned. Instead, he believes this could create opportunities for investors. After the S&P 500 Index achieved double-digit gains this year, he described the current valuation as 'lacklustre.' He suggested that the best way to invest in the stock market at present is through individual stocks, rather than indices.
According to PANews, Futu Securities, an internet-based brokerage, has received an upgraded license for its first class regulated activity (securities trading) from the Hong Kong Securities and Futures Commission. This allows the firm to offer virtual asset trading services to both professional and retail investors in Hong Kong.Futu launched a new 'comprehensive account' feature last Saturday (6th), which allows investors to trade investment products in multiple markets such as Hong Kong stocks, US stocks, A-shares, and Japanese stocks through a single account. The company has also announced plans to gradually introduce Singapore stocks, Australian stocks, and Canadian stocks, although no specific timeline has been disclosed.
According to Foresight News, North Carolina Governor Roy Cooper has vetoed a bill that would have prohibited the state from implementing a Central Bank Digital Currency (CBDC) issued by the Federal Reserve. In his statement, he explained that House Bill 690 was too immature, vague, and reactionary to be signed into law.Mitchell Askew, Chief Analyst at Blockware Solutions, expressed his disappointment with the governor's decision. He stated that the veto does not represent the will of the people of North Carolina, and it's unfortunate that the governor is unwilling to put partisan politics aside in favor of a law that would benefit all residents of North Carolina.