Eagle Crest Asset Management

July 29, 2024

Fed Likely To Maintain Rates In August

According to BlockBeats, the CME FedWatch Tool indicates a 95.9% probability that the Federal Reserve will keep interest rates unchanged in August. There is a 4.1% chance of a 25 basis point rate cut.Looking ahead to September, the probability of maintaining the current interest rate drops to 0%. The likelihood of a cumulative 25 basis point rate cut stands at 85.8%, while the chances of a cumulative 50 basis point cut are 13.8%. The probability of a cumulative 75 basis point cut is 0.4%.

July 28, 2024

Fed Officials Likely To Agree On Balancing Employment And Inflation Risks

According to Odaily, institutional economists suggest that during next week's meeting, most Federal Reserve officials are likely to reach a consensus on one key issue: the downside risks to the Fed's full employment mandate are roughly balanced with the upside risks to inflation. It is anticipated that officials will generally agree that a rate cut will be appropriate at some point in the near future, although there may be slight differences in opinion regarding the exact timing of such a move.

July 27, 2024

Social Media Platform X Under Investigation By Irish Data Protection Commission

According to Cointelegraph: Elon Musk's social media platform X is under scrutiny by the Irish Data Protection Commission (DPC) following reports that a change in default settings allows user data to be fed into the training of Musk’s artificial intelligence chatbot, Grok.“The DPC has been engaging with X on this matter for several months, with our latest interaction occurring as recently as yesterday,” the DPC told TechCrunch on July 25. The Commission expressed surprise at the recent developments and is awaiting a response from X, with further engagement expected early next week.Grok and User Data ControversyGrok is an AI chatbot designed to be witty, informative, and engaging, developed by xAI, a research and development company founded by Musk. Several posts on X have warned users about the controversial setting change, which allows the platform to use posts, interactions, inputs, and results with Grok for training and fine-tuning purposes.Encrypted email service ProtonMail advised its 304,500 X followers on how to turn off the default setting: “Your data on X is used by default to train Grok. Turn it off in Settings > Privacy and safety > Data sharing and personalization > Grok,” Proton explained in a July 26 X post.Open Source Move and Legal BattlesThis controversy comes months after Musk announced that xAI would make Grok open source, amid a lawsuit against rival AI chatbot developer OpenAI. Musk's announcement received positive responses from users, with many praising the decision and calling for OpenAI to do the same.On February 29, Cointelegraph reported that Musk filed a lawsuit against OpenAI, claiming a breach of the agreement made when OpenAI was founded as a nonprofit organization. Musk argued that OpenAI’s partnership with Microsoft contradicts the founding principles of the nonprofit agreement to advance open-source artificial general intelligence (AGI) for the benefit of humanity.

July 27, 2024

Silvergate Agrees To Pay $43 Million To Fed Over AML Violations

According to Bloomberg, Silvergate has agreed to pay $43 million to the Federal Reserve for allegedly failing to comply with anti-money laundering (AML) regulations. The settlement was announced by the Fed on Friday. This agreement comes as part of ongoing efforts to enforce compliance with financial regulations and ensure the integrity of the financial system.

July 26, 2024

Fed Likely To Maintain Rates In August, Potential Rate Cuts In September

According to BlockBeats, the CME's 'FedWatch' tool indicates a 93.3% probability that the Federal Reserve will keep interest rates unchanged in August, with a 6.7% chance of a 25 basis point rate cut.Looking ahead to September, the likelihood of the Fed maintaining the current interest rates drops to 0%. There is an 88.6% probability of a cumulative 25 basis point rate cut, an 11% chance of a cumulative 50 basis point rate cut, and a 0.3% probability of a cumulative 75 basis point rate cut.

July 25, 2024

Fed Likely To Maintain Rates In August, Possible Cuts In September

According to BlockBeats, the CME 'FedWatch' tool indicates a 93.3% probability that the Federal Reserve will keep interest rates unchanged in August. There is a 6.7% chance of a 25 basis point rate cut during the same period.Looking ahead to September, the likelihood of the Federal Reserve maintaining the current interest rates drops to 0%. The probability of a cumulative 25 basis point rate cut stands at 89.6%, while there is a 10.2% chance of a cumulative 50 basis point cut. The probability of a cumulative 75 basis point rate cut is 0.3%.

July 24, 2024

Bank Of Canada Lowers Benchmark Interest Rate To 4.5%

According to Odaily, the Bank of Canada has reduced its benchmark interest rate from 4.75% to 4.5%. This marks the second consecutive rate cut, aligning with market expectations.

July 24, 2024

US Stock Market Opens Lower With Major Indices Declining

According to Odaily, the US stock market opened with significant declines. The Dow Jones Industrial Average fell by 0.53%, the S&P 500 Index dropped by 0.95%, and the Nasdaq Composite Index decreased by 1.48%. Tesla (TSLA.O) experienced a sharp decline of 8.63% following its Q2 net profit, which fell short of expectations. Alphabet (GOOG.O) also saw a decrease of 4.69%, despite exceeding Q2 performance expectations, as the company anticipates increased capital expenditures within the year.

July 24, 2024

Thailand To Open Digital Wallet Registration In August

According to BlockBeats, Thailand will open registration for digital wallets from August 1 to September 15. The initiative is expected to attract 45 million participants, as stated by the Thai Deputy Finance Minister. The government has allocated 450 billion baht for this program. Digital cash spending is set to commence in the fourth quarter of this year.

July 23, 2024

U.S. House Passes Bill To Form Crypto Working Group

According to CoinDesk, the U.S. House of Representatives has passed a bill to establish a working group to investigate the use of cryptocurrencies in terrorism and money laundering. The bill, sponsored by Rep. Zach Nunn (R-Iowa), aims to create a temporary group under the Treasury Department to assess and recommend measures to prevent the misuse of digital assets by bad actors. The group would include industry representatives, such as members from blockchain intelligence companies.Despite the House's approval, the bill is unlikely to advance further without a corresponding Senate measure. This legislation is part of a broader effort by Congress to address cryptocurrency regulation, although the Senate has yet to match the House's progress. The bill's passage follows other crypto-friendly measures, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), which have also cleared the House Financial Services Committee.In a speech on the House floor, Nunn emphasized the importance of the legislation in enhancing national security, protecting digital assets, and fostering the development of financial and internet technology within the United States. However, Jaret Seiberg, an analyst at TD Cowen, suggested that the bill serves more as a political gesture. He noted that it allows crypto critics to push for stricter money laundering regulations while providing crypto advocates with political cover against accusations that digital assets facilitate criminal activities.As the 2024 presidential contest approaches, cryptocurrency has become a significant political issue. However, the likelihood of a divided Congress reaching a consensus on comprehensive crypto regulation remains slim. Industry insiders are closely monitoring relevant provisions in the National Defense Authorization Act, which sets the nation's defence priorities.Additionally, the Digital Chamber sent a letter to Vice President Kamala Harris, urging her to adopt a positive stance on digital assets and blockchain technology. The letter called for Harris to include a pro-crypto position in the Democratic party's platform and to select a running mate with a history of supporting innovation in digital asset technology. This appeal aligns with similar requests from other industry participants, advocating for a more crypto-friendly approach from the potential Democratic leader.