Bitcoin traded near $77,350 after $6.3 billion Binance hack, with crypto futures liquidations jumping to $1.57 billion.
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Comments from Logan on the economy, inflation and monetary policy cross the wires: Fed needs at least two more quarter-point rate hikes. Skipping a meeting doesn’t change policy destination. Adjusting policy gradually can reduce risks of sharp economic deterioration. Gradual policy adjustment helps households, businesses, investors adapt to higher rates. End goal is to make policy modestly restrictive. Making policy rate destination clear helps economy adapt, obtain benefits of a skip. “Unacceptable” that inflation is not headed back to Fed’s 2% target. After 50 bps of rate hikes, a pause would make sense to determine what further action is appropriate. Financial conditions are providing a tailwind to the economy. Higher market rates a message that investors believe monetary policy has work to do. Long-term rates have risen, but don’t represent as much as a drag on economy as might be ex
The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 3.4% annual rate in the third quarter. That is a little above the historical average growth of 3.1% and better than the numbers we’d been seeing over the last three quarters. Today’s GDP report brings the Econbrowser recession indicator […]
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