According to Odaily, European Central Bank (ECB) Governing Council member Robert Holzmann has stated that a rate cut in September is not a certainty. Holzmann emphasized that he does not wish to see an early rate cut. He noted that if the Federal Reserve were to reduce rates, it would make it easier for the ECB to follow suit. Holzmann also mentioned that the battle against inflation has largely been won.
According to Odaily, the Governor of the Bank of Thailand has announced that the list of approved virtual banks will be released in 2025. The central bank is also prepared to adjust its monetary policy based on changing circumstances.
According to Odaily, Grayscale's official data reveals that the Grayscale Bitcoin Mini Trust has surpassed $2 billion in assets under management (AUM), reaching $2,031,244,957.38. The trust currently has 359,630,100 shares in circulation and holds a total of 31,894.3102 BTC.Additionally, as of August 23, the Grayscale Bitcoin Trust (GBTC) has an AUM of $14,539,594,686.38. The GBTC has 286,290,100 shares in circulation and holds a total of 228,298.5815 BTC.
According to Odaily, Federal Reserve Chairman Jerome Powell emphasized the significance of U.S. employment data in his speech at the Jackson Hole conference, particularly in relation to the upcoming monetary easing cycle. Stephen Stanley from Santander Bank noted in a report that this underscores the importance of the August employment data, which is set to be released on September 6.Stanley pointed out that after the unexpectedly sluggish job growth in July, a similar trend in August would not be entirely surprising. More broadly, Powell and other Federal Reserve officials have recently expressed concerns about the cooling conditions in the labor market. Therefore, stronger employment data for August could potentially dispel the notion of a 50 basis point rate cut next month. Stanley believes that the employment report may be more critical than the core CPI data for August.
According to BlockBeats, on August 23, Corpay's Chief Market Strategist Karl Schamotta emphasized a key statement from Powell's speech, indicating that they will 'do everything possible to support a strong labor market while making further progress on price stability.'Schamotta interprets this as Powell acknowledging growing concerns among policymakers about the direction of the labor market. Powell did not mention a 50 basis point rate cut for September, which aligns with market expectations.
According to BlockBeats, on August 23, former Federal Reserve economist Claudia Sahm stated in an interview that there are strong arguments for a 50 basis points rate cut. She believes this move would help the Federal Reserve 'recalibrate' and stabilize the unemployment rate, which has become excessively low.Sahm emphasized that the Federal Reserve's mission is to achieve full employment. She noted that the goal should not be to avoid a recession at all costs but to seek the least possible weakening of the labor market to bring inflation down to target levels. In her view, the balance has now shifted.Sahm also mentioned that a more significant rate cut would reassure those who believed that the policy should have started easing in July, indicating that the Federal Reserve is back on track.
According to PANews, a recent study presented at the Jackson Hole Economic Symposium suggests that the U.S. economy may be nearing a critical point where a continued decline in job vacancies could lead to a faster rise in unemployment. This scenario supports the argument for the Federal Reserve to begin cutting interest rates to protect the labor market. The research, conducted by economists Pierpaolo Benigno from the University of Bern and Gauti B. Eggertsson from Brown University, highlights the dual risks faced by Fed policymakers: reducing rates too slowly, resulting in a 'hard landing' with high unemployment, or cutting rates too early, making the economy vulnerable to rising inflation. Their new analysis of the job market indicates that the risk of a hard landing currently outweighs the risk of inflation.
According to Odaily, market sources indicate that the swap market is maintaining stability, with expectations of nearly 100 basis points in rate cuts by the Federal Reserve before the end of the year. Following a speech by Federal Reserve Chairman Jerome Powell, traders have increased their bets on the likelihood of these rate cuts.
According to Odaily, market sources reveal that Federal Reserve Chair Jerome Powell has issued his strongest signal yet regarding a potential interest rate cut. Powell indicated that the Federal Reserve intends to take action to prevent further weakening of the U.S. labor market.
According to PANews, CME's 'FedWatch' tool indicates a 73.5% probability that the Federal Reserve will cut interest rates by 25 basis points in September. The likelihood of a 50 basis point cut stands at 26.5%. By November, the cumulative probability of a 50 basis point rate cut is 54.2%, while the chances of a 75 basis point cut are 38.9%. The probability of a 100 basis point cumulative rate cut by November is 7.0%.