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Spains industrial output increased 1% year-on-year in March, seasonally adjusted, compared with -1.90% in the previous month.Pakistani military spokesman: India has paid a heavy price and will continue to pay a heavy price for this naked aggression.On May 8, Poly Real Estate Group (00119.HK) released its unaudited sales data for April 2025. The announcement showed that Poly Real Estates contract sales amount in April was about 3.5 billion yuan, a year-on-year decrease of 37.5%; the contract sales area was about 139,000 square meters, and the average contract sales price was about 24,923 yuan/square meter. As of April 2025, Poly Real Estate Groups cumulative contract sales amount was about 17.9 billion yuan, the cumulative contract sales area was about 662,000 square meters, and the cumulative contract sales average price was about 27,078 yuan/square meter.On May 8, British officials confirmed that Trump is expected to announce the outline of the US-UK trade agreement. A spokesman for the British Prime Ministers Office said that the agreement negotiations between the United States and the United Kingdom have been proceeding as planned, and British Prime Minister Starmer will provide an update on the negotiations later on Thursday. Earlier, according to media reports, US President Trump is expected to announce a trade agreement between the two countries on Thursday.1. The Fed kept interest rates unchanged for the third time in a row, and the statement emphasized that the risks of rising inflation and unemployment are rising. Powell called out the uncertainty factors and the low cost of continuing to wait and see, and said that he was not in a hurry to cut interest rates. Powell also said that he had no intention of meeting with Trump on his own initiative, and the latters call for interest rate cuts would not hinder the work of the Fed. 2. The US sovereign wealth fund has made progress. Benson has submitted a plan to Trump. 3. The Governor of the Central Bank of Ukraine: Ukraine is beginning to consider whether it should use the euro instead of the US dollar as a reference currency. 4. Trump said that big news will be announced at 10 oclock tonight, and the US media said that the United States will announce a trade agreement with the United Kingdom. 5. South Koreas foreign exchange reserves fell to the lowest level in five years at the end of April, affected by the authorities stabilization measures. 6. The Hong Kong Monetary Authority maintained the benchmark interest rate at 4.75%. 7. Member of the Bank of Korea: Due to the economic slowdown, economic growth this year is expected to be lower than previously forecast, and the need for preemptive interest rate cuts is increasing. 8. The Polish Central Bank reiterated that it may intervene in the foreign exchange market, and further decisions depend on data. 9. The Governor of the Czech Central Bank: Czech monetary policy will remain tight. 10. Governor of the Central Bank of Mexico: The central bank is likely to continue to lower the benchmark interest rate. 11. Indonesia said it would not discuss exchange rate issues with the United States in tariff negotiations. 12. The Central Bank of Brazil raised interest rates by 50 basis points to 14.75%, in line with market expectations. 13. Philippine economic officials: There is still room for further easing of policies.

NY Fed’s Williams Says Digital Currency Might Impact Monetary Policy

Jimmy Khan

Jun 02, 2022 18:06

Only a few top Federal Reserve officials have spoken out about cryptocurrencies and their potential to destabilize monetary policy. A central bank digital currency (CBDC) may coexist with stablecoins and give a level of safety, according to Vice-Chair Lael Brainard.


Governor Miki Bowman of the Federal Reserve Board of Governors also emphasized the need of innovation in community banking, citing the Fed's recent discussion paper on cryptocurrency.

When it comes to crypto legislation or a CBDC, the United States is still in the early stages of investigation.


The President of the New York Fed called digital transformation "essential."


The president of the Federal Reserve Bank of New York, John Williams, views digital revolution in payments as a method to influence the Fed's monetary policy and balance sheet.


Williams noted that although technology is fast evolving, the mission of the central bank remains the same in his remarks at a Columbia University research conference on Wednesday. "The job of central banks will always be to provide money and liquidity to promote economic and financial system stability," he said.


CBDCs and stablecoins backed by secure and liquid assets, he told an audience of financial sector professionals, central bank officials, and academics, offer opportunity for innovation.


His comments come amid broader crypto sell-offs, with cryptos such as bitcoin (BTC) battling to break over the $30k barrier. After plunging from an all-time high of approximately $67,000 in November 2021, the world's first cryptocurrency is currently trading below $30,000.


Terra's network failure, which sent terra (LUNA) and TerraUSD (UST) values to new lows, has prompted Fed officials like Williams to investigate secure currency digitalization.


According to a Reuters story, Williams said that digital transformation might have "implications for markets" and "how we carry out monetary policy," as well as the Fed's dealings with peers. "It's vital that we understand how these shifts might influence the economy and financial system, as well as the execution of monetary policy," he said.

Senators Contribute to the Fight for a Digital Currency

A digital dollar or CBDC might have a host of advantages, but it's still a long way off.


The recent volatility in cryptocurrency prices has prompted US politicians to draft legislation that would empower the US Treasury to form a CBDC. According to the plan, the digital dollar would essentially eliminate payments transfer waiting times while also lowering expenses.


The Biden administration issued an executive order in March asking for additional study into the development of a digital currency and highlighting the need for stronger governmental monitoring of cryptos like ether (ETH), Litecoin (LTC), and others.


Crypto advocates also argue that financial inclusion is critical for the United States to accept its digital currency.


Several senators, though, are in favor of introducing a digital currency into the payments system. "As digital payment and currency technologies continue to expand rapidly, and with Russia, China, and over 90 countries worldwide already researching and launching some form of Central Bank Digital Currency," Rep. Stephen Lynch (D-Massachusetts) said, "it is absolutely critical for the United States to remain a world leader in the development and regulation of digital currency and other digital assets."