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☆ Coinbase launches nonprofit crypto advocacy group
▼ + stars: | 2023-08-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The Stand with Crypto Alliance is America’s first independent advocacy group for the crypto community, Coinbase says. Crypto regulation: Questions of who and howA central sticking point is the question of how crypto tokens should be regulated. The Securities and Exchange Commission, Wall Street’s top cop, contends that most crypto products are investment contracts and therefore fall under its jurisdiction — an argument the crypto industry is fighting. ‘Recess is over’The Stand With Crypto Alliance aims to mobilize “the full force of the decentralized crypto community to tell lawmakers: Recess is over,” Shirzad wrote in a blog post announcing the nonprofit. The Coinbase-backed nonprofit is an outgrowth of Crypto435, an earlier Coinbase campaign to try to organize the crypto community around legislative issues.

Persons: New York CNN —, Coinbase, Faryar, ” Crypto, —, Sam Bankman, Fried, ” Shirzad, we’ve, Shirzad Organizations: New, New York CNN, Crypto, CNN Business, Securities, Exchange Commission, SEC, Ripple Labs, Financial Services Committee, Commodity Futures Trading Commission, Crypto Alliance Locations: New York

☆ Congresswoman Waters 'deeply concerned' about PayPal's stablecoin launch
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Representative Maxine Waters (D-CA) walks in the chamber of the U.S. House of Representatives ahead of President Joe Biden's first State of the Union Address in the U.S. Capitol in Washington, DC, U.S, March 1, 2022. Sarahbeth Maney/Pool via REUTERSAug 9 (Reuters) - Democrat Congresswoman Maxine Waters said on Wednesday she was "deeply concerned" about payment giant PayPal (PYPL.O) launching its own stablecoin in the absence of a federal framework to regulate digital assets. Earlier this week, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers with the launch of a U.S. dollar stablecoin, dubbed PayPal USD. "Given PayPal's size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns," Waters said in a statement. Similar attempts by other well-known non-crypto companies, including Meta Platforms (META.O), to launch a stablecoin have met fierce opposition from financial regulators and policymakers around the world.

Persons: Maxine Waters, Joe Biden's, Sarahbeth, Waters, Manya Saini, Shinjini Organizations: U.S . House, U.S, Capitol, REUTERS, PayPal, Meta, U.S . House Financial, Thomson Locations: Washington , DC, U.S, Bengaluru

Da Ponte denied a Bloomberg report that the payments processor paused development of its stablecoin in February. But da Ponte argues this troubled backdrop is exactly why PayPal is poised to succeed. Then there's the hypothetical digital dollar that would be the Fed's take on a central bank digital currency, or CBDC. "We have a large base of consumers; we have a large base of merchants," da Ponte said of PayPal's "two-sided network." Da Ponte sees PayPal's more than 20-year tenure in the payments space as one of the company's chief advantages in the stablecoin market.

Persons: Jose Fernandez da Ponte, PayPal's, Da Ponte, Paxos, it's, Ponte, stablecoins, Nic Carter, Stablecoins, Carter, Andy Bromberg, Andreessen Horowitz, Bromberg, PYUSD, Jeremy Allaire, Allaire, Patrick McHenry, McHenry Organizations: PayPal, CNBC, Bloomberg, SEC, New, Regulators, Valley Bank, U.S ., U.S, Castle, Ventures, Companies, Eco, Coinbase Ventures, Paypal, Facebook, Financial Services, America Locations: U.S, New York, Bromberg, web3, United States, R, DexTools

☆ PayPal becomes first major fintech to launch dollar-backed stablecoin
▼ + stars: | 2023-08-07 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

REUTERS/Fabrizio Bensch/File PhotoAug 7 (Reuters) - Payments giant PayPal (PYPL.O) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's (META.O), then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability. PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. Argus Research Corp analyst Stephen Biggar said PayPal's brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it's not a surprise.

