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☆ Fed's reverse repo facility drawdown looms large in balance sheet debate
▼ + stars: | 2023-10-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

Inflows have dropped sharply in recent months to around $1 trillion in the face of the Fed's aggressive policy tightening underway since last year. Fed officials, for their part, have said repeatedly they’ve got a lot of room to cut their holdings of Treasuries and mortgage-backed securities, a process that complements Fed rate increases. So far, reverse repos have “come down very smoothly,” Lorie Logan, president of the Dallas Fed said earlier this month. In his view, if reverse repos stopped contracting that could become a meaningful sign liquidity levels were getting tight enough for the Fed to change gears. "We still have a very large balance sheet" so the balance sheet cuts can likely continue over the next year and half to two years, she said, adding when it comes to getting to the finish line, "it's going to take a while."

Persons: they’ve, ” Lorie Logan, Logan, “ I’ve, Wells Fargo, Roberto Perli, Lou Crandall, Wrightson ICAP, Crandall reckons, Loretta Mester, Michael S, Dan Burns, Andrea Ricci Organizations: Fed, Dallas Fed, New York Fed, Reuters Graphics Reuters, Cleveland Fed, Thomson Locations: Treasuries, Wells

☆ The Fed probably won't cut interest rates just yet — but its next move is expected to be good for Americans
▼ + stars: | 2023-10-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's expected to pause interest rate hikes. On Wednesday, the Federal Open Market Committee is expected to announce its next interest rate decision, and a hike probably isn't in the cards. In September, the Fed paused interest rate hikes as it continued to receive promising data on the country's economic recovery. Powell has not indicated whether a interest rate cut will come this year to get consumers further relief. AdvertisementAdvertisementEven if interest rate cuts are not on the horizon anytime soon, administration officials are confident Americans will not face a recession as they enter 2024.

Persons: It's, —, Nick Bunker, Bunker, Jerome Powell, Powell, we've, Greg McBride, we're, McBride, Janet Yellen, Joelle Gamble, Gamble Organizations: Federal, Service, Fed, North America, New York Federal, Bloomberg, White, National Economic Council Locations: Israel, Ukraine

FTX founder Sam Bankman-Fried testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 27, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowOct 30 (Reuters) - FTX founder Sam Bankman-Fried is set on Monday to resume testifying at his fraud trial on charges related to the cryptocurrency exchange's collapse last year. Here are five key moments from Bankman-Fried's testimony so far. HIGH-END HOUSING AND ENDORSEMENT DEALSBankman-Fried testified that FTX corporate cash paid for high-end housing for employees in the Bahamas and endorsement deals. "We didn't care if a user withdrew funds and used them to buy muffins, to pay business expenses, to invest or anything else," Bankman-Fried testified.

Persons: Sam Bankman, Fried, Jane Rosenberg, Jody Godoy, Luc Cohen, Noeleen Walder, Will Dunham Organizations: REUTERS, PEOPLE, Alameda Research, Prosecutors, Massachusetts Institute of Technology, Thomson Locations: New York City, U.S, FTX's, Bahamas, Alameda, ALAMEDA, New York

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have said he looted billions of dollars in FTX customer funds to prop up his hedge fund, Alameda Research, make speculative venture investments, and contribute to U.S. political campaigns. His decision to testify in his own defense is risky, as it opens him up to probing cross-examination by prosecutors. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Mark Cohen, FTX, Fried, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Prosecutors, Alameda Research, Reuters, U.S, District, Thomson Locations: New York, U.S

U.S. regulators on Monday sued SolarWinds, a Texas-based technology company whose software was breached in a massive 2020 Russian cyberespionage campaign, for fraud for failing to disclose security deficiencies ahead of the stunning hack. Detected in December 2020, the SolarWinds hack penetrated U.S. government agencies including the Justice and Homeland Security departments, and more than 100 private companies and think tanks. Koch added that “we look forward to defending his reputation and correcting the inaccuracies in the SEC’s complaint." Brown's current title at SolarWinds is chief information security officer. Capitalizing on the supply-chain hack, the Russian cyber operators then stealthily penetrated select targets including about a dozen U.S. government agencies and prominent software and telecommunications providers.

