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On January 31st, Federal Reserve Chairman Mohamed Mussala stated on Friday that he was reluctant to support further interest rate cuts given that inflation had consistently remained above the Feds 2% target. Mussala said he agreed with the Feds decision this week to keep interest rates unchanged, arguing that the Feds target rate of 3.5% to 3.75% was no longer high enough to significantly dampen the economy. He believes that persistent price increases should prevent the Fed from lowering rates to support the economy. Mussala stated, "Given that inflation is above target and the risks to the economic outlook are broadly balanced, I dont think its appropriate to lower interest rates into an accommodative range at this time." Mussala also pointed out that attempting to alleviate labor market pressures by lowering short-term interest rates controlled by the Fed could be counterproductive. He said such a move could trigger concerns about future inflation and push up long-term interest rates, which are a key factor determining mortgage costs and business borrowing costs.Federal Reserves Mossallem: Economic tailwinds are expected to boost economic growth in 2026.Federal Reserves Mossala: The risk of a sharp decline in the job market has diminished.Federal Reserves Mossalim: Inflation is expected to fall to around 2%, but he believes it may remain above 2% for an extended period. Further rate cuts could exacerbate inflation expectations.Federal Reserve Chairman Mossallem: The economy is expected to continue to grow at an above-trend pace, driven by credit conditions and fiscal policy.

Indonesian Crypto Exchange Ensures Compliance With Biometric Security-Based Wallet

Cory Russell

May 11, 2022 10:37

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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