Persons: Fabrizio Bensch, PayPal's stablecoin, Stephen Biggar, PayPal's, Jaiveer Singh, Manya, Tom Wilson, Nivedita Bhattacharjee, Shounak Dasgupta, Shinjini Organizations: PayPal, REUTERS, European Union, U.S . House Financial Services, U.S, Paxos Trust, Argus Research Corp, Visa, Manya Saini, Thomson Locations: Berlin, Germany, Britain, United States, Bengaluru, London

☆ Treasury Secretary Yellen says surprising Fitch downgrade is 'entirely unwarranted'
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on the state of the international financial system, in the Rayburn House Office Building on Capitol Hill in Washington, DC on June 13, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Wednesday denounced Fitch's decision to downgrade the United States' longstanding credit rating that caused stocks to tumble. Yellen, who spoke during a visit with Danny Werfel, commissioner of the IRS, called the move "surprising" considering the nation's strong economic recovery from the Covid pandemic. Fitch cited "expected fiscal deterioration over the next three years," and "repeated debt-limit political standoffs" when it downgraded the nation's rating to AA+ from AAA. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Janet Yellen, Fitch's, Danny Werfel, Fitch, Yellen, we've Organizations: Financial, WASHINGTON —, AAA, CNBC Locations: Rayburn, Washington , DC, States

☆ You have a month left to get your share of Facebook's $725 million settlement — here's how
▼ + stars: | 2023-07-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Facebook users have less than one month left to apply for their share of a $725 million settlement over the social network's privacy violations, part of the lengthy fallout from the Cambridge Analytica scandal that rocked the U.S. electoral process and Silicon Valley. In all, the Cambridge Analytica scandal cost Meta, Facebook's parent company, nearly $5.9 billion. Beyond the $725 million settlement, the company paid a record $5 billion settlement to the Federal Trade Commission, alongside a further $100 million to the Securities and Exchange Commission. In some ways, it's a much different company than it was during the Cambridge Analytica scandal. The $725 million settlement was not an admission of wrongdoing.

Persons: Mark Zuckerberg, Keller Rohrback, Donald Trump's, Facebookuserprivacysettlement.com, It's, We're, Zuckerberg Organizations: . House Financial, Capitol, Facebook, Cambridge, U.S, Federal Trade Commission, Securities and Exchange Commission, People, Twitter Locations: Washington, Silicon Valley, Cambridge, U.S

☆ Congress hands the crypto industry two wins and a loss before August recess
▼ + stars: | 2023-07-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The House Financial Services Committee advanced a measure Thursday to establish a clear regulatory framework for the issuance of payment stablecoins. The bills' approvals, after a roughly 14-month debate between committee Republicans and Democrats, can be viewed as wins for the crypto industry, whose reputation on Capitol Hill was battered by the failure of crypto giant FTX last fall. Late Thursday night, the Senate passed a massive defense funding bill that included several measures from different bills the digital-assets industry has opposed. Warren also highlighted the National Defense Authorization Act rider this week by reintroducing her bill, the Digital Asset Anti-Money Laundering Act. The House crypto bills would likely garner enough support to pass in the Republican-controlled House, but struggle to gain traction in the Democratic-controlled Senate

Persons: Elizabeth Warren, Patrick McHenry, Jim Himes, Josh Gottheimer, Crypto, Sen, Warren, Democratic Sen, Joe Manchin, Roger Marshall of, Lindsey Graham of Organizations: Banking, Housing, Urban Affairs Committee, WASHINGTON — Lawmakers, Capitol, Financial Services Committee, Financial Services, Connecticut, Republicans, Democrats, Treasury Department, Treasury, Defense, Money, Democratic, Senate, Republican Locations: Massachusetts, Washington , DC, R, New Jersey, crypto's, Roger Marshall of Kansas, Lindsey Graham of South Carolina

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. A handful of Democrats, including Reps. Jim Himes and Ritchie Torres, joined committee Republicans in voting for the bill. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. But some Democrats, including Representative Maxine Waters, the top Democrat on the Financial Services committee, fiercely oppose the bill. "This bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission and consumer and investor advocates," she said.

