Anticipating a slowdown in the economy and easier Fed monetary policy, investors have sharply bid down interest rates in the weeks leading up to this morning’s numbers.
The Federal Reserve continues to pilot a central bank digital currency, but will not issue one without executive branch and Congressional support, the report said.
Market participants will now turn to Fed Chair Jerome Powell’s post-meeting press conference to glean insight into the future path of U.S. central bank policy.
The New York Attorney General filed early Thursday a lawsuit against Genesis, Gemini and DCG for allegedly defrauding investors of $1 billion.
Silvergate Bank transformed from a community lender to a high-flying crypto bank without its Federal Reserve examiners raising an alarm, according to a report from the Federal Reserve’s Office of Inspector General (OIG), allowing the bank to take risks that would turn fatal.
The pause in rate hikes had been overwhelmingly expected by market participants, who will now begin focusing on the U.S. central bank’s next policy meeting in November.
The Fed on Wednesday is widely expected to hold rates steady, but investors will monitor new economic projections and Chairman Powell’s press conference for clues about the direction of future policy.
Federal Reserve Bank of Chicago economists predict low inflation and a resilient economy, a potential goldilocks scenario for risk assets, including cryptocurrencies.
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Federal Reserve chair Powell speaking at Jackson Hole doubled down on keeping financial conditions tight, including hiking interest rates further if needed.