Dollar consolidates ahead of key inflation release; yen nears intervention
- The U.S. dollar edged lower in early European trade Thursday, handing back some of the previous session’s gains, while the Japanese yen fell into intervention...
- The U.S. dollar edged lower in early European trade Thursday, handing back some of the previous session’s gains, while the Japanese yen fell into intervention...
-- Most Asian currencies moved little on Thursday as traders remained largely biased towards the dollar in anticipation of more key U.S. economic cues. Focus was also...
How do you define normal? How do you define abnormal? I used to know how to answer those questions.
According to Odaily, digital asset bank Custodia Bank has submitted a court summary to the Tenth Circuit Court of Appeals in the United States, challenging the decision of a Wyoming judge to grant the Federal Reserve unrestricted power to reject its master account. Custodia is asking the appellate court to instruct the Wyoming District Court to revoke its decision to reject Custodia's application for a master account and grant it a master account. Caitlin Long, CEO of Custodia, has hired two senior Supreme Court lawyers to defend her company.The lawyers for Custodia argue that the Federal Reserve's power to refuse to open a master account for state-chartered banks undermines the dual banking system, which allows banks to freely choose whether to operate under state or federal charter. They also claim that the Federal Reserve's power to discriminate against state-chartered banks seeking to obtain a master account may violate the Monetary Control Act, which allows state-chartered banks seeking to obtain Federal Reserve services to have fair access.They emphasized the word 'shall' used by Congress in the Monetary Control Act and wrote that 'all services of all Federal Reserve Banks... should be open to non-member deposit institutions', to illustrate that Congress intended all eligible banks to have equal access to the services of the Federal Reserve.In early May, Custodia hoped to operate as an uninsured bank, issuing a stablecoin backed by cash and other assets. However, the Federal Reserve determined that the bank was not entitled to a master account in the Federal Reserve System and rejected its application to join the Federal Reserve System, indicating that the Federal Reserve intends to isolate the payment track from crypto assets. It is reported that a Federal Reserve account allows the holder to transfer reserves directly to another financial institution without another intermediary.
-- The Japanese yen weakened further on Thursday, with the USDJPY pair rising to its highest points in 38 years while blowing past levels which traders believed would...
TLT reports 5.1% gain in assets after $2.7b of inflows. Here are the daily ETF fund flows for June 26, 2024.
New home sales hit a six-month low as high mortgage rates continued to weigh on buyers.
The AI chip making giant’s pullback from a correction helped boost tech funds, major indexes on Tuesday.
On today's episode of Wealth!, Host Brad Smith breaks down some of the key themes impacting the markets (^DJI, ^IXIC, ^GSPC), from a struggling housing sector to record travel July 4th weekend. New home sales for the month of May fell over 11%, according to the US Census Bureau. KPMG senior economist Yelena Maleyev claims that it will be a while before the housing sector sees relief, only estimating one interest rate cut from the Federal Reserve by December: "We've pushed that forecast out into December, so we do expect one rate cut in December, which will help bring overall mortgage rates to perhaps around 6.5 by the end of the year. That's probably not what people who are waiting for those 3% mortgage rates are wanting to hear, but unfortunately, those days are behind us." She adds that a few more rate cuts in the pipeline could bring mortgage rates to 5.5%. US equity markets have hit record highs in 2024, largely spearheaded by the growth of semiconductor and chip stocks like Nvidia (NVDA). BlackRock US Head of Thematic and Active ETFs Jay Jacobs sits down with Brad Smith on Wealth! as part of Yahoo Finance's ETF Report to discuss several of BlackRock's notable iShares ETFs in relation to the growing AI landscape and the energy and digital infrastructure demands that come with mass adoption. The number of US households with direct stock ownership increased by 6% between 2019 and 2022, according to a Federal Reserve study of consumer finances. JPMorgan Wealth Management head of self-directed investing Andrea Finan says her biggest tip for beginner investors is to "find the experts ... Go to credentialized places to get information and learn. I really strive for people to become curious in investing and learn and use the tools..." Finally, as more than 24 million people are expected to fly out of US airports during the 4th of July weekend, Hopper Lead Economist Hayley Berg gives an overview of thee busy weekend ahead. She explains that summer travel prices have decreased, as airfares are down 18% in the US and hotel and rental car prices remain in line with previous years: "So those travelers who are getting away are definitely able to expand those travel budgets into things like activities and maybe some nice dinners out rather than spending as much on accommodations and flights." This post was written by Melanie Riehl
- The EUR/USD has dropped significantly in recent weeks, particularly affected by the shock of the dissolution of the National Assembly in France and the resulting...