Bitcoin Slips to 3-Week Low as Market Sees Federal Reserve Lifting Rates to 5.65%
Bitcoin fell to a three-week low Wednesday as U.S. Federal Reserve Chairman Jerome Powell's hawkish testimony to Congress spurred traders to price in a higher "terminal rate."
Republican Congressman Tom Emmer Introduces Bill to Ban Fed’s CBDC
On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without prior review and approval from Congress. Emmer argued that creating a CBDC could negatively impact financial privacy and individual freedom, as authorities and regulatory entities could use it as a tool to track and control citizens’ spending. (cryptopotato)
US Federal Reserve Denies Custodia Bank’s Request for Fed Supervision
The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia’s application “was inconsistent with the required factors under the law.”
Federal Reserve Governor Reinforces US Regulators’ Preference for Keeping Crypto Apart From Banks
Waller, echoing other U.S. regulators who have cheered their success at protecting the financial system from the cryptocurrency sector’s woes, said Friday that the fallout from the FTX collapse and other recent firm failures hasn’t caused significant damage to the system the Fed oversees.
Federal Reserve Officials Say More Interest Rate Hikes Are Needed to Curb Inflation
Several Federal Reserve governors and presidents say that more interest rate hikes are needed to curb inflation. “We are not done yet with raising interest rates,” Fed Governor Lisa Cook said. “We need to raise rates aggressively to put a ceiling on inflation,” Minneapolis Federal Reserve President Neel Kashkari stressed.
What’s Next for the Fed? Former Vice Chair Weighs In
Roger Ferguson – former vice chairman of the Federal Reserve – has offered his analysis of the central bank’s latest interest rate hike and the press conference that followed on Wednesday.
Federal Reserve Lifts Rates Another 25 Basis Points
Matching market expectations, the Federal Reserve's Federal Open Market Committee (FOMC) hiked its benchmark Federal Funds rate by 25 basis points to a range of 4.5%-4.75%.
Bitcoin Little-Changed on Soft Economic Data Ahead of Fed Meeting
Private hiring slowed to its weakest level in 2 years, according to the ADP National Employment Report, with just 106,000 jobs added in January. In addition, the manufacturing sector continued to contract, with the ISM Manufacturing Survey for January dipping to 47.4.
Federal Reserve Board Issues Policy Statement to Promote a Level Playing Field for All Banks With a Federal Supervisor, Regardless of Deposit Insurance Status
Banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such as crypto-asset-related activities.
Fed Policy to Align Bank Oversight Could Limit Crypto Activities by State Banks
The United States Federal Reserve Board announced Jan. 27 that it was issuing a policy statement on limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state banks without deposit insurance and national banks, which are overseen by the Office of the Comptroller of the Currency (OCC), by allowing them the same scope of permissible activities.
