Category: Featured
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SNB Eyes Further Rate Hikes, Tackles 108bn CHF Credit Suisse Debt
Swiss National Bank Chairman Hints at Further Interest Rate Hikes Thomas Jordan, Chairman of the Swiss National Bank (SNB), has indicated that more interest rate hikes may be in the future during an interview with Swiss broadcaster SRF. The SNB recently raised its policy interest rate by 25 basis points as part of a strategy […]
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IMF: Crypto Bans Not Effective, Highlights Latin America Adoption
IMF Questions Effectiveness of Crypto Bans The International Monetary Fund (IMF) has suggested that banning crypto assets may not be an effective long-term approach for countries to manage risk. The statement was made in a post discussing the interest in central bank digital currencies in Latin America and the Caribbean. IMF’s Previous Position on Crypto […]
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US Manufacturing PMI Drops to 6-Month Low of 46.3, Service Sector Hits 54.1 in June
Manufacturing PMI Data Corrected: Now at a 6-Month Low The S&P Global “flash” U.S. manufacturing sector index slid to a six-month low of 46.3 in June from 48.4 in May. The corrected data shows that manufacturing PMI fell to a lower point than previously reported. Service Sector Activity Index Also Drops The S&P Global “flash” […]
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Investors Offload $16.47B in US Equity Funds: Largest Weekly Drop Since March
Investors Offload US Equity Funds in Biggest Weekly Net Selling Since March 29 Investors offloaded US equity funds worth a net $16.47 billion in their biggest weekly net selling since March 29. This came after buying into funds worth $19.7 billion just a week ago. All sizes of US equity funds recorded outflows: large caps […]
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ECB Eyes 25 Basis Points Rate Hike in July Amid Rising Inflation
ECB Policymaker Suggests Another Interest Rate Hike in July The European Central Bank (ECB) may need to increase interest rates by another 25 basis points in July to combat inflation, according to ECB policymaker Pablo Hernandez de Cos. However, the path beyond that remains unclear. Last week, the ECB raised its key interest rates by […]
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Pro-Bitcoin Kennedy 2024: Supports Freedom to Transact, Opposes CBDCs
Support for Bitcoin and light-touch regulation Kennedy revealed to The New York Post on Thursday that he plans to introduce policies supporting bitcoin and individuals’ freedom to transact, manage their own wallets, nodes, and passwords. He will also endorse a light-touch regulatory environment in the U.S., with only the narrowest controls necessary to prevent money […]
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Prime Trust Collapse: Clients Stranded, BitGo Cancels Acquisition
Regulator enforcement action on Prime Trust Following the enforcement action of Nevada’s regulator against Prime Trust, BitGo has terminated its proposed acquisition of Prime Core Technologies. The regulator stated that Prime Trust failed to safeguard assets under its custody and violated Nevada trust laws, which led to the firm breaching its fiduciary duties to its […]
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Powell: Smaller Banks under $100B Safe from New Capital Rules
Federal Reserve Chairman Jerome Powell Addresses New Bank Capital Rules During a recent Senate Banking, Housing and Urban Affairs Committee hearing, Federal Reserve Chairman Jerome Powell assured that new rules requiring banks to maintain more capital will likely not apply to smaller institutions. Although the proposals for bigger banks are in the draft stage, Powell […]
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50,275 Tons Vanish: London Copper in Lowest Stock Since Oct
Copper available in LME approved warehouses drops to lowest level since October 2021 Copper availability in London Metal Exchange (LME) approved warehouses has reached its lowest level since October 2021, with large amounts of inventory earmarked for removal from the LME system. Of the stock, 62.5% or 50,275 metric tons have been set aside for […]
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SNB Hikes Rate to 1.75%, Eyes Further Rises Amid 2.2% Inflation
Swiss National Bank Announces Smaller Rate Hike, Further Rises Possible The Swiss National Bank (SNB) decided on a smaller rate hike during its quarterly monetary policy meeting on Thursday, but mentioned the possibility of further increases to reach its inflation target. SNB revealed a 25 basis point hike, moving its policy rate to 1.75%, which […]