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According to the Financial Times, US oil industry executives are urging Trump to take a tough stance on Irans demand for a "passage fee" on the Strait of Hormuz.U.S. Health Secretary Kennedy: Trump will nominate a candidate for director of the U.S. Centers for Disease Control and Prevention (CDC) today or tomorrow.On April 17th, European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that it would be a mistake to release a clear signal about the future path of interest rates before this months interest rate decision. He said policymakers currently lack sufficient information to determine whether soaring energy costs will keep inflation high in the long term, and this outcome will determine whether a policy response is needed. "We need to maintain room for choice; its inappropriate to assert now that interest rates will move in a certain direction, and Im not prepared to make any commitments prematurely." According to sources, the ECB internally favors keeping interest rates unchanged at this meeting, but given the current rapidly changing environment, a rate hike cannot be ruled out. Nagel stated that the German economy performed reasonably well at the beginning of the year, but momentum has weakened due to the war in Iran, and this years economic growth is expected to be 0.3 percentage points lower than previously predicted. Nagel also warned investors that sentiment is overly optimistic. "The market is currently relatively optimistic because there is a widespread assumption that lasting peace will be achieved in the Middle East and energy prices will fall," he said. "The central banks responsibility is to ensure that if this scenario fails to materialize, there will be no spillover effects on financial stability."Intel (INTC.O) announced on Thursday, April 17th, that it has hired Shawn Han, a veteran of Samsungs foