The Federal Reserve will only issue a central bank digital currency (CBDC) with the support of the White House and Congress, says Nellie Liang, Under Secretary of Treasury for Domestic Finance. Liang joined a discussion at the Atlantic Council’s GeoEconomics Center about the future of money and payments, including cryptocurrency, stablecoins, and CBDCs. It has been…
Fed Will Only Issue CBDC With Support from White House, Congress: Treasury Official
March 1, 2023
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Business & Marketsdigital currencyeconomic policieseconomyNational SecurityPolicies & ImpactsU.S. TreasuryUSWorld
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Fed Will Only Issue Digital Currency With Support From White House, Congress: Treasury Official
March 1, 2023
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Business & Marketsdigital currencyeconomic policieseconomyNational SecurityPolicies & ImpactsU.S. TreasuryUSWorld
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The Federal Reserve will only issue a central bank digital currency (CBDC) with the support of the White House and Congress, says Nellie Liang, Under Secretary of Treasury for Domestic Finance. Liang joined a discussion at the Atlantic Council’s GeoEconomics Center about the future of money and payments, including cryptocurrency, stablecoins, and CBDCs. It has been…
New Bill Seeks to Curtail Banks’ Role as Agents of Federal Surveillance
March 1, 2023
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Bank Secrecy Actbank surveillanceBusiness & Marketseconomic policiesFinancial Crimes Enforcement Network (FinCEN)PoliticsSupreme CourtUS
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Republican legislators took steps this week to revoke the power the government has granted itself to access Americans’ personal bank accounts without a search warrant. Through existing laws such as the Bank Secrecy Act (BSA), “We basically deputized banks as law enforcement agencies, mandating them to collect information on their customers and report that information…
Rate Hikes: Bank of Canada’s Pause Threatened by US Fed’s Ongoing Inflation Fight, Say Economists
News Analysis The Bank of Canada’s pause on raising interest rates is in jeopardy due to the likelihood of the U.S. Federal Reserve to keep raising its federal funds rate, economists say. CIBC deputy chief economist Benjamin Tal told The Epoch Times that the BoC can’t “divorce itself” from the Fed for too long. This…
SNAP Recipients Concerned About Rising Prices as Pandemic Emergency Allotments Phasing Out
March 1, 2023
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Business & MarketsEBTeconomic policieseconomyfood stampNorthern CaliforniaPandemic emergency allotmentsPolicies & ImpactsPoliticsRegional & State NewsSNAPSouthern CaliforniaState NewsUSUS News
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As food prices continue to soar nationwide, the U.S. Department of Agriculture (USDA) states as of this month that pandemic-era food stamp benefits will end, while families receiving those benefits say they’re being put in a financial bind. “I didn’t even know this was happening until I saw it on the news last night,” Gale…
Eurozone Factory Output Returned to Growth in February: PMI
LONDON—Overall activity in the eurozone’s manufacturing sector contracted again in February but output increased for the first time since May as supply chains continued to heal, a survey showed on Wednesday. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) dipped to 48.5 in February from January’s 48.8, in line with a preliminary reading but still…
Wall Street Opens Lower as Yields Rise Again
Wall Street’s main indexes opened lower on Wednesday as Treasury yields rose on bets of more rate hikes by the Federal Reserve that offset optimism from strong China manufacturing data. The Dow Jones Industrial Average fell 0.33 points, or 0.00 percent, at the open to 32,656.37. The S&P 500 opened lower by 6.81 points, or…
Dollar Slides, Yuan Gains on China PMI; Hot Inflation Lifts Euro
LONDON—The dollar slumped and China’s yuan gained on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012, while the euro rose after regional German inflation data signaled price pressures remain high. The Australian and New Zealand dollars were also among the beneficiaries of the robust Chinese data, which smashed expectations with…
Global Shares, Oil Advance as China Manufacturing Rebounds
March 1, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were higher Wednesday after reports on key measures of China manufacturing showed a strong recovery after anti-virus controls were lifted late last year. France’s CAC 40 added 0.5 percent in early trading to 7,301.78. Germany’s DAX rose 0.5 percent to 15,422.23. Britain’s FTSE 100 rose 0.2 percent to 7,912.56. The future for the…
Biden Renewed His Attacks on ‘MAGA Republicans’ Amid Growing Discontent With Economy
President Joe Biden accused “MAGA Republicans” of pursuing a radical plan that he claimed would deprive millions of families of health coverage and threaten to tank the U.S. economy during a speech in Virginia Beach on Tuesday. Biden touted his plans to safeguard Americans’ access to affordable health care and stated that congressional Republicans are…
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