Fears of recession spreading in Fed?
According to Neel Kashkari, President of Federal Reserve of Minneapolis, if the Fed hikes the interest rates too aggressively, the risk of recession in the United States rises significantly. He also points out at supply side of the markets and industries and is worried whether tightening policy and rate hikes will not be too much.
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Florida Governor wants to ban CBDCs
Florida Governor Ron DeSantis called for a ban on central bank digital currencies (CBDCs). He pointed out some negative effects, including higher surveillance over citizens or a cap on CBDC holdings.
Microsoft launches AI tool Copilot
Microsoft has just launched a new AI tool called Copilot. It will be a similar tool to ChatGPT, which users can use for Word, Excel, PowerPoint, Outlook, etc.
Edwin Garrison has spearheaded a class action lawsuit against influencers promoting FTX on YouTube and other platforms. He seeks $1 billion in damages since they made money from promoting the FTX crypto scam without disclosure.
Meta has just announced a second round of layoffs. It was 11,000 employees four months ago. This time, Meta is firing 10,000 people.
Meta ended support for NFTs on Instagram and Facebook after one year. The company said it will focus on different ways to support businesses and creators.
The federal government will not provide a bailout for Silicon Valley Bank, according to Treasury Secretary Janet Yellen. However, she reassured nervous depositors that efforts are being made to assist them.
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Magic Eden supports Bitcoin NFT trading
Magic Eden has become one of the first major NFT marketplaces to support Bitcoin NFTs (Ordinals). The company aims to leverage the rising interest in Ordinals after over 560,000 inscriptions were made. This is the fourth supported blockchain after Solana, Ethereum, and Polygon.
Russia to internationalize Chinese Yuan
Putin advocated for the internationalization of the Chinese yuan, saying that around two-thirds of trade between Russia and China is conducted in yuan and ruble. The president said his country supports the use of the yuan in trade between Russia and countries in Asia, Africa, and Latin America.
The annual inflation rate in the UK unexpectedly jumped from 10.1% to 10.4%, significantly higher than the 9.9% forecast. Lebanon’s inflation surged from 123.53% to 189.67%. South Africa’s inflation jumped by 0.1% from 6.9% to 7%.
The euro strengthened against all fiat currencies, supporting the ongoing trends. EUR/AUD jumped 1.5%, while EUR/JPY and EUR/GBP are up 1.2%.
Texas introduces a Bitcoin bill
Texas introduced a bill that should protect Bitcoin miners, holders, and developers. The bill explains how Bitcoin made several technological breakthroughs, including blockchain and distributed ledger.
FRC gains 30% amid banking mayhem
After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.