🔥 The Fed meeting is set for tomorrow (18:00 UTC)
The consensus forecast is a 50 bps rate cut (65% probability).
❗️Twitter is buzzing with comparisons between 2007 and 2024, noting that in 2007 the Fed also cut rates for the first time after a prolonged tightening cycle.
▫️ BlackRock believes the Fed's rate cut won't be as significant as the market expects.
▫️ Reuters analysts predict a 25 bps cut at tomorrow’s meeting, with two more 25 bps cuts later this year.
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🐃 Bank of America https://www.bloomberg.com/news/articles/2024-09-17/bofa-poll-says-fed-bets-lift-sentiment-for-first-time-since-junehttps://www.bloomberg.com/news/articles/2024-09-17/bofa-poll-says-fed-bets-lift-sentiment-for-first-time-since-june improved investor sentiment for the first time since June (fund manager survey)
The surveyed managers oversee assets worth $632 billion+.
▫️ Optimism in the markets is driven by expectations of a Fed rate cut.
▫️ Recession remains a key concern, but respondents don't expect it within the next 12 months.
▫️ 79% of fund managers predict a "soft landing."
▫️ Respondents are actively increasing SHORT positions in Chinese stocks and LONG positions in gold.
▫️ 42% of fund managers believe the global economy will NOT grow over the next 12 months.
▫️ Investment in cyclicals and commodities is at a seven-year low.
▫️ 6 out of 10 respondents think the current Fed monetary policy is "too restrictive."
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🌐 #RWA
SWIFT plans to implement infrastructure for settlements with tokenized assets.
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🔽 According to https://www.bloomberg.com/news/articles/2024-09-15/asia-eyes-cautious-open-after-worrying-china-data-markets-wraphttps://www.bloomberg.com/news/articles/2024-09-15/asia-eyes-cautious-open-after-worrying-china-data-markets-wrap, tech stocks are dropping due to Apple's disappointing iPhone 16 demand, which fell short of expectations.
Additionally, traders are bracing for decisions on interest rates from the Federal Reserve and the Bank of Japan.
❗️#Records The Dow Jones Index hit an all-time high today.
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🇺🇸 One in five adult Americans owns cryptocurrency, according to Coinbase.
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💸 #AVAX ParaFi Capital is tokenizing part of its $1.2 billion fund on the Avalanche blockchain.
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🤯 #USDT
The Wall Street Journal has published another “exposé” on Tether titled "The Shadow Dollar Feeding the World of Financial Crime."
✔️ Key points:
– Tether enables the creation of a “parallel economy” that operates beyond the reach of US law enforcement.
– Russia, Venezuela, and Iran are using USDT to bypass sanctions.
– Cryptocurrency is the main tool for moving assets abroad.
– Tether’s activities undermine US efforts to combat arms dealers, sanction violators, and fraudsters.
– USDT surpasses Visa in transaction volume, and Tether’s profits exceed those of BlackRock.
– Russia, Venezuela, and Iran use USDT for shadow oil sales, dealings with China, and other manipulations.
– However, USDT is a lifeline for countries with high inflation, like Argentina and Turkey.
– Wallet freezes are largely symbolic.
– Of the 2,713 wallets holding $153 billion blacklisted by Tether, only $1.4 billion has been frozen. The rest was withdrawn by criminals.