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Federal Reserve
The move was fully anticipated by market participants who will now look to Chairman Jerome Powell’s imminent post-meeting press conference for clues about whether the central bank intends to continue tightening monetary policy.
The U.S. Federal Reserve denies that its new instant payments service, FedNow, is in any way tied to the digital asset space. But experts say the new system could lay the groundwork for the infrastructure needed for a potential central bank digital currency (CBDC) in the U.S. And so this week’s announcement has led to a fresh airing of warnings about potential privacy and control risks around a digital dollar.
Some argue it would weaken crypto’s payments use case or form a bridge to a digital dollar.
The clock for the SEC approval process of spot bitcoin exchange-traded fund (ETF) applications will begin Wednesday after all eight applicants, including BlackRock, were listed in the Federal Register.
The unemployment rate TKTK to 3.X% versus 3.7% in June and against expectations for 3.7%.
In addition, the national ISM manufacturing survey, released during the long July 4 weekend, fell to its weakest level since May 2020.
BTC has proved incredibly resilient to the perils of the past year, including FTX’s demise. But there are some macroeconomic surprises that could erect obstacles to further gains.
Custodia’s challenge of the Federal Reserve Bank of Kansas City’s decision to deny the crypto-friendly bank access to the Fed banking services can continue, a U.S. district court ruled Thursday, rejecting a Fed motion to dismiss the case. The U.S. District Court of Wyoming, however, did reject Custodia’s request that the Fed be compelled to grant it a so-called master account and membership with the Fed, Instead, Custodia must continue its claims via normal channels.
Continued strong gains in monthly employment figures have added to the Fed’s case for rate hikes.
The recent ambiguous messaging from the Federal Open Market Committee’s meeting, which left markets struggling to interpret signals from the FOMC statement and Chair Jerome Powell’s comments, is typical of the abstruse signals that can be found in central bank policy-setting. But new tools, such as blockchain’s cryptographic verification systems, could guide policymakers’ decisions.