TL;DR Adopting BTC as a legal tender in the US would enhance its legitimacy and attract substantial investment, potentially boosting the price. This move could lead to market volatility with sharp movements due to speculative buying and unpredictable investor reactions. What if the US Embrace BTC? The United States will soon have a new President,…
The Canadian jobs report for July next Friday is expected to show more softening in the labour market. Employment gains have already slowed substantially into the summer, and we expect July will be no exception with 15,000 new jobs added. Against a still rapidly rising population, the unemployment rate will likely have ticked higher again…
Tether once again claims to have earned 10-figure profits from issuing its stablecoin but continues to dodge a third-party audit that might transform these claims into a verifiable reality. On July 31, Tether issued its latest attestation report on the reserve assets allegedly backing up the over $113 billion in circulating USDT tokens as of…
Fed kept interest rates unchanged at 5.25-5.50%, as widely anticipated, with a unanimous vote. The accompanying statement closely mirrored June’s guidance for future decisions, maintaining that the Fed is “prepared to adjust the stance of monetary policy as appropriate.” Fed emphasized that its assessments will consider a “wide range of information,” indicating that it is…
The United States House of Representatives passed the bipartisan Financial Technology Protection Act unanimously, which, if made law, would establish a working group made up of key federal government departments, intelligence agencies, and private sector experts to help combat terrorism and illicit financing on digital platforms. The bill, introduced in April 2023 by Representatives Zach Nunn (R-IA)…
Core PCE inflation to test bets of two Fed rate cuts in 2024 Yen awaits BoJ Summary of Opinions, Tokyo CPI Canadian CPI data also enters the spotlight Will PCE data confirm Fed rate cut bets? Although the Fed’s updated dot plot pointed to only one quarter-point reduction by the end of the year, the…
Richmond Fed President Thomas Barkin expressed optimism about the inflation outlook in an interview with MNI Webcast. Barkin noted that we are “on the back side of inflation,” indicating that inflationary pressures are easing. He highlighted that the next several months will be critical in gaining more insights and that Fed is well-positioned from a…
The Bank for International Settlements (BIS) recently announced that its mBridge cross-border CBDC project had entered the Minimum Viable Product (MVP) stage. It also announced that the central bank of Saudi Arabia had joined China, Hong Kong, the United Arab Emirates and Thailand, becoming the fifth central bank to do so. Since then, multiple prominent…
U.S. natural gas futures fell for four consecutive sessions, with July futures down by 2.15% to $2.819. Decline driven by high production reduced LNG feed gas demand and MVP pipeline operations. Despite forecasts for record heat, natural gas futures remain bearish due to oversupply. U.S. natural gas futures experienced a decline, with the July Nymex…
Stablecoins that are backed by the US dollar can help the United States avoid a financial crisis caused by its large national debt. These stablecoins create a demand for US government debt because they need to hold dollars to back their value. This demand helps the US government continue borrowing money to fund its operations….