Persons: SolarWinds, Tim Brown, Brown, Alec Koch, Koch, Gurbir S, Grewal, “, ”, Biden, Chad Wolf Organizations: Securities and Exchange Commission, Justice and Homeland Security, SEC, Fortune, New, Homeland Locations: Texas, Russian, New York, SolarWinds, cyberattacks, Austin , Texas, North America, Europe, Asia

☆ Improving your credit score by 100 points could save you hundreds of dollars
▼ + stars: | 2023-10-29 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

While there's not much you can do about the Fed raising interest rates, you do have some control over improving your credit score. With rising interest rates, having a good credit score is crucial to keeping costs down since it can save you hundreds of dollars in monthly debt expenses. To improve your credit score, make sure you make debt payments on time and have a wide variety of credit, while using the credit you have only sparingly. Depending on your outstanding debt, improving your credit score by 100 points can save you hundreds of dollars. Monthly interest for a credit cardFor credit cards, having a credit score of 630 could qualify you for an APR around 24%, according to Investopedia data.

Persons: there's, you'd, Warren Buffett Organizations: Federal Reserve, New York Fed

☆ NY Fed Can Cut off Puerto Rican Bank in Venezuela-Related Crackdown -US Judge
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

"Accepting deposits from and providing financial services to a financial institution with BSJI's record of noncompliance exposes the FRBNY and the financial system to risk," Koeltl wrote. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed did not immediately respond to similar requests. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Jonathan Stempel, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Diane Craft Organizations: Federal Reserve Bank of New, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of Locations: U.S, Federal Reserve Bank of New York, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ NY Fed can cut off Puerto Rican bank in Venezuela-related crackdown -US judge
▼ + stars: | 2023-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

[1/2] The entrance to The Federal Reserve Bank of New York is seen in New York City, U.S., March 13, 2023. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed declined to comment. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Brendan McDermid, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Jonathan Stempel, Diane Craft, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

Reuters Image Acquire Licensing RightsAnd that is reflected in the return of the "term premium," the amorphous amount of compensation investors demand for buying long-dated bonds instead of rolling over bills. A San Francisco Fed model estimates that the term premium on the 10-year Treasury bond has risen around 100 basis points since July. Reuters Image Acquire Licensing RightsAnalysts at Morgan Stanley reckon the term premium and debt sustainability worries could prompt a rethink of the bill-coupon supply balance. Bill supply around these levels would be well down on net issuance of just over $1.6 trillion in fiscal year 2023. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsIn an ideal world, Treasury would not choose to rely on such short-term funding needs.

Persons: Kevin Lamarque, Morgan Stanley, Bill, Committee's, Jamie McGeever, Marguerita Choy Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S, Treasury, San, San Francisco Fed, New York Fed, Bank of America, TD Securities, Bills, Reuters, Securities, Thomson Locations: Washington , U.S, Rights ORLANDO , Florida, San Francisco

"We thought that we might be able to build the best product on the market," Bankman-Fried said during his six hours of testimony in Manhattan federal court. Bankman-Fried on Friday testified that while Ellison provided him a spreadsheet she was considering sending to a lender, he did not look at it in detail. On Friday, Bankman-Fried sought to place much of the blame for Alameda's failure on Ellison. Bankman-Fried was questioned by both sides on Thursday without jurors present as the judge assessed what parts of his testimony would be admissible. Prosecutors will get their first chance to question Bankman-Fried with jurors present when they cross-examine him next week.

Persons: Sam Bankman, Fried, Caroline Ellison, Mark Cohen's, Ellison, Gary Wang, Wang, Nishad Singh, FTX, Cohen, Jody Godoy, Luc Cohen, Will Dunham, Daniel Wallis Organizations: Alameda Research, Prosecutors, Alameda, FTX, Thomson Locations: Alameda, Manhattan, New York

☆ Sam Bankman-Fried could take stand at fraud trial over FTX collapse
▼ + stars: | 2023-10-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty and maintained that while he made mistakes running FTX, he never intended to steal funds. They say Alameda looted FTX funds through special trading privileges on the exchange. Cohen said the defense plans to call three brief witnesses before Bankman-Fried takes the stand. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Mark Cohen, Bankman, Mark Troiano, Cohen, FTX, Luc Cohen, Noeleen Walder, Jonathan Oatis Organizations: REUTERS, Alameda Research, Thomson Locations: New York, U.S, Alameda, Manhattan

