According to Odaily, Federal Reserve's Mary Daly has indicated that policy adjustments are anticipated in the near future. Daly noted that there is growing confidence in achieving a sustainable pace to bring the inflation rate back to 2%.
According to BlockBeats, Federal Reserve Chair Jerome Powell stated on July 16 that the economy has performed well over the past few years. He anticipates that economic growth will slow down this year, while inflation will continue to make progress. Powell noted that the recent three inflation data points have indeed boosted confidence.Powell emphasized that no specific signals will be given regarding any particular meeting today. Decisions will be made based on evolving data and outlooks. With inflation now decreasing, the focus will shift to the Federal Reserve's dual mandate. Powell also mentioned that if the Fed waits until the inflation rate reaches 2% before cutting interest rates, it would be waiting too long.
According to Odaily, Federal Reserve official Austan Goolsbee has indicated that the moderate inflation data for June has strengthened his belief that price pressures are easing, which supports the case for interest rate cuts. Goolsbee expressed concerns that maintaining current interest rates could result in an overly stringent policy stance, as each month of declining inflation effectively raises the real short-term interest rates.
According to Odaily, the Hong Kong Securities and Futures Commission (SFC) has identified seven cryptocurrency exchanges operating without regulatory oversight. The exchanges listed as non-compliant include Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. The SFC's action underscores its commitment to maintaining a secure and transparent financial market by ensuring that all trading platforms adhere to established regulatory standards. This move is part of a broader effort to protect investors and uphold the integrity of the financial system in Hong Kong.
According to Odaily, the Russian Ministry of Finance has proposed allowing licensed exchanges such as the Moscow Exchange and the St. Petersburg Exchange to offer digital currency trading services to selected qualified investors. Anatoly Aksakov, Chairman of the State Duma Financial Markets Committee, believes that Russia's largest exchanges are ready to handle cryptocurrency trading. He emphasized that once the legal framework is established, the exchanges should be able to commence crypto trading swiftly without any issues.
According to BlockBeats, on July 15, Gurbir S. Grewal, the head of the U.S. Securities and Exchange Commission (SEC) Enforcement Division, discussed cryptocurrency regulation at a recent symposium hosted by the William & Mary Law Review at the College of William & Mary School of Business. Grewal emphasized the necessity of enforcing federal securities laws in the evolving cryptocurrency market. He highlighted that the principles established in the 1946 Supreme Court ruling in SEC v. Howey, which defined securities, still apply to new investment schemes, including crypto assets. Grewal pointed out the significant investor losses caused by fraudulent crypto activities and stressed the urgent need to address these harms. He mentioned numerous charges brought against issuers involved in unregistered and deceptive offerings. Grewal underscored that innovation and compliance with securities laws are not mutually exclusive. The SEC is committed to working with cryptocurrency entrepreneurs to ensure adherence to regulations while fostering technological advancement. He concluded by emphasizing the need for robust enforcement to maintain public trust, protect investors, and enhance confidence in financial markets.
According to Foresight News, the U.S. Securities and Exchange Commission (SEC) is scheduled to hold a closed-door meeting on July 18. The agenda for this meeting includes discussions on solutions for enforcement actions. This has led to speculation that the regulatory body may be close to resolving its legal dispute with Ripple Labs. While the official agenda has not been disclosed, sources indicate that the meeting might cover the Ripple lawsuit and potential settlement options.
According to Odaily, the United States Producer Price Index (PPI) increased by 0.2% from the previous month and saw a year-over-year rise of 2.6%. The June PPI monthly rate was 0.2%, surpassing the expected 0.10% and improving from the previous value of -0.20%. The annual rate for June PPI stood at 2.6%, higher than the anticipated 2.30% and the prior 2.20%.
According to Odaily, the Hong Kong Monetary Authority (HKMA) has issued a notice to banks and licensed stored value facility holders. The notice details the results of a meeting held last month by its Financial Action Task Force (FATF), identifying jurisdictions with strategic deficiencies in their systems for combating money laundering, terrorist financing, and proliferation financing.The HKMA stated that the FATF has completed its fifth targeted review of virtual assets and virtual asset service providers, implementing relevant anti-money laundering measures. The task force will continue to monitor market trends and watch for significant developments that may require further action. The report on this review will be published in the coming weeks.
According to Odaily, Mary Daly, a representative of the US Federal Reserve, she expressed her growing confidence in the need for early relaxation of monetary policy during a phone conference with the media. This belief is based on recent inflation and employment data. 'Considering the information we have received so far, including data on employment, inflation, GDP growth, and economic prospects, I believe some policy adjustments may be necessary,' Daly stated. However, she declined to specify when she believes it would be appropriate for the Federal Reserve to cut interest rates.Daly has publicly stated that she does not believe prescriptive forward guidance, including the number and timing of rate cuts, is the best approach at this critical time. She pointed out that the risks faced by the Federal Reserve's dual goals of price stability and full employment have been better balanced. She believes that monetary policy is taking effect, but there is still 'considerable uncertainty' about how the economy will develop.