Fed’s ‘Beige Book’ Paints Dim Economic Picture, Experts Warn Central Banks ‘Have No Ability to Save Anything’

Fed’s ‘Beige Book’ Paints Dim Economic Picture, Experts Warn Central Banks ‘Have No Ability to Save Anything’

On Wednesday, following the market’s closure, major U.S. indices concluded the day unchanged, coming off a rise the previous day. This surge was influenced by the dovish remarks made on Tuesday by Federal Reserve Governor Christopher Waller. Observers of the market infer that Waller’s comments indicate a potential shift in the stance of the U.S. central bank, a notable deviation given his usually hawkish perspective. Concurrently, the Federal Reserve’s latest ‘Beige Book’ report presented a more troubling outlook than its predecessor, pointing to decelerated economic expansion and a rise in consumer credit defaults.

Waller’s Typical Hawkish Tone Turns Dovish

Two days prior, at the American Enterprise Institute, Christopher Waller of the Fed shared with participants that “inflation rates are moving along” largely as he had anticipated. Waller elaborated, pondering if inflation could stabilize around the 2% mark. He noted, “There are some factors favoring this outcome,” shedding light on the issue.

Emphasizing his growing assurance, Waller stated that he was “increasingly confident that policy is currently well positioned to slow the economy” in order to reduce the inflation rate to the targeted 2%.

Waller added:

I will be looking to see that confirmed in upcoming data releases. Before the next FOMC meeting, we will get data on PCE inflation and job openings, a job report, and [a] supply manager’s survey for November. CPI inflation will come out on December 12, the first day of the FOMC meeting.

‘Beige Book’ Shows Economic Slowdown; Critics Don’t Expect a ‘Soft Landing’

Following Waller’s address, U.S. equities experienced an upswing, yet the subsequent day brought the U.S. central bank’s release of its ‘Beige Book’ survey, revealing a blend of divergent trends within the U.S. economy. This report depicted oscillating retail sales alongside a deceleration in manufacturing activities. For example, retail and automobile sales indicated a change in consumer spending habits, whereas purchases of non-essential items and long-lasting products like furniture and appliances saw a downturn.

As per the ‘Beige Book,’ the U.S. manufacturing sector is facing a general decline in future prospects. This is coupled with a fall in the demand for both business and real estate loans. According to the Fed’s analysis, although consumer credit remains largely stable, a slight increase in consumer loan delinquencies was noted. The survey also points to early signs of financial strain in specific consumer groups. Moreover, the survey reveals a continuous decline in both commercial real estate and multi-family housing activities.

Waller and the ‘Beige Book’ offer a depiction of the current economic uncertainties, and although the Fed anticipates a “soft landing,” some critics are skeptical about this positive outcome. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” recently expressed concerns about impending “hyperinflation” and criticized government leaders for their heightened “incompetence.”

Economist and proponent of gold, Peter Schiff, shared with his followers his belief that the economy is headed not towards a soft landing but towards a “crash & burn” scenario. Bill Holter, an expert in precious metals and a financial writer, recently remarked, “These central banks have completely blown up their balance sheet and have no ability to save anything.”

Holter added:

In short, confetti dollars are going to shut the credit markets down…Then, it’s game over because everything runs on credit.

What are your thoughts on this subject? Let us know what you think in the comments section below.



source https://news.bitcoin.com/feds-beige-book-paints-dim-economic-picture-experts-warn-central-banks-have-no-ability-to-save-anything/
Binance Is Calling BUSD Quits

Binance Is Calling BUSD Quits

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Hacker Demands Full Control Over Kyber in Wake of $47M Breach, Offers Executives Buyout and Staff Severance

Hacker Demands Full Control Over Kyber in Wake of $47M Breach, Offers Executives Buyout and Staff Severance

Hacker Demands Full Control Over Kyber in Wake of $47M Breach, Offers Executives Buyout and Staff Severance

A cybercriminal, who has been actively communicating with Kyberswap, issued a new onchain directive, this time insisting on “complete executive control over Kyber (the company).” This captivating onchain communication to the Kyberswap crew comes after the hacker’s initial request for the team to engage in more amiable and cooperative discussions.

