Fed Chairman Powell has not yet met with President Biden Brian Cheung
Federal Reserve Chairman Jerome Powell said that he has not yet met with President Joe Biden, illustrating the administration’s caution in approaching matters at the independent central bank.
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“I think I’ve shaken his hand but I have not really met him and talked to him,” Powell said in a webinar at the Economic Club of Washington on Wednesday.
In the first three months of his presidency, Biden has had a cautious approach to the Fed. On April 6, he told reporters that he has been “very fastidious” about his communications with the central bank.
Powell compared crypto to gold. For thousands of years, human beings have given gold a special value that it doesn t have as an industrial metal, he said.
The comments came the same day Coinbase went public in a direct listing on the Nasdaq, an exchange that is weighted with tech companies.
Coinbase is the predominant exchange for trading bitcoin and other cryptocurrencies. It opened at $381 a share, well above its $250 reference price. The company said it generated $1.8 billion in revenue for the first quarter amid wild price gains for bitcoin, ethereum and other crypto names.
Powell s predecessor at the Fed, Janet Yellen, is now Treasury secretary. In February, she told CNBC that she views bitcoin as a highly speculative asset and said it is not widely used as a transmission mechanism and is an extremely inefficient way of conducting transactions.
Coinbase, a digital currency exchange, soars in market debut
The company s initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the Federal Reserve.
By MICHELLE CHAPMAN and ALEX VEIGAAssociated Press
Richard Drew/Associated Press
Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.
Coinbase Global Inc.‘s initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. Digital currencies are being incorporated into business plans and accepted for payment by major corporations like Tesla, PayPal and Visa.
US Treasuries send the dollar lower
April 14, 2021SharePrint
As US yields retreat, dollar dips
All roads lead to the US 10-year yield now, it seems, and currency markets are no exception. A firm 30-year auction and a post-inflation data fall in US yields saw the US dollar head south. The dollar index fell by 0.30% to 91.82, with the index having now spent the last five days below its 200-day moving average (DMA).
With the 3-year, 10-year and 30-year bond auctions all successfully concluding this week, the flame of a steeper yield curve has lessened markedly.
Developed market currencies rallied with EUR/USD climbing 0.30% to 1.1950, having broken out of its descending wedge formation last week. The single currency should test 1.2000 this week, with the wedge formation targeting further gains to 1.2200. USD/JPY has fallen to 108.90 as of this morning, and failure of critical support at 108.40 would be another confirmation that the US dollar rally has run its course for now.
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