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.
MP Tulip Siddiq called for crypto regulation as shadow economic secretary while in the opposition, and now the Labour Party is in control of the UK government.
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