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On February 8, the median U.S. 1-year inflation forecast rose to its highest level since November 2023. Capital Economics assistant economist Ruben Gargallo Abergus wrote: "This at least adds another reason for the Fed to remain cautious and suspend the easing cycle for a while." Higher inflation expectations are not the only inflation headwinds the Fed is currently facing. Wage growth continued to exceed expectations in January, which could push up inflation in the service sector. Economists expect Fed officials to keep interest rates unchanged at the March 18-19 policy meeting, and may even extend the suspension of rate cuts at the June meeting.The Israeli military says it has struck a Hamas weapons depot in Syria.According to Iranian state media reports, Irans Supreme Leader Khamenei met with visiting senior Hamas leaders in Tehran.On February 8, four large model application products under Baidu Smart Cloud, namely Keyue, Xiling, Yijian and Zhenzhi, were officially launched with access to the new version of the DeepSeek model.On February 8, according to Nikkei Chinese, Japans soaring food prices are dragging down personal consumption. The results of the household survey of the Ministry of Internal Affairs and Communications of Japan showed that consumer spending in 2024 actually decreased by 1.1% year-on-year. The "Engel coefficient", which indicates the proportion of food in consumer spending, is 28.3%, a 43-year high. Monthly spending in December 2024 actually increased by 2.7%, and consumption showed a recovery trend. From the perspective of the composition of consumer spending in 2024, the negative factors that actually contributed the most to consumer spending are transportation and communications, which actually decreased by 4.1% year-on-year. Due to the exposure of certification violations by some Japanese automakers, automobile production was suspended for a time, affecting consumption.

U.S. SEC working to register crypto lending firms -Gensler

Skylar Shaw

Jul 22, 2022 15:07

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The director of the federal regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission is trying to get certain so-called cryptolending businesses legally registered if they function more like investment firms.


The chairman of the Wall Street regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission (SEC) is attempting to get certain cryptolending businesses legally registered if they function more like investing firms.


Gary Gensler, the chairman of the SEC, also said that while it was up to major financial institutions to determine whether or not to incorporate cryptocurrency options in their client portfolios, the risks associated with crypto tokens needed to be made clear.


Since many of these businesses "may well be investment organizations receiving hundreds of thousands or millions of dollars from clients, putting it all together, and then lending it out while claiming relatively high returns, we have concentrated on this sector, You might argue it sounds a little bit like an investing firm or a bank," Gensler added.


How do they accomplish that? What is the substance of such guarantees? We're going to collaborate with the sector to properly register these companies under the securities rules.


Companies who deal in cryptocurrencies have said that they are still uncertain of how U.S. rules would apply to goods that let users earn interest on holdings rather than exchanging them.


Since May, attention has once again been drawn to the cryptocurrency markets during recent periods of volatility that have long frightened watchdogs.


In recent weeks, a number of cryptocurrency lenders have failed due to falling cryptocurrency values. Insolvency papers have been filed by Celsius Networks. BlockFi and FTX agreed to an agreement, and the cryptocurrency exchange now has the option to purchase BlockFi for up to $240 million.


Companies with cryptocurrency exposure have already issued warnings that drops in token values might have unintended consequences, such as bringing on margin calls.


Investors have deserted the crypto markets as the U.S. Federal Reserve has started raising rates to fight inflation.


The remarks made on Thursday come after many pronouncements by Gensler to the effect that, in his opinion, certain cryptocurrency trading platforms may fit the definition of "securities" and should be traded and governed as such.