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White House official: Trump has discussed with oil companies plans to extend the blockade of Iran for several months if necessary.1. Wells Fargo: Still expects the Fed to cut rates twice this year, by 25 basis points, in September and December respectively. 2. ANZ: The Fed is very likely to restart its rate-cutting cycle in the third quarter of this year, most likely at the September meeting. 3. Goldman Sachs: Expects the Fed to cut rates by 25 basis points each in September and December, and believes the possibility of a rate hike this year is very small. 4. Bank of America: Downside risks to economic growth lead us to continue to predict a 50 basis point rate cut by the Fed later this year. 5. TD Securities: By the September decision, the market will have accumulated enough evidence to support the Feds gradual return to an easing cycle. 6. Standard Chartered: Once Warshs nomination is confirmed, the Fed will likely shift its focus to reviving the weak job market and resuming rate cuts. 7. Commerzbank: In the medium to long term, the Fed will be unable to resist pressure from the US president and may cut rates for the first time by the end of the year, followed by two more rate cuts in 2027. 8. Danske Bank: Expects the Federal Reserve to keep interest rates unchanged throughout the summer and eventually resume rate cuts in September and December. 9. Barclays: If inflation falls as expected, the Fed is expected to gain sufficient confidence to begin easing policy around September. 10. ING: Maintains its forecast that the Fed will cut rates twice this year, in September and December. 11. BNY Mellon: Assuming the Strait of Hormuz reopens, the Fed will cut rates twice in the fourth quarter.April 29 - International crude oil futures continued to climb as the standoff in the Middle East is expected to drag on, with the US and Iran continuing their respective blockades of the Strait of Hormuz. "The continued stalemate in negotiations between the US and Iran makes it increasingly unlikely that supplies through the Strait of Hormuz will return to normal in the short term," said Linh Tran, an analyst at XS.com, in a report. She added, "The market is no longer just anticipating risk, but a prolonged period of supply disruption."With the 60-day deadline approaching, US Republicans are discussing whether to authorize a war against Iran.According to Saudi media outlet alhadath, Israeli Prime Minister Benjamin Netanyahu has not received an invitation to travel to Washington.

Privately issued but regulated digital currencies have benefits -cbank chiefs

Skylar Shaw

Jul 18, 2022 15:03

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If the firms can be properly regulated, consumer-focused digital tokens issued by private enterprises may be preferable to tokens issued by central banks, according to the governor of the Australian central bank on Sunday.


At a panel discussion that was live broadcast online at the G20 finance officials' summit in Indonesia, Phillip Lowe participated. Greater examination of these tokens, according to the head of the Hong Kong Monetary Authority (HKMA), might also assist lower risks associated with initiatives using decentralized financing (DeFi), a component of the cryptocurrency ecosystem.


So-called central bank digital currencies (CBDCs), which may be either retail tokens used directly by customers or wholesale tokens used by banks in the financial system, are being developed by several central banks across the globe.


This is in part a reaction to the emergence of so-called stablecoins, privately-issued tokens like Tether and USDC, whose value is tied to that of a conventional asset, often the U.S. dollar, and which are generally used as a store of value and for payment purposes.


When one stablecoin, TerraUSD, and its linked token, Luna, collapsed in May, it brought home the danger these tokens pose to financial institutions even if they were only used to support a network of DeFi apps and not for actual transactions.


If these tokens are going to be extensively utilized by the community, the state will need to support them or control them similarly to how we regulate bank deposits, according to Lowe.


The private sector is better than the central bank at innovating and designing features for these tokens, and there are also likely to be very significant costs for the central bank setting up a digital token system, he said. "I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right," he said.


In order to develop a robust enough regulatory structure for such tokens, Lowe and the other panelists agreed that more work needed to be done.


More examination of stablecoins, according to HKMA CEO Eddie Yue, might also assist lower dangers from DeFi, which intends to employ computer code to do away with the need for financial intermediaries in lending, investing, and other financial operations.


DeFi initiatives are accessed via stablecoins and cryptocurrency exchanges, and according to Yue, their regulation is simpler than that of the actual items.


The technology and business innovation underlying these breakthroughs are probably going to be vital for our future financial system, thus Yue believes that crypto and DeFi won't vanish despite the Terra-Luna tragedy, even if they could be delayed.

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