Tagged: federal reserve

Federal Reserve: Interest Rates Poised to Increase; How Does this Impact Consumers?

The Federal Reserve is meeting this week to determine interest rates and the odds on favorite is for a 75 basis point increase to the benchmark rate. While it could go higher – perhaps 100 bps – most market observers believe 75 bps is already… Read More

UK’s PensionBee Reveals What Happened to Pensions in August 2022

After months of investments tumbling in a downward trend, July seemed “to mark a positive turning point for global markets,” according to an update from PensionBee. In fact, China was “the only leading stock market to fall in value.” This brief rebound had “created speculation… Read More

FedNow Real-Time Payments Service to Go Live in Summer of 2023

The Federal Reserve has reportedly changed the timing of the introduction of its real-time payments solution, called FedNow, to the middle of 2023. The US Federal Reserve is aiming for a full-scale production rollout of the new payments service for somewhere between May and July… Read More

Financial Technology Association Comments on Federal Reserve Confirmations

The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. Penny Lee, CEO of the FTA, stated: “The… Read More

FedNow Service Pilot Achieves Message Delivery Milestone, Adds New Participants

The Federal Reserve recently reported that it officially began onboarding pilot participants onto the FedNow Service, “signaling that the initial testing phase of the FedNow Pilot Program is underway.” A few organizations have now successfully “connected and delivered test messages over a pilot version of… Read More

Michael Barr, a Former Ripple Advisor, Nominated as Vice Chair for Supervision of the Federal Reserve

Former Ripple advisor, Michael Barr has been nominated by President Joe Bident to become the Vice-Chair for Supervision of the Federal Reserve. The selection was announced by the White House earlier today. According to the administration, Barr is currently the Joan and Sanford Weill Dean… Read More

Sarah Bloom Raskin Pulls Her Name from Fed Board Nomination

Following questions regarding sufficient support in the US Senate, Sarah Bloom Raskin has decided to pull her name for consideration as a Federal Reserve Board Member. Yesterday, Senator Joe Manchin indicated he would not vote to confirm her nomination – potentially leaving the Senate without… Read More

Sarah Bloom Raskin’s Appointment to Federal Reserve Board Probably Doomed Following Senator Manchin’s Decision Not to Support Nominee

Sarah Bloom Raskin was selected by President Joe Biden to fill a seat on the Federal Reserve Board of Governors. Last January, Biden announced his decision to appoint Raskin as Vice Chair for Supervision of the Federal Reserve. At that time, Biden described Raskin as… Read More

Senior Federal Reserve Officials Banned from Holding Crypto as New Investing Restrictions Applied

The Federal Open Market Committee has announced new restrictions on senior Fed officials in regards to investing and trading activities. According to a statement by the Fed, under the new rules, senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds, holding investments… Read More

BNP Paribas Asset Management Reveals How Digital Commerce Is Evolving as Big Players Emerge Outside China

Zhikai Chen, Head of Asia Equities at BNP Paribas Asset Management, notes that a number of factors justify their hopes for “a better year after the challenges that 2021 brought to Asian equities, and northern Asian equities in particular.” Chen writes in a blog post… Read More

Central Bank Actions Could Boost Crypto Prices: Green

The founder of deVere Group predicts pending central bank interest rate announcements could cause a rise in the price of major cryptocurrencies this week. Nigel Green said the U.S. Federal Reserve, the Bank of England, the Central Bank of Norway, and the Reserve Bank of Australia,… Read More

Ethereum Experiences Burst of New User Adoption in Q3 due to NFTs, Bitcoin Records Steady Gains: Report

The team at Coin Metrics, including researchers Nate Maddrey and Kyle Waters have released their State of the Network Q3 2021 wrap-up report. In the latest edition of the State of the Network report, the Coin Metrics team has taken a data-driven look at what… Read More

Report: US Federal Reserve to Soon Publish Report, Request Public Feedback, on Central Bank Digital Currency

The US Federal Reserve is poised to publish a report on the possibility of a central bank digital currency or CBDC. The concept has been bandied about by central bankers for several years now as policymakers seek to assess the benefits, and potential pitfalls, of… Read More

Lightning Protocol Mitigates Bitcoin Network’s Deficiencies as High-Cost, Slow Settlement System like Visa does for Fed Reserve: Report

Bitcoin’s (BTC) usage growth during the last 10 years has been “strong” and “steady,” and on this journey, from its “humble” beginnings, the flagship crypto has progressed through various phases of “differing usage,” according to a new report from CoinShares. Starting as a “worthless geeky… Read More

US Regulators Warn that Bitcoin, Other Cryptocurrencies Pose Significant Financial Stability Risk

US Federal Reserve Chief Jerome Powell recently noted that cryptocurrencies pose significant risks to financial stability. Powell stated on Thursday (May 20, 2021) that greater regulation of crypto assets may be necessary. As reported by Reuters, the US Treasury Department cited concerns about wealthy people… Read More

US Federal Regulators Add Time to Comment Period on AI and Financial Services

As was reported last March, five federal regulatory agencies joined in a consultation pertaining to the usage of artificial intelligence (AI) and machine learning (ML) within financial institutions. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and… Read More

Fed Chair Jerome Powell Cautions that Bitcoin Investments and Trading Pose Major Risks, Not Suitable for Payments or Store of Value

US Federal Reserve Chairperson Jerome Powell has cautioned that transacting in digital currencies such as Bitcoin can pose significant risks due to the high volatility nature of these new assets. Powell noted that virtual currencies remain highly volatile. He pointed out that Bitcoin may not… Read More

Bitcoin Is “Extremely Inefficient” when Used to Settle Financial Transactions, US Treasury Sec Janet Yellen Argues

US Treasury Secretary Janet Yellen stated on Monday (February 22, 2021) that Bitcoin is an “extremely inefficient” way to settle financial transactions. Yellen commented on how the digital currency’s price fell sharply (as usual) during morning trading hours, but then stayed above the $53,000 mark… Read More

US Federal Reserve Is Focused on Launching FedNow for Real-Time Digital Payments and Settlements

The US Federal Reserve, which is the central banking system of the country, has reportedly been working on a new real-time payment and settlement system, called FedNow. Governor Lael Brainard claims that the Fed plans to have FedNow fully operational as soon as possible. Brainard… Read More

Digital Dollar Team: COVID-19 Socio-economic Crisis Is a “Call to Action” for Fintech to Address “Persistent Deficiencies” in Money Distribution

The developers of the Digital Dollar project have published a detailed whitepaper that outlines the steps required for the US to issue its own virtual currency. As confirmed in the paper, the Digital Dollar Project is being developed with the assistance of the Digital Dollar… Read More

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