Despite the disastrous debt limit issue, US Federal Reserve officials are considering more rate rises, including the presidents of the Federal Reserve Banks of Minneapolis and St. Louis. The debt limit agreement will affect the price of Bitcoin because the US Treasury will issue government bonds to replenish funds depleted
Jerome Powell, the Federal Reserve Chairman, stated that the central bank is strongly committed to returning inflation to the 2% goal. And the failure could cause greater harm to the economy. The statement raises the question of whether the failure also harms the crypto market. On May 19, while speaking
On a Bitcoin 2023 panel, several authority officials including the CEO of Custodia Bank, Caitlin Long, and the Head of Market Research of Bitcoin Magazine, Dylan LeClair, and others appeared. Caitlin Long announced that the Custodia Bank will be launching a Bitcoin custody service when the ‘hyperbitcoinization’ hasn’t begun yet.
On May 12, Texas announced that they were introducing a bill to ban the Central Bank Digital Currency (CBDC) in their state by the 88th legislature. According to the draftees, CBDC is a bad idea. A Central Bank Digital Currency is the digital form of a country’s fiat currency. CBDC
According to the US Bureau of Labor Statistics, annual inflation in the United States for April came in at 4.9%, which was lower than the consensus estimate of 5%. In addition, after increasing by 5.6% in March, the annual core inflation rate declines to 5.5% in April. As a consequence,
The North Carolina House of Representatives has passed a bill, “HB690,” that prohibits individuals from using central bank digital currencies (CBDCs) to make payments to the state. The legislation also prohibits the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot. The bill
This year, the price of Bitcoin (BTC), the largest cryptocurrency in the world by market cap, has surged more than 73%. The Bitcoin price rally resulted from the ongoing banking crisis and macroeconomic concerns in the US. Also, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have
Following March’s disappointing Consumer Price Index (CPI) statistics, the U.S. Bureau of Labor Statistics revealed Thursday that the PPI for final demand fell 0.5% in March. A 0.1% increase in the PPI was predicted for March, therefore the 0.5% increase was unexpected. Inflation as measured by the PPI in March
Compared to February, when prices grew by 0.4%, the CPI increased by 0.1% in March 2023 after seasonal adjustments were made. Inflation statistics for March showed an annual rise in the all-items index of 5.0% before seasonal adjustment. The Consumer Price Index (CPI) for March 2023 had recently been issued
FedNow is an initiative of the Federal Reserve Bank for a new, enriched payment service. The announcement is about launching this payment service in the upcoming July 2023. It is one of several services of the Federal Reserve, including FedWire, a credit transfer service, and FedACH, an automated clearing house.
