Media mogul Steve Forbes, chairman of Forbes Media, has warned that the Federal Reserve is “inflicting unnecessary pain” on the U.S. economy with its interest rate hikes after Fed Chair Jerome Powell said the Fed is prepared to raise interest rates at a faster pace. He also pointed out “the fundamental flaw in central bankers’
Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing
Ethereum co-founder Vitalik Buterin’s latest salvo against “shitcoins” has ended up with him simply being sent more of it. Only days ago, the Ethereum developer made moves to sell over $700,000 of tokens previously airdropped to him, causing the price of these tokens to fall. Buterin has since continued his war on apparent “shitcoins.” In
United States Representative Tom Emmer believes the launch of programmable central bank digital currency in the country could strip American citizens of their financial privacy. Speaking on March 9 at the Cato Institute, a Washington D.C.-based libertarian think tank, Emmer explained that the programmable CBDC would be “easily weaponized” as a spying tool to “choke out
Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of “crypto-bank” Silvergate. The price of BTC dipped to $19,945 on March 10 before recovering to hover just above $20,000, according to data from CoinMarketCap. Bitcoin had a
Bitcoin mining company Compass Mining claims to have found “three issues” in the ASIC design of the two new Antminer S19 miners, units that are primarily used to mine Bitcoin (BTC). These issues could result in the machines overheating and, in some cases, completely breaking down. The firm’s mining operations team warned in its March
The writer is a former global head of asset allocation at a fund manager Time and time again, betting against Japanese government bonds has cost traders untold fortunes. The pay-off for going short on JGBs has always looked tempting and risks asymmetric. Potential losses appear limited given that yields, which move inversely to prices, cannot
Our weekly roundup of news from East Asia curates the industry’s most important developments. South Korea invests another $51M in metaverse tech South Korea’s plans for metaverse domination are gathering pace. A March 8 document prepared by the Ministry of Science and Information and Communication Technology (ICT), the National IT Industry Promotion Agency and the
March started off on a low due to a resurrection of inflationary fears. On March 7, hawkish comments from United States Federal Reserve chairman Jerome Powell amplified the market’s expectation of a 50-basis point hike in the upcoming policy rate meeting on March 22 to March 23. On March 8, the U.S. government’s $1 billion
New applicants for unemployment aid in the US rose above 200,000 for the first time in eight weeks, running slightly counter to a recent string of strong labour market data. There were 211,000 initial jobless claims in the week ended March 4, up from 190,000 a week earlier, according to US labour department data released
Silicon Valley Bank shares plunged 60 per cent on Thursday, a day after launching a $2.25bn stock sale to shore up its balance sheet as it grapples with declining deposits from technology start-ups. Shares of SVB Financial Group, Silicon Valley Bank’s parent company, registered their biggest-ever decline, wiping $9.6bn from the banking group’s market capitalisation,
According to the Central Bank of Brazil, the digital real pilot project will use an Ethereum-compatible, permissioned blockchain for the issuance of the tokenized version of the country’s currency. Hyperledger Besu, the open-source platform elected for the tests, will allow the project to run without any licensing costs and to deal with maintenance costs later,
In this article SIVB ZUMZ MTN GPS DOCU ULTA ORCL Follow your favorite stocksCREATE FREE ACCOUNT In this photo illustration of the TradingView stock market chart of SVB Financial Group seen displayed on a smartphone with the SVB Financial Group logo in the background. Igor Golovniov | Lightrocket | Getty Images Check out the companies
The financial sector has been, uh, thoroughly spooked by a 60-per-cent single-day slide in the shares of SVB Financial, the holding company for Silicon Valley Bank. SVB hasn’t done much better in after-hours trading, sliding more than 20 per cent after reports that venture capital firms such as Founders Fund (co-founded by Peter Thiel) are
Investors wiped $52.4bn off the market value of the four largest US banks by assets on Thursday amid a widespread sell-off of financial stocks that analysts linked to investor fears over the value of lenders’ bond portfolios. The sell-off in JPMorgan Chase, Bank of America, Citigroup and Wells Fargo appeared to have been sparked by
According to a recent warning by the U.S. Public Company Accounting Oversight Board (PCAOB), crypto proof-of-reserve (POR) audits have limitations, and the board believes that investors should exercise caution when dealing with companies using POR audits. PCAOB Calls for Investor Caution and Due Diligence When Using Proof-of-Reserve Reports The U.S. accounting watchdog recently issued an
On March 9, 2023, New York attorney general Letitia James announced that her office had once again cracked down on crypto platforms by filing a lawsuit against the Seychelles-based crypto exchange Kucoin. Members of the Office of the Attorney General (OAG) were able to purchase crypto assets, despite the exchange not being registered in the
In this article CS PYPL SI’A SIVB GE Follow your favorite stocksCREATE FREE ACCOUNT jetcityimage | iStock Editorial | Getty Images Check out the companies making the biggest moves midday: General Electric — The stock gained 5.27% after the company provided an update ahead of its investor meeting, including reaffirming its 2023 guidance with high-single-digit
A Now Hiring sign is seen inside a WholeFoods store in New York City. Adam Jeffery | CNBC Economists expect hiring remained strong in February and that wages grew even faster than they did in January. February’s employment report is expected Friday at 8:30 a.m. ET. Economists forecast 225,000 new jobs were added in February,
President Joe Biden unveiled a 2024 budget Thursday that raises taxes on high earners and large corporations while providing relief for struggling urban mass transit systems and sending money to states and locals for climate resiliency projects. The proposal totals $6.9 trillion, up from last year’s $6.4 trillion of federal spending. Discretionary spending would total
Municipals were firmer on the front end of the curve as more billion-dollar deals priced, while U.S, Treasuries rallied hard inside 10 years and equities sold off. The potential for a strong employment report, which would amp up belief of a 50-basis-point move by the Federal Open Market Committee later this month, and higher for