☆ Sam Bankman-Fried to Take the Stand in Fraud Trial
▼ + stars: | 2023-10-25 | by ( James Fanelli | Corinne Ramey | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie ZhaoFTX founder Sam Bankman-Fried will testify at his criminal trial, his defense team said Wednesday, in what many legal observers see as a Hail Mary attempt to persuade jurors that he never intended to defraud the crypto exchange’s customers out of billions of dollars. Bankman-Fried will likely testify over Thursday and Friday, Cohen said. Federal prosecutors said they would rest their case Thursday morning.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao FTX, Fried, Mary, Mark Cohen, Cohen Organizations: New Locations: New York

Companies Trump Organization Inc FollowNEW YORK, Oct 24 (Reuters) - Donald Trump's former lawyer and fixer Michael Cohen testified on Tuesday that he manipulated the values of the former U.S. president's real estate properties to match "whatever number Mr. Trump told us." Testifying as a key witness in New York Attorney General Letitia James' civil fraud case against Trump, Cohen said Trump tasked him and other former Trump Organization executives with doctoring financial statements to boost the value of the company's holdings and secure better real estate premiums. Speaking to reporters outside the courtroom when the trial ended for the day, Trump called Cohen a "disgraceful fellow." During about a half hour of cross-examination on Tuesday, Cohen - a disbarred lawyer - rattled off case law to support an objection by the attorney general to a question by Trump lawyer Alina Habba. James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr and Eric from running businesses in New York and a five-year commercial real estate ban against Trump and the Trump Organization.

Persons: Donald Trump's, Michael Cohen, Trump, Letitia James, Cohen, I'm, intently, Allen Weisselberg, James, Donald, COHEN, Colleen Faherty, Alina Habba, Nixon, Richard Nixon, Arthur Engoron, Engoron, Donald Jr, Eric, Jack Queen, Luc Cohen, Noeleen Walder, Nick Zieminski, Lisa Shumaker, Rod Nickel Organizations: Companies Trump Organization, Trump, Trump Organization, Democrat, Court, REUTERS, Supreme, Thomson Locations: U.S, New, New York, Manhattan, New York City, Russia, United States

☆ NY Fed to tackle weather-related risks in upcoming research barrage
▼ + stars: | 2023-10-25 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

[1/3] A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The New York Fed foray into the topic comes as the central bank has retreated from the climate issue after facing heat from some members of Congress. Meanwhile, the central bank formally joined in late 2020 with other major central banks in efforts to shore up the financial system against climate-related disruptions. Some in Congress have seen the Fed’s climate work as a sign of a politicized central bank. That said, the Fed has not ruled out thinking about how climate disruptions affect the full measure of the economy.

Persons: Brendan McDermid, there's, Jerome Powell, Loretta Mester, John Williams, ” Williams, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, “, New York Fed, Fed, Cleveland Fed, Queens College, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, New York, New Jersey, Connecticut, Puerto Rico, Congress

Speaking at this week's global finance meeting in Riyadh, HSBC boss Noel Quinn warned of a potential "tipping point on fiscal deficits" for a number of countries across the world. And some analysts fear the uncertainty of next year's funding crush is filtering out the steepening yield curve via the term premium. Term premium at highest in 8 yearsReuters GraphicsCBO long-term US debt and deficit projections'DOOM LOOP'? That's spooky enough, until you start to factor in the recent yield spike and or a return of the term premium to 60-year averages of 150 bp. Tipping point or not, there's a danger the market is starting crystallise the problem it fears most.

