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On the Margin Newsletter: What would a Trump sweep mean for markets?
On the Margin Newsletter: What would a Trump sweep mean for markets?

Plus, a look into US spot BTC funds six months into trading

Blockworks·2024/07/12 07:31
Federal Reserve’s strategy for fighting inflation is working
Federal Reserve’s strategy for fighting inflation is working

Share link:In this post: The Fed’s Alberto Musalem says we’re making good progress on lowering inflation but didn’t say when rates might drop. The latest CPI report shows inflation falling more than expected, raising hopes for possible rate cuts later this year. Jerome Powell said that the Fed needs to see sustained inflation control before cutting rates.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provide

Cryptopolitan·2024/07/12 06:43
Flash
  • 05:25
    Solana On-Chain DEX Trading Volume Reaches $19.359 Billion in the Past Week, Ranking First Worldwide
    According to DeFiLlama data, Solana's on-chain DEX trading volume reached $19.359 billion in the past week, with a weekly increase of 23.53%. This figure surpasses Ethereum's $12.105 billion, ranking first among public chains. The BSC chain ranks third with $8.813 billion.
  • 05:25
    Top Candidate for Fed Chair: Speak Less, Mind Your Business, Rigorously Control Monetary Expansion
    During an event on Friday, Kevin Warsh, the top candidate considered by Wall Street to succeed the current Federal Reserve Chair Jerome Powell and former Fed governor, harshly criticized some of the Fed's practices. In a side event at the IMF and World Bank Annual Meetings, Warsh, speaking before a full house, stated that the Federal Reserve talks too much, intervenes excessively in current social issues, and has not held lawmakers accountable for their excessive spending. Warsh argued that the Fed should revert to its traditional role—maintaining a low profile as it had for most of the past hundred years, without over-explaining its monetary policy and financial stability measures to the public. Warsh's views seem to align with Trump's, who believes Powell is overly exposed in the media. On Friday, Warsh said, “The Fed leaders are better off not frequently sharing their latest thoughts.” He added that Fed officials should not publish their economic forecasts because it would “bind them to their words.” Warsh even pointed out that the Fed should not over-rely on economic data when making decisions since such "data dependency" holds little value. He emphasized that the data released by the government is often delayed and prone to subsequent revisions. In his speech, Warsh did not express specific views on inflation and interest rate prospects but rather stated that the Fed should not reveal its expectations about the future path of interest rates to the markets. He said, “Central banks should readjust to operating in an environment without applause and no audience on the edge of their seats.”
  • 05:25
    Loopscale: Loan Repayment, Recharge, and Loop Loan Closure Functions Re-enabled
    Solana on-chain lending protocol Loopscale was attacked today, resulting in the theft of approximately 5.7 million USDC and 1,200 SOL. The protocol released an event update on the X platform, stating that loan repayment, recharge, and loop loan closure functions have been re-enabled. Other application functions, including Vault withdrawals, remain temporarily restricted, as investigations and efforts to mitigate this vulnerability continue. Loopscale added that the root cause of this vulnerability has been identified as an isolated issue with the pricing of collateral based on RateX. RateX itself is unrelated to this issue, and the financial loss only affects depositors of the SOL and USDC Genesis Vaults. A full technical post-mortem analysis will be released subsequently.
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