Kyberswap Attacker Claims ‘Kyber Director’ Title, Demands Absolute Authority

The individual responsible for the Kyberswap security breach has conveyed a desire for absolute authority over Kyber, the company, and temporary control over the Kberdao governance structure. This revelation followed the $47 million breach at Kyberswap, after which the team established communication with the suspected perpetrator. The day prior, the assailant stressed the need for the team to adopt a more approachable stance and indicated plans to propose a new strategy on November 30.

As promised, an announcement was made by the hacker, signaling an interest in a more favorable arrangement than the initial share offered by the Kyberswap team. In essence, the hacker is asserting a claim to complete dominion over Kyber, encompassing all its resources, both onchain and offchain. Additionally, the hacker is requesting comprehensive details about the company’s “protocol formation, structure, operation, revenues, profits, expenses, assets, liabilities, investors, salaries, etc.”

The hacker added:

Once my demands have been met, I will provide the following: Executives. you will be bought out of the company at a fair valuation. You will be wished well in your future endeavors. You haven’t done anything wrong. A small error was made, rounding in the wrong direction, it could have been made by anyone, Simply bad luck.

The hacker elaborated, acknowledging that under their stewardship, it’s foreseeable that some Kyber staff may choose to depart. In response, the perpetrator is offering a generous 12-month severance package to those opting to leave, “no questions asked.” The hacker asserted that this proposal was the “best” and “only offer” available. They further stressed that any contact from “agents from any of the 206 sovereignties” would immediately nullify the deal. Concluding the message, the individual signed off as “Kyber Director.”

What are your thoughts on this story? Let us know what you think in the comments section below.



source https://news.bitcoin.com/hacker-demands-full-control-over-kyber-in-wake-of-47m-breach-offers-executives-buyout-and-staff-severance/
Court Approves FTX Estate’s Sale of $870M in Grayscale and Bitwise Shares Amid Surging Claim Transfers

Court Approves FTX Estate’s Sale of $870M in Grayscale and Bitwise Shares Amid Surging Claim Transfers

Court Approves FTX Estate’s Sale of $870M in Grayscale and Bitwise Shares Amid Surging Claim Transfers

The Delaware District’s U.S. Bankruptcy Court has greenlit the FTX estate’s disposal of trust assets. This sanction, issued on November 29, 2023, paves the way for the beleaguered crypto exchange to offload investments in several funds, including Grayscale and Bitwise stakes. Furthermore, the FTX Trading Ltd. record, maintained by restructuring entity Kroll, is swamped with the assignment of claims to new holders, as creditors opt to trade their claims for immediate financial gain.

FTX Granted Approval to Sell Trust Shares

Filed on November 29, 2023, the judicial order permits the sale or transfer of these trust assets, facilitating liquidation actions to recover funds for creditors and investors. As of late October 2023, the FTX estate’s holdings in Grayscale and Bitwise shares were valued at an estimated $870 million. Recent court filings reveal that the sales process will be conducted in collaboration with a court-sanctioned investment advisor.

The method aims to market and sell the assets professionally, targeting the highest possible returns. The formation of a pricing committee, consisting of various stakeholder representatives, highlights the stringency of the sales operation. According to the court’s mandate, the trust assets may be sold via over-the-counter (OTC) transactions or on trading platforms. Although they have the green light to sell, the debtors are permitted to retain the trust assets based on their “business judgment” evaluations.

Close to 22% of the Last 401 FTX Bankruptcy Docket Entries Are Reassigned Claims

Besides the court’s decision on the trusts, the FTX records overseen by Kroll reveal a considerable volume of claims being reassigned. Around 21.94% of the recent 401 entries in the bankruptcy court’s docket represent the transfer of claims to external entities. Approximately 3.24% of these documents originate from Cherokee Acquisition, a firm specializing in the acquisition of claims in bankruptcy and class action lawsuits, operating through a platform named Claims Market.

From November 1 to November 29, Claims Market facilitated the transactions of 17 FTX claims, ranging from high-value claims exceeding a million dollars to those around $100,000. Presently, the bidding price stands at $0.57 on the dollar, while asking prices hover at $0.61. Besides Claims Market, an array of other specialized companies engaged in purchasing bankruptcy assets are also acquiring FTX claims. According to the Delaware District Bankruptcy Court, the fee for transferring each claim is set at $26.

What are your thoughts on this story? Let us know what you think in the comments section below.



source https://news.bitcoin.com/court-approves-ftx-estates-sale-of-870m-in-grayscale-and-bitwise-shares-amid-surging-claim-transfers/

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