Persons: Jim Himes, Ritchie Torres, Patrick McHenry, we've, Kristin Smith, Miller Whitehouse, Levine, Maxine Waters, Waters, Sherrod Brown, Hannah Lang, Matthew Lewis, Mark Porter, Diane Craft Organizations: Capitol, Voyager, House Financial, Trading, Securities, Exchange, Republicans, Agriculture, Financial Services, Blockchain Association, DeFi, Securities and Exchange Commission, Democratic, Banking, SEC, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington

But Representative Patrick McHenry, the chair of the committee, said on Thursday at the outset of a hearing that he had not reached a deal with Representative Maxine Waters, the committee's top Democrat. "We had high hopes 48 hours ago that we were going to come to a conclusion and then the White House reviewed where we were and disagreed," said McHenry. The stalemate comes just a day after the committee advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies and clarify when a token is a security or a commodity. A handful of House Democrats, including Jim Himes and Ritchie Torres, joined committee Republicans in voting for that bill, which is also being considered by the House Agriculture Committee on Thursday. Reporting by Hannah Lang in Washington; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrick McHenry, Maxine Waters, McHenry, Jim Himes, Ritchie Torres, Hannah Lang, Bill Berkrot Organizations: Republican, Democrat, U.S . House Financial, ., U.S . Federal, White House, Democrats, Republicans, House, Thomson Locations: Washington

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. The markups - where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives - are the first time crypto regulatory bills will be put to a vote in Congress, a victory for crypto lobbyists that have pushed lawmakers to provide regulatory clarity for the industry. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.

Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, Hannah Lang, Matthew Lewis, Mark Porter Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Securities and Exchange Commission, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. Still, it remains to be seen if the bills will garner any Democratic support, a factor seen by many as crucial to the bills' ultimate chances of becoming law. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.

Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, McHenry, Hannah Lang, Matthew Lewis Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Politico, Thomson Locations: Washington

☆ Rep. French Hill: Digital assets bills will provide regulatory framework and clarity to the markets
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill: Digital assets bills will provide regulatory framework and clarity to the marketsHouse Financial Services Committee vice chair and chair of the Digital Asset Committee Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss two new digital assets bills crafted by the Agriculture and Financial Services Committees, which seeks to establish a regulatory framework for crypto and spur innovation while protecting consumers and market participants, possible impeachment inquiry into President Biden, and more.

Persons: Biden Organizations: Rep, Financial, Digital, Agriculture

The proposal, which will kick off an ambitious agenda for Barr, plans to fully implement the globally agreed Basel bank capital agreement. BANKING OPPOSITIONThe banking industry is not waiting for details before trying to disrupt the effort, arguing it could hinder economic activity, curb lending, and kill lines of business. The criticism is also emerging among some Republican bank regulators, who appear likely to oppose the plans. Regulators will have to digest numerous and voluminous comments from the banking industry dissecting their plans. And in the meantime, banks are expected to continue hammering that higher capital requirements means a smaller economic role for banks and are not needed.

Persons: Michael Barr, Barr, Michael Barr's, Isaac Boltansky, Spokespeople, Kevin Fromer, Jerome Powell, Powell, Republican Andy Barr, Bill Foster, Tim Scott, Michelle Bowman, Barr's, Morgan Stanley, James Gorman, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Banking, Fed, Federal Deposit Insurance Corporation, Office, FDIC, Financial Services, Financial Services Committee, Republican, Senate, Committee, Regulators, White, Thomson Locations: Basel

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

☆ Lawmakers tussle over GOP efforts to thwart ESG investing
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky

☆ Major business group slams disclosure rules as House Republicans probe ESG investing
▼ + stars: | 2023-07-10 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

WASHINGTON – As Republicans in the House dig in to investigate environmental, social and governance, or ESG, investing, a major industry group that represents thousands of companies is urging them to make reforms. The letter is addressed to committee Chairman Rep. Patrick McHenry, R-N.C., and ranking member Rep. Maxine Waters, D-Calif. The letter underscores the business muscle behind the GOP's battle against policies that back ESG investing. ESG investing has become a heated policy battleground. Progressive Democratic lawmakers have pushed back, arguing that considering ESG makes investors more aware of potential risks and opportunities.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, McHenry, ESG Organizations: Financial, Consumers, Investors, American, WASHINGTON –, National Association of Manufacturers, Financial Services Committee, SEC, CNBC, NAM, Johnson, Exxon Mobil, Pfizer, Progressive Democratic Locations: Washington , U.S, R