Persons: Sukree, Noel Quinn, it's, that's, Stephen Jen, Jen, Goldman Sachs, Jeremy Hunt, Mike Dolan Organizations: HSBC, New York Fed, Federal Reserve, Fed, JPMorgan, Treasury, CBO, Moody's, Reuters Graphics Reuters, Reuters, Thomson Locations: Kasikornbank, Bangkok, Riyadh, U.S, Washington, Europe, Italy

[1/2] Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 24, 2023. Cohen, who cut ties with Trump five years ago, will undergo more cross-examination by Trump's lawyers determined to undermine his credibility. Cohen testified on Tuesday that Trump "arbitrarily" inflated the value of the Trump Organization's real estate assets to secure favorable insurance premiums. James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr and Eric from running businesses in New York and a five-year commercial real estate ban against Trump and the Trump Organization. Reporting by Jack Queen and Luc Cohen in New York; Editing by Noeleen Walder and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Mike Segar, Michael Cohen, Cohen, Trump, Letitia James, Alina Habba, Arthur Engoron, James, Donald Jr, Eric, Engoron, Jack Queen, Luc Cohen, Noeleen Walder, Bill Berkrot Organizations: U.S, Trump Organization, Court, REUTERS, Trump, New, Thomson Locations: New York, Manhattan, New York City, U.S, Russia

☆ Americans ran up $105 billion in credit card interest last year alone
▼ + stars: | 2023-10-25 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Danielle Foskie is among a growing number of Americans who have stumbled into a credit card doom loop. She turrned to credit cards to get by, eventually racking up $60,000 in credit card debt. Americans were hit with $105 billion in credit card interest last year alone, according to the CFPB’s biennial consumer credit card report. As signs of consumer stress emerge, the credit card industry continues to perform well financially. The report also warned of an “apparent lack of competition” on credit card rates.

Persons: Danielle Foskie, I’ve, ” Foskie, She’s, Renee Barrett, ” Barrett, Barrett, “, ”, Rohit Chopra Organizations: New, New York CNN, CNN, Financial, “, New York Fed Locations: New York, Cleveland , Ohio, United States, Bronx, Covid

☆ Sam Bankman-Fried's lawyers avoid challenges to 'cartoon' villain image
▼ + stars: | 2023-10-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Defense lawyers will have a chance to put forward a competing narrative when they present their case, beginning as soon as Thursday. A STRATEGIC CHOICEAllowing specific unfavorable accounts by prosecution witnesses to go unchallenged on cross-examination could be a strategic choice by the defense, according to experts. During opening statements, Cohen told jurors of the prosecutors: "They'd have you think he was quite the villain, or, more precisely, almost a cartoon of a villain. "It was pretty humiliating," said Singh, who has pleaded guilty to fraud charges. Ellison, who has also pleaded guilty to fraud, said Bankman-Fried told her that his signature sloppy dress and wild mop of curly locks was an "important part of FTX's image."

Persons: Sam Bankman, Andrew Kelly, Fried, Bankman, doesn't, Jordan Estes, Kramer Levin, Mark Cohen, Cohen, Rachel Maimin, Lowenstein Sandler, Sam, gooder, Nishad Singh, Singh, Caroline Ellison, Alameda's, Ellison, Luc Cohen, Will Dunham, Amy Stevens Organizations: FTX, Manhattan, REUTERS, Alameda Research, Thomson Locations: New York City, U.S, Manhattan, Washington, Alameda, New York

Senator Bob Menendez is set to enter a plea on Monday to a new indictment charging him with conspiring to act as an unregistered foreign agent for the Egyptian government. In an Oct. 12 statement, Menendez said "piling new charge upon new charge does not make the allegations true." Nadine Menendez and one of the businessmen, Wael Hana, pleaded not guilty to the foreign agent charge on Oct. 18. Under the Foreign Agents Registration Act, individuals must register with the department if they act as "an agent of a foreign principle." In return, the businessman put Nadine Menendez on the payroll of a company he controlled, prosecutors said.

Persons: Bob Menendez, Craig Hudson, Menendez, Sidney Stein, Nadine Menendez, Wael Hana, Hana, Luc Cohen, Noeleen Walder, Jonathan Oatis Organizations: Democratic, Capitol, REUTERS, New, New Jersey Democrat, Senate Foreign Relations, Foreign, Prosecutors, Thomson Locations: Washington , U.S, New Jersey, Jersey, New York

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

The 40-year bond bull market - a slow-inflating bubble like any other to some people - has crashed. Bank of America chart on survey of global funds' bond positioningBond Multiverse Returns Flip Positive2008... OR 2000? Of course, bond bubbles and bursts - at least for top-rated sovereigns - are not same as their equity counterparts, even if the short-term performance of bond funds seems to ape them. But for bond funds praying for a shorter-term price performance pickup, the situation looks nervier. With such an ephemeral variable at work, picking a durable turn in the battered bond market may prove fiendishly difficult.

Persons: Jason Lee, That's, Fed's, Olivier Davanne, midyear, Davanne, Mike Dolan Organizations: Hong, REUTERS, Treasury, U.S, Bank of America's, Federal Reserve, of America, Bloomberg, Invest, Reuters, Thomson Locations: Hong Kong, Paris

☆ Bond term premiums are now a focus for the Fed. What are they?
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

A bond yield can be decomposed into three elements: Expectations for what the Fed does with short-term rates; a premium for expected inflation; and a term premium. Term premiums cannot be directly observed but a number of models for them exist. A New York Fed model shows the term premium for the benchmark 10-year Treasury note has climbed by more than a percentage point since the start of the third quarter. "A sudden rise in term premiums to more normal levels poses a downside risk to long-maturity Treasury prices, which could in turn affect the prices of other assets," the Fed said in its July 2017 Monetary Policy Report, a period during which term premiums were below zero. "If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate."

Persons: Kevin Lamarque, Jerome Powell nodded, Lorie Logan, Dan Burns, Andrea Ricci Organizations: Department of, U.S . Treasury, REUTERS, . Federal Reserve, Economic, of New, Reuters, New York Fed, Reuters Graphics, Dallas, National Association for Business Economics, Thomson Locations: Washington , U.S, of New York, York

☆ Sam Bankman-Fried sought 'justifications' for missing funds, lawyer testifies
▼ + stars: | 2023-10-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 19 (Reuters) - Cryptocurrency exchange FTX's former top lawyer testified on Thursday that its founder Sam Bankman-Fried asked him to come up with "legal justifications" for why it was missing $7 billion in customer funds four days before the company declared bankruptcy. Sun said he told Bankman-Fried later that day that he could not identify any legal justifications. Sun's testimony could complicate Bankman-Fried's defense that he had a good-faith belief that Alameda's use of FTX customer funds was appropriate. They have said Bankman-Fried is considering testifying in his own defense after the prosecution rests its case on Oct. 26. Sun testified earlier on Thursday that Bankman-Fried told him that the company had kept its customer funds safe and separate from its own assets, and that he never approved the lending of FTX customer funds to Alameda Research.

Persons: Sam Bankman, Andrew Kelly, Fried, Apollo, Sun, FTX, Bankman, Danielle Sassoon, Luc Cohen, Will Dunham Organizations: FTX, Manhattan, REUTERS, Alameda Research, Thomson Locations: New York City, U.S, Bankman, Alameda, Manhattan, Bahamas, New York

Treasury yields rose on Thursday, with the 10-year rate pushing closer to the key 5% level as investors awaited remarks from Federal Reserve Chairman Jerome Powell. The yield on the 10-year Treasury jumped 6 basis points to 4.96%. It had touched as high as 4.98% earlier in the session, trading at levels last seen in 2007 after first crossing the 4.9% mark on Wednesday. The 2-year Treasury yield was last 2 basis points higher at 5.23%, hovering at levels last seen in 2006. A New York Fed calculation indicates that the term premium is around its highest level since May 2021.

Persons: Jerome Powell, Ian Lyngen, Benjamin Jeffery Organizations: Federal, Treasury, BMO, Fed, New Locations: New York

☆ India rupee to struggle on US yield concerns; odds of record low seen rising
▼ + stars: | 2023-10-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards indicate the rupee will open at around 83.26-83.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low. The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low. "From what I have seen this week, odds of a new low (on rupee) are now higher." The 10-year U.S. Treasury yield rose to 4.9550% in Asia, the highest in sixteen years.

Persons: Francis Mascarenhas, John Williams, Jun Rong, Nimesh Vora, Sohini Goswami Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank of, Federal Reserve, New York Fed, IG Asia, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Reserve Bank of India, Asia, Singapore

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