El Salvador marks 3 years of Bitcoin adoption with $31M profit
Despite widespread initial criticism, El Salvador is sitting on over $31 million worth of Bitcoin profit.
Despite widespread initial criticism, El Salvador is sitting on over $31 million worth of Bitcoin profit.
OpenAI is looking to introduce more expensive subscription plans for upcoming large-language models like the Strawberry and Orion AI models.
US citizens can now reportedly use Kalshi to bet on the upcoming election through derivatives after a judge overturned the CFTC’s decision.
According to BlockBeats, former U.S. Treasury Secretary Lawrence Summers commented on September 7 that while the August non-farm payroll report was not particularly poor, it has made predicting the Federal Reserve's potential rate cut this month more challenging.In an interview, Summers stated, 'Although the data does not show significant weakness, if you are concerned about recent statistical trends, these figures certainly do not provide assurance of economic health.' He added, 'Compared to my guesses from one or two months ago, the probability of a 25 basis point and a 50 basis point rate cut in September now seems closer.'Summers emphasized that the initial scale of the Federal Reserve's action is not crucial. Officials will closely monitor the development of the economic outlook and adjust policies accordingly. He noted, 'If the economy weakens significantly, they will cut rates substantially. If the economy does not weaken significantly, they may proceed with rate cuts at roughly one meeting at a time.'
According to BlockBeats, on September 7, White House economic advisor Boushey stated that the latest employment report indicates the U.S. economy continues to progress. Boushey noted signs of stable economic growth in the country.Despite revisions, the labor market still appears healthy, reflecting ongoing economic stability.
According to BlockBeats, the U.S. Bureau of Labor Statistics has revised the non-farm employment numbers for June and July. The June non-farm employment increase has been adjusted from 179,000 to 118,000, while the July figures have been revised from 114,000 to 89,000. These revisions indicate a combined decrease of 86,000 jobs for the two months compared to the initial estimates.
According to BlockBeats, on September 6, Morgan Stanley's sales and trading department indicated that the accumulation of positions and significant uncertainty regarding the Federal Reserve's interest rate decisions could lead to substantial market volatility triggered by employment data.Morgan Stanley sales and trading experts, including Amanda Levenberg Goldsmith, stated that stock options suggest Friday's employment report will cause significant market movements. They added that such pricing is reasonable because the uncertainty surrounding the Federal Reserve's actions in two weeks is unprecedented, at least in this cycle.The implied volatility of the S&P 500 index remains lower than the actual volatility, indicating that the stock market is becoming increasingly sensitive to macroeconomic data. Morgan Stanley's sales and trading department noted that options imply the S&P 500 index will fluctuate by 1.1% in either direction on Friday, while ETFs tracking the Russell 2000 and Nasdaq 100 indices suggest fluctuations of 1.84% and 1.37%, respectively.
According to Odaily, Friday marks the last day before the Federal Reserve officials enter their pre-meeting silence period. Federal Reserve's Williams and Governor Waller are scheduled to speak after the release of the employment report, providing the final opportunity to set expectations for the upcoming meeting. With economic growth and inflation slowing, adjusting the interest rate from the current 5.3% to around 4.5% seems more reasonable. If there are no signs that July's weak employment will continue into August, some Fed officials may resist a significant rate cut of 50 basis points. However, officials who were open to a rate cut at the July meeting might support a 50 basis point cut in September if the unemployment rate rises again and job growth further slows.
According to Odaily, Federal Reserve official Austan Goolsbee has stated that recent economic data supports the possibility of multiple interest rate cuts. Goolsbee also noted an increase in warning signals related to the labor market.
Paul Grewal, Coinbase’s chief legal officer, said the SEC would be compelled to produce “important discovery” in its civil case after a judge’s order.