☆ Fed's Barr lays out plan to order more capital for large U.S. banks
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael Barr testifies before a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, March 29, 2023. The Federal Reserve's top regulatory official laid out a sweeping plan to increase capital requirements for the nation's largest banks, saying recent bank failures underlined the need for regulators to bolster resilience in the system. Barr said he did not plan to overhaul the U.S. bank capital framework, but instead build on it in several ways, including by fully implementing an international bank capital agreement and expanding annual "stress tests" of bank health. Barr also said the Federal Reserve is close to reaching the appropriate level of interest rates to bring inflation back to the central bank's 2% target but added: "We still have a bit of work to do." Barr's remark came in response to a question on how much further the Fed's policy rate may need to rise to contain inflation.

Persons: Michael Barr, Barr Organizations: Financial, Valley Bank, Signature Bank, Capitol, Federal, Silicon Valley Bank, Federal Reserve Locations: Washington, Silicon

☆ California Rep. Maxine Waters introduces bills to spend hundreds of billions of dollars to fight homelessness and solve the affordable housing crisis
▼ + stars: | 2023-06-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

Rep. Maxine Waters, a California Democrat, introduced a trio of bills addressing the housing crisis. They would expand housing vouchers and send $100 billion to help first-generation homebuyers. The legislation — which includes expanding housing vouchers and sending $100 billion to help first-time, first-generation homebuyers — is focused on reducing the racial wealth gap. One bill — the Housing Crisis Response Act of 2023 — includes over $150 billion in funding for affordable housing and investments in closing the racial housing gap. Overall, just one in six eligible families live in public housing, receive a rent-reducing voucher, or live in a subsidized multifamily unit, according to the US Census Bureau.

Persons: Maxine Waters, —, Waters Organizations: California Democrat, Service, Interagency, Homelessness, Census Bureau, Financial Services Locations: California

☆ A debate raging in Washington DC over the definition of who qualifies to be an accredited investor could transform the way startups raise money
▼ + stars: | 2023-06-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

Lawmakers and federal regulators are contemplating changing the definition of "accredited investor." There's a philosophical debate raging in Washington that could transform the multitrillion-dollar capital markets and change the way startups raise money. The origins of the definition of "accredited investor" trace back to the Great Depression and the Securities Act of 1933. And since the Reg D exemption's creation, private markets have become the dominant way for most issuers to access capital markets. According to analysis from the Brookings Institution, in 2020, 13.85% of US households qualified as accredited investors, compared with just 1.8% in 1983.

Persons: Gary Gensler, Elizabeth Holmes, Sam Bankman, Ronald Reagan, Reg D, Maxine Waters, Elizabeth Warren of Massachusetts, Micah Hauptman, Hauptman, haven't, Marcia Dawood, Dawood, Tyler Gellasch, Gellasch, Theranos Organizations: Securities and Exchange Commission, SEC, Apple, Securities, Financial Services, Politico, Consumer Federation of America, Yale Endowments, Brookings Institution, Angel Capital Association, ACA, Healthy Markets Association Locations: Washington, of Arkansas, California

☆ Economists weigh in on Mike Pence suggestion to eliminate the Fed’s employment mandate
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Mike Pence, who served as Donald Trump’s vice president and is vying to helm the White House, is campaigning on eliminating the Fed’s employment mandate. And what would change if the employment mandate is done away with, if anything? Lawmakers on Capitol Hill, with the sitting president’s approval, can simply amend the Federal Reserve Act to eliminate the employment mandate or even add another one. In CNN’s town hall with Pence earlier this month, the former vice president again floated the idea of eliminating the employment mandate. It seems clear that Democrats would take issue with any attempts to rid the Fed of its employment mandate.

