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Federal Reserve

Stock futures tumble on fears over new coronavirus variant

Stocks and oil prices plunged Friday after health officials in South Africa said they have detected a new coronavirus variant linked to a spike in COVID-19 cases. The "Nu" variant, known among scientists as B.1.1.529, has spread rapidly among young people in Gauteng, the country's most populous province, Health Minister Joe Phaahla announced Thursday. He said B.1.1.529 is a concern because of its many mutations. That could make it easier to transmit, although many new virus variants die out. The variant has also been found in Botswana and Hong Kong in travelers from South Africa.
MARKETS
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FXStreet.com

Cryptos and NFTs: Adidas news is ‘probably a big thing’ [Video]

The latest news from Adidas is shaking the crypto headlines since Adidas Originals tweeted that they partner up with Coinbase to accept payments in cryptocurrencies. This is actually a proof of an increased adoption of the cryptocurrencies by traditional companies. If this is ‘probably nothing’, the SandBox partnership is something...
BUSINESS
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wallstreetwindow.com

The Fed’s Moral Hazard Monster Is About to Lay Waste to “Wealth” – Charles Hugh Smith

If the Fed set out to destroy the financial system, they’re very close to finishing the job. If you set out to destroy markets and the financial system, your most important weapon is moral hazard, the disconnection of risk and consequence. You disconnect risk from consequence by rewarding those making the riskiest bets and bailing out gamblers whose bets went bad.
ECONOMY
wallstreetwindow.com

‘Extremely Disappointed’: Biden Blasted for Renominating Powell as Federal Reserve Chair – Jessica Corbett

U.S. climate campaigners and other critics of Jerome Powell’s record as Federal Reserve chair responded with frustration Monday to President Joe Biden’s renomination of him to the post despite opposition from progressive activists, economists, and lawmakers. “Powell as chair of the Federal Reserve will make it more difficult for Biden...
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ambcrypto.com

Bitcoin: This federal action might contribute to Plan B’s model failing

The coming holiday season should be a time of joy, but the crypto-market is down and inflation has been on the rise. Meanwhile, Huobi Research recently published an article looking into the Taper phenomenon and how it could affect Bitcoin’s price in ways few have considered. T meets B. Early...
BUSINESS
abc17news.com

Asian stocks down after Fed says ready to act on inflation

BEIJING (AP) — Asian stock markets are lower after Federal Reserve officials indicated they were ready to raise interest rates sooner than expected if needed to cool inflation. Market benchmarks in Shanghai, Hong Kong, Seoul and Sydney declined. Tokyo advanced. Wall Street’s benchmark S&P 500 index gained 0.2% before markets closed for a U.S. holiday. Fed officials at their October policy meeting discussed how they “would not hesitate” to respond to inflation pressures, according to notes released by the central bank. That fueled investor fears the Fed and other central banks might feel pressure to withdraw economic stimulus that has been boosting stock prices.
BUSINESS
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Social News XYZ

After India, US regulators to mull over crypto risks in 2022

San Francisco/New Delhi, Nov 25 (SocialNews.XYZ) The banking regulators in the US have announced a plan to clarify the rules and regulations around how banks can use cryptocurrencies over the next year, at a time when governments the world over, including India, are weighing the risks associated with cryptocurrencies and safeguard investors.
MARKETS
Antelope Valley Press

Fed expresses resolve to address inflation risks

WASHINGTON — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy. In minutes released Wednesday of the Fed’s Nov. 2-3 meeting, Fed officials maintained that the spike in inflation seen...
BUSINESS

Federal Reserve Offers FAQs for LIBOR Transition Clarity

In updates to its FAQs, the Fed explained, among other things, that:. modifications to LIBOR-referenced adjustable-rate mortgages will not be considered by supervisors as a new contract unless the changes, (i) increase a supervised institution's LIBOR exposure or (ii) lengthen the term of the mortgage;. the automatic renewal of a...
ECONOMY

Back Mountain Chamber will welcome speaker from Philly Fed

Tired of ads? Subscribers enjoy a distraction-free reading experience. The Back Mountain Chamber will welcome Ryotaro Tashiro from the Federal Reserve Bank of Philadelphia as guest speaker for the Chamber’s upcoming Federal Reserve Breakfast. The breakfast is scheduled for Dec. 2 at the Friedman JCC in Kingston. Check-in begins at...
KINGSTON, PA