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June 3 – Federal Reserve Chairman Walsh has hired two outside advisors to assist him in his early days in office; one of them previously co-authored a conservative policy blueprint that recommends radical structural reforms to the Fed. According to sources, one advisor is Paul Winfree, who served as a White House domestic policy expert during Trumps first administration. He is also the co-author of the chapter on the Fed in "Plan 2025," a conservative policy blueprint to be developed before the 2024 election. The other advisor is Daniel Heil, a policy fellow at Stanford Universitys Hoover Institution and an economic policy advisor to the 2016 presidential campaign. His recent writings focus on the costs of cutting federal healthcare spending and Social Security issues. Both are long-time conservative policy figures with backgrounds outside the Feds core responsibilities. A source familiar with the matter said the two advisors will work as temporary contractors to assist Warsh with policy analysis and planning; Warsh has not yet made a final decision on whether they will take on longer, more permanent positions within the Federal Reserve.Shares of XOS INC, a U.S. fleet electrification solutions provider, surged 119.73% to $4.90 in after-hours trading after announcing the launch of its 2.5MWh Power Hub product, specifically designed for energy storage and hybrid power applications.June 3rd - According to sources familiar with the matter, SpaceX plans a major IPO next week, targeting a valuation of approximately $1.75 trillion. The sources say the rocket manufacturer, owned by Elon Musk, may sell less than 5% of its shares, valued at between $60 billion and $80 billion. This percentage is far lower than a typical IPO. The exact figures are still subject to change until Wednesday afternoon. The company plans to file updated documents on Wednesday afternoon, which will include a price guidance range for the offering. Earlier this year, SpaceX was valued at approximately $1.25 trillion after acquiring artificial intelligence company xAI.Sources say Federal Reserve Chairman Warsh has appointed two conservative policy veterans as interim advisors.The API crude oil inventory data for the week ending May 29 will be released in ten minutes.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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