Persons: Mike Pence, Donald Trump’s, Jerome Powell’s, Jimmy Carter, Powell, ”, Peter Ireland, Laurence Meyer, ” Adriana Kugler, Joe Biden, “, ” Meyer, Ben Bernanke, Pence, we’ve, ” Pence, Maxine Waters Organizations: DC CNN, Federal Reserve, Fed, CNN, Reserve, Boston College, Relief, Economic Security, Fed’s, of Governors, Committee, Lawmakers, Capitol, ”, Financial Locations: Washington, Ireland, CNN’s

☆ Central banks to Wall Street: More pain is coming
▼ + stars: | 2023-06-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Market euphoria in early June, spurred on by a pause in interest rate hikes by the Federal Reserve, is well behind us now. What’s happening: It’s been just over a week since the Federal Reserve paused its 14-month regimen of interest rate hikes to fight inflation. The Bank of England, meanwhile, surprised investors by raising interest rates in the UK by an outsized half of a percentage point. Central banks had been making smaller interest rate moves as inflation began to ease off of recent highs. Elsewhere in Europe, central banks in Norway and Switzerland also hiked rates to decade-high levels on Thursday.

Persons: We’re, It’s, Jerome Powell, ” Powell, Stocks, Scott Wren, Wells, ”, Samantha Delouya, Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, Hanna Ziady, Alex Heath, “, Paddy Power Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Central Bank, Nasdaq, Senate, Financial Services, The Bank of England, Bank of England, Fed, Commonwealth, 3M, WWE, Tech, Twitter, Meta, “ Locations: New York, Europe, Norway, Switzerland, ” Switzerland, United States, Wells Fargo, Las Vegas

☆ Global equity funds see over $15 bln in outflows on rate hike worries
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

Investors withdrew a net $15.12 billion from global equity funds which had seen net inflows of $16.04 billion a week earlier. The U.S. and European equity funds witnessed outflows of $16.47 billion and $1.81 billion, respectively, while investors pumped about $2.6 billion into Asian funds. Reuters Graphics Reuters GraphicsMeanwhile, investors withdrew a net $15.13 billion from money market funds, their second straight week of outflows. Among commodity funds, investors withdrew $498 million from precious metal funds, their fourth successive week of net selling. They also purchased $812 million of equity funds.

Persons: Jerome Powell, Financials, Gaurav Dogra, Patturaja, Vinay Dwivedi Organizations: Global, European Central Bank, Federal Reserve, Investors, Reuters Graphics Reuters, . House Financial, Bank of England, Healthcare, Energy, Thomson Locations: U.S, outflows, Bengaluru

☆ Asia markets set for weaker open after Fed forecasts more rate hikes to deal with inflation
▼ + stars: | 2023-06-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

This long exposure picture shows the city's skyline with the Tokyo Tower (C) from Toyosu Gururi Park in Tokyo's Koto district on January 25, 2023. Asia-Pacific markets are set to mostly fall after U.S. Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that "the process of getting back down to 2% has a long way to go." Futures for Australia's S&P/ASX 200 were at 7,274, lower than the index's last close of 7,314.9 and pointing at a second-straight day of losses. Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday today. Ether climbed to nearly reach the $1,900 mark, its highest level since June 4.

Persons: Jerome Powell, Powell Organizations: U.S, Federal, Financial Services, Nikkei, Australia's Locations: Tokyo, Tokyo's Koto, Asia, Pacific, Japan, Chicago, Osaka, Hong Kong, China, Taiwan

☆ Jerome Powell says the Fed is still 'very far' on inflation
▼ + stars: | 2023-06-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Fed Chairman Jerome Powell testified before the House, central bank nominees are talking to the Senate, and the Washington Wizards traded away their star hooper. Powell spoke before the House Financial Services Committee yesterday following 10 consecutive interest rate hikes and one rate "skip" that the Fed chief made sure to clarify wasn't a "pause." "Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Powell said Wednesday. So far, the economy has been more resilient than expected, even as the fed funds rate hovers in the 5% to 5.25% range. US stock futures fall early Thursday, after Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead.

Persons: I'm Phil Rosen, Jerome Powell, hooper, Anna Moneymaker, Powell, that's, Patrick McHenry, Tesla, Goldman Sachs, there's, Julia La Roche, Ed Yardeni, isn't, BofA's Savita Subramanian, Apple isn't, Read, Phil Rosen, Jason Ma, Hallam Bullock, Nathan Rennolds Organizations: Senate, Washington Wizards, Financial Services, Fed, Nvidia, Apple, Business, Federal, Accenture, Volex, Bank of America, . Locations: New York, Los Angeles, London

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

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