Tagged: jerome powell

CBDC: Fed Chair Jerome Powell Says They Are Nowhere Close to a Digital Dollar

Yesterday, testifying in front of the Senate Banking Committee, Jerome Powell, Chair of the US Federal Reserve, was asked several questions about a digital dollar or Central Bank Digital Currency (CBDC). Powell first pointed to the fact that most transactions are digital today as consumers… Read More

Fed Holds Interest Rates, Anticipates Rate Cuts Later in the Year

The US Federal Reserve announced that it has decided to hold benchmark rates steady at a rate of 5.25% to 5.5% today, as the Wall anticipated. The statement issued by the Federal Open Market Committee (FOMC) indicated that job gains have moderated since early last… Read More

No Surprise: Fed Increases Interest Rates by 25 BPS

As was expected, the US Federal Reserve increased benchmark rates by 25 basis points today. Markets had long anticipated the move, which pushed rates to the highest they have been in over 22 years. In the Federal Open Market Committee statement, the bank said that… Read More

US Federal Reserve’s Instant Payments and Transfers FedNow Goes Live

FedNow, an instantaneous payments and transfer service brought to you by the US Federal Reserve, is now live. FedNow is available 24/7/365 for approved institutions. According to a statement by the Fed, 35 banks and credit unions, along with the U.S. Department of the Treasury’s… Read More

As Expected Federal Reserve Hits Pause Button, Says More Rate Hikes Coming

The US Federal Reserve has decided to pause rate hikes as it aims to assess the impact of the past rate hikes that have been some of the fastest in history. The Federal Funds Rate will remain at 5 to 5-1/4%. The Federal Open Market… Read More

As Predicted, US Federal Reserve Increases Rates by 25 BPS

As widely predicted by market followers, the US Federal Reserve increased benchmark rates by 25 basis points. Not too long ago, prognosticators were vacillating on whether the March meeting would increase rates by 50 bps or 25 bps. The recent bank crises caused the financial… Read More

Federal Reserve to Review Silicon Valley Bank’s Supervision Following Failure

The Federal Reserve Board has announced that Vice Chair for Supervision Michael S. Barr will be leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The Fed said the review would be publicly released by May 1,… Read More

Treasury, FDIC, Federal Reserve Announce Action to Protect All Deposits at Silicon Valley Bank, Signature Bank in New York

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

Today at House Financial Services Committee: Fed Chair Jerome Powell Testifies on Monetary Policy

Today, a House Financial Services Committee hearing will see Fed Chair Jerome Powell testifying on monetary policy and the state of the economy. The hearing will be live-streamed on the Committee website starting at 10 AM ET today (March 8, 2023). The hearing is entitled… Read More

Federal Reserve Raises Rates Another 50 bps, How High Will They Go?

As expected, the US Federal Reserve raised benchmark interest rates by 50 basis points bringing the target range for the federal funds rate to 4-1/4 to 4-1/2 percent. The vote for 50 bps was unanimous. This is the 7th interest rate increase in the past… Read More

Senators Warren, Smith Send Letters to US Federal Reserve Chair, FDIC Acting Chair, Demanding Information on Banking Industry and Ties to Crypto

The aftershocks of FTX’s bankruptcy will be felt for many months. The collapse of the crypto exchange and the potential loss of billions in value has fueled demands for regulatory oversight on Capitol Hill with renewed vigor. Earlier this week, Senator Elizabeth Warren and Senator… Read More

Senator Elizabeth Warren, AOC, Others Send Letters to Financial Officials Demanding They Shut the Revolving Door Between Crypto Firms and their Agencies

Multiple Democrat elected officials are slamming public financial agency leaders in a public letter criticizing the “revolving door” of public officials going over to crypto firms. The letter is signed by Senators Elizabeth Warren and Sheldon Whitehouse, along with Representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib,… Read More

FOMC Day: US Federal Reserve Increases Rates by 75 bps, Hawkish Going Forward

The US Federal Reserve increased interest rates by 75 basis points, as expected. The Federal Open Market Committee (FOMC) raised the target range for the federal funds rate to 3 to 3-1/4% and expects ongoing increases in the rate. The Fed said that it will… Read More

As Anticipated, Federal Reserve Raises Interest Rates by 50 Basis Points, Markets Rally

As was widely anticipated, the Federal Reserve raised its benchmark rate by 50 basis points. Simultaneously, the Fed said it would be significantly reduce its balance sheet as it battles fast-rising inflation. The increase was the largest increase since 2000. In the Federal Open Market… Read More

US Federal Reserve Publishes Consultation on Central Bank Digital Currencies (CBDCs), Looks for Feedback

The US Federal Reserve has published a discussion paper on central bank digital currencies or CBDCs. The consultation paper has long been anticipated from the central bank. The discussion paper summarizes the current state of the domestic payments system and discusses the different types of… Read More

Congressman Tom Emmer Introduces Legislation Prohibiting the Fed From Issuing CBDC to Consumers

Congressman Tom Emmer introduced legislation today designed to prohibit the US Federal Reserve from issuing Central Bank Digital Currency (CBDCs) directly to consumers. Emmer is a member of the House Committee on Financial Services and ranking Member on the Fintech Task Force. According to the… Read More

Fed Chair Jerome Powell Sees No Problem with Private Stablecoins Existing Alongside CBDCs

Chairman of the Federal Reserve Jerome Powell spent much of yesterday testifying in front of the US Senate Banking Committee as part of his nomination process. It is anticipated that Powell will easily be approved by the Committee as well as the full Senate for… Read More

Don’t Panic: Recent Bitcoin Price Movement Boring Part of Longer Bull: Analyst

While there is plenty of speculation as to why Bitcoin’s recent sideways movement has been happening, it is most likely a simple break in a continued bull market, Genesis head of market insights Noelle Acheson said in a research note this week. With the recent… Read More

US Presidents Working Group on Financial Markets Discusses Stablecoins

Yesterday, the U.S. Presidents Working Group (PWG) on Financial Markets met to discuss stablecoins with an expectation of a recommendation in the coming months. The meeting was convened by the Secretary of the Treasury Janet L. Yellen. According to a readout distributed by Treasury, during… Read More

Federal Reserve Chair Jerome Powell Talks Up Central Bank Digital Currency: “I am Concerned About Getting this Right”

“I am concerned about getting this right.” – Jerome Powell Federal Reserve Chairman Jerome Powell hiked up to Capitol Hill this week to visit with the House Financial Services Committee and Senate Banking Committee. The House Comittee held a hearing yesterday with Senate Banking holding… Read More

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