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On September 2nd, Thorsten Slok, chief economist at Apollo Global Management, stated that US Treasury yields may rise further due to the Iran war and tariffs, but this upward pressure is largely unrelated to the US fiscal situation. Slok said, "In fact, the market is less concerned about US policymaking than it is about Japan and Germany." Global government borrowing costs continue to soar as investors demand greater compensation to entice them to hold longer-term bonds. Despite US Treasury Secretary Bessenters announcement of Treasury buybacks in an attempt to curb long-term yields, US Treasury yields have rebounded. The market currently expects a 69% probability of a rate hike at the Federal Reserves next policy meeting in mid-September. Economic pressures are also transmitting to the housing market and the auto industry, both highly sensitive to rising yields. Slok stated, "Interest rates are restrictive for the housing market, but not for artificial intelligence."U.S. Treasury Secretary Bessenter: The Canada trade agreement has had little impact on U.S. prices.U.S. Treasury Secretary Bessenter: Chevrons CEO has performed exceptionally well in managing assets in Venezuela.U.S. Energy Secretary Wright: More than 17 million barrels of oil passed through the Strait of Hormuz on Monday.September 2nd - British Prime Minister Andy Burnham pledged that his government would ensure fiscal stability but refused to rule out further borrowing. At the same time, he attempted to blame the UKs high national debt on the previous Conservative government. During his first Prime Ministers Questions since taking office on Wednesday, Burnham stated, "This is a government based on fiscal responsibility. We will abide by the fiscal rules." In response to Conservative opposition leader Kemi Badenochs questioning about soaring UK bond yields leading to higher government financing costs, he said, "The turmoil in global markets is due to the exposure they left behind. During her government, the debt-to-GDP ratio was consistently rising."

Meta Plans Virtual Currency, Creator Coins For Its Apps – FT

Skylar Shaw

Apr 07, 2022 10:14


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The Financial Times reported on Wednesday that Meta Platforms Inc is preparing plans to integrate virtual tokens and cryptocurrencies to its family of applications, with the goal of using such virtual tokens for rewarding creators, lending, and other financial activities.


The move, which is said to be in the early stages, comes as Meta expands its emphasis on services based on the metaverse, a virtual world where people socialize, work, and play.


It may also provide Meta with a new income stream and more control over transactions across its suite of applications and services, which includes Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform, if it is adopted.


According to the FT story, which cited persons familiar with the situation, Meta's cryptocurrencies, internally called "Zuck Bucks," are meant for the metaverse and may not be based on blockchain.


According to the article, Meta might offer in-app tokens that would be centralized by the firm and could be used to compensate popular Instagram producers or reward those who make noteworthy contributions in Facebook groups.


"We have no developments to give today," a Meta spokeswoman said on Wednesday, adding that the business is focusing on developing for the metaverse, which "including what payments and financial services may look like."


Last month, Mark Zuckerberg, the CEO of Meta, said that Instagram would include non-fungible tokens (NFTs) in the "near-term."


Meta joined the Crypto Open Patent Alliance (COPA) earlier this year, a group of firms headed by Block Inc's Jack Dorsey that has promised to encourage open access to cryptocurrency technology.

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