Will bitcoin become a strategic reserve asset for the U.S.?
Major players in finance are embracing bitcoin, raising questions about its future as a reserve currency.
Major players in finance are embracing bitcoin, raising questions about its future as a reserve currency.
July's Consumer Price Index (CPI) saw the cost of shelter increase 0.4% in the month. Meanwhile, mortgage applications surged 16.8% last week from 6.9% the week prior. Mphasis Digital Risk founder and managing director Jeff Taylor joins Market Domination Overtime to discuss the state of the housing market and its trajectory as the Federal Reserve initiates interest rate cuts. "What we saw in the refinance market was the biggest one-week jump in almost two years. And if we look at the broader [mortgage] rate market right now, we're down a full point to 6.5%, down from a high in April of 2024. And as the Fed has talked about over the course of the last couple of weeks, we're looking at potentially one to two rate cuts this year, maybe September, maybe December, maybe a total of 75 basis points," Taylor tells Julie Hyman and Josh Schafer. "So for the first time in over two and a half years, I think that we're really starting to hit a spot here in a period of time where interest rates are going to come back down coupled with affordability getting a little bit better... Those things coming together are really going to shape up for what could be a good housing market in the rest of this year and in the spring buying season," he explains. He notes that in a recent survey, Mphasis found that 48% of potential homebuyers are looking for a 5% rate in order to feel ready to purchase a home. He expects permanent mortgage rate cuts to come when the Federal Reserve cuts interest rates: "If you look at September through December of this year, you could probably see triple the amount of refinance volume as you have in the previous two years on a monthly basis because, ahead of the Fed, the markets will move to MBS [mortgage-backed securities] and then mortgage rates will come down." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Melanie Riehl
The investment bank has positions in multiple spot bitcoin funds, according to an SEC filing.
Artificial intelligence and robotics are ever-expanding industries, with new research and innovations coming out every day and major companies competing to get the next and best new tech. What are the best ways to begin investing into the space? As part of Yahoo Finance's Robotics Week: Investing in Tomorrow special, BlackRock US Head of Thematic and Active ETFs Jay Jacobs sits down with Julie Hyman and Josh Schafer to talk about how investor portfolios can gain exposure to this next generation of technology. "We're looking to provide exposure across the value chain of pure-play artificial intelligence companies. That includes everything from generative AI model developers to artificial intelligence infrastructure, software and data, as well as artificial intelligence hardware... think semiconductors," Jacobs tells Yahoo Finance. "The idea is that as you see more adoption of artificial intelligence, more use cases that are being put to work... we would expect more adoption of artificial intelligence to ultimately lift this basket of stocks. That is the idea behind really trying to be very, very specific about what is the value chain of artificial intelligence BlackRock manages a variety of exchange-traded funds, including the iShares Future AI & Tech ETF (ARTY) and iShares Semiconductor ETF (SOXX). For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan.
According to Bloomberg, Singapore is preparing to charge two former Chinese bankers on Thursday in connection with the country's largest money-laundering case. The individuals, who were relationship managers at two foreign banks in Singapore, are accused of serving criminals involved in a S$3 billion ($2.3 billion) laundering scheme, as stated by the Singapore Police Force in an emailed statement on Wednesday. The names of the banks were not disclosed.The case has caused significant concern in the Asian financial hub, following the authorities' seizure of cash, properties, cryptocurrencies, and other assets totaling S$3 billion last year. Ten individuals of Chinese origin were imprisoned for laundering illicit funds from illegal overseas gambling operations and other offenses, while additional suspects remain at large.David Chew, director of the police force’s commercial affairs department, emphasized the seriousness with which Singapore views the laundering of criminal proceeds through its financial system. “Those who help clients circumvent their financial institutions’ due diligence processes or who help clients forge documents to conceal the true nature of their assets, must be dealt with robustly under our laws,” Chew stated.The first banker is a 26-year-old male, and the second is a 35-year-old male. Additionally, a Singaporean driver is also set to be charged in connection with the case.
According to BlockBeats, on August 14, the U.S. Securities and Exchange Commission (SEC) announced that it has obtained a preliminary injunction and asset freeze to investigate Drive Planning LLC and its founder and CEO, Russell Todd Burkhalter. The SEC alleges that from 2020 to June 2024, Drive Planning and Burkhalter raised over $300 million from more than 2,000 investors by promising high returns, such as '10% interest every three months,' for supposed real estate investments. However, this was a typical Ponzi scheme, where funds from new investors were used to pay returns to existing investors. Additionally, the SEC accuses Burkhalter of misappropriating millions of investor funds to purchase a $3.1 million yacht, $4.6 million in private jet and luxury car services, and $2 million for a luxury apartment to support his lavish lifestyle.Nekia Hackworth Jones, Director of the SEC's Atlanta Regional Office, stated that Drive Planning and Burkhalter gained the trust of ordinary investors through false promises, executing a classic Ponzi scheme. She urged investors to be wary of sellers who excessively promote high returns. Besides obtaining emergency relief, the SEC is also seeking a permanent injunction against the defendants, the return of ill-gotten gains, civil penalties, and a ban on Burkhalter from serving as a corporate officer. The case is currently under further investigation.
U.S. consumer prices increased by less than expected on an annualized basis in July, increasing the likelihood that the Federal Reserve will start cutting interest...
The report likely seals the case for the Fed to begin cutting interest rates at its next meeting.