According to Odaily, the Reserve Bank of New Zealand has reduced its interest rate by 50 basis points to 4.75%. This move aligns with market expectations and marks the second consecutive rate cut.
According to Odaily, JPMorgan CEO Jamie Dimon has expressed support for the Federal Reserve's decision to slow down the pace of rate cuts by 50 basis points. Dimon believes that long-term interest rates may remain at their current level or slightly increase. He also noted significant concerns among the public regarding the United States' fiscal and monetary policies.
According to BlockBeats, on October 8, market sources reported that Ray Dalio, the founder of Bridgewater Associates, does not anticipate significant interest rate cuts in the near future.
According to Odaily, UBS economist Brian Rose stated in a report last Friday that the Consumer Price Index (CPI) for September will be a critical data point. If prices rise faster than expected, coupled with strong labor data, the likelihood of the Federal Reserve holding steady at its November meeting will increase. Based on data from the CME FedWatch tool, following the release of the September employment report, the probability of the Federal Reserve cutting interest rates by 50 basis points next month has dropped from 33% to zero. Traders are now not even fully pricing in a 25 basis point rate cut. Therefore, Thursday's CPI reading has gained significant importance for the Federal Reserve's next move.
According to Odaily, Dutch banks ABN AMRO and Rabobank have participated in the issuance of digital commercial paper. This paper was tokenized on Deutsche Börse's Clearstream D7 DLT platform. The transaction is part of the European Central Bank's distributed ledger technology experiment for wholesale settlement using central bank money. ABN AMRO has expressed a preference for issuing digital bonds on public blockchains, utilizing Ethereum, Stellar, and Polygon.
According to BlockBeats, on October 8, the President of the Federal Reserve Bank of St. Louis, Musalem, expressed his support for the Federal Reserve's decision to cut interest rates by 50 basis points last month. However, he emphasized his preference for further rate cuts to be implemented gradually. Considering the current economic conditions, Musalem believes that the cost of easing too early and too much outweighs the cost of easing too late and too little. Over time, a gradual reduction in policy rates may be appropriate. He also predicted that the Federal Reserve's preferred inflation measure, the Personal Consumption Expenditures Price Index (PCE), will converge to 2% over the 'next few quarters.'
According to Cointelegraph, a European Central Bank (ECB) official has proposed the creation of a 'European ledger,' a unified blockchain platform for digital assets and money across the continent. This initiative aims to enhance efficiency and synergy within European digital markets. ECB executive board member Piero Cipollone highlighted the fragmentation and unharmonized legislation in Europe’s traditional capital markets, suggesting that a digital capital markets union could address these issues.Cipollone noted that over 60% of banks in the European Union are exploring or experimenting with distributed ledger technology (DLT), with another 22% already utilizing it. However, he emphasized that while DLT offers opportunities for financial integration, it does not guarantee it. He pointed out that non-interoperable technological ecosystems shaped by different national regulatory regimes have created isolated pools of asset liquidity, further entrenching fragmentation.Currently, DLT is primarily used for issuing assets, but extending its use to negotiation, settlement, and custody on a single platform could reduce costs and enable round-the-clock operations. Cipollone stated that investors would benefit from the broader use of DLT, but central banks also have a vested interest in ensuring that central bank money remains a cornerstone of stability in a token-based capital market.The concept of a unified ledger, where cash and assets coexist on the same platform, has garnered support from the Bank for International Settlements and various central banks. Institutions like SWIFT and JPMorgan have also shown interest. However, Cipollone cautioned that while a European ledger could promote financial stability and integration, it might also stifle innovation, particularly for specific use cases. He suggested that traditional finance might benefit more from the flexibility offered by competing DLT platforms.As these discussions continue, the ECB is exploring ways to settle DLT transactions with central bank money, despite concerns that relying on existing interoperability solutions in the long term could perpetuate inefficiencies.
According to BlockBeats, a report from Matrixport reveals that global cryptocurrency adoption is approaching a significant milestone, with 7.51% of the world's population currently using cryptocurrencies. The report anticipates that by 2025, this figure will exceed 8%, indicating a potential shift of cryptocurrencies from a niche market to the mainstream financial system.The report highlights that the increasing involvement of institutions and economic uncertainty are key factors driving the steady growth in adoption.
According to BlockBeats, on October 7, European Central Bank (ECB) Governing Council member Kazaks stated that the ECB is expected to continue implementing rate cuts of equal magnitude.
According to PANews, the Hong Kong Monetary Authority (HKMA) announced the list of stablecoin issuer sandbox participants in July, with Standard Chartered being one of the selected entities. Dominic Maffei, the bank's Head of Digital Assets and Fintech, revealed that Standard Chartered is focusing on developing a 'universal stablecoin.' This stablecoin aims to connect various application scenarios, thereby expanding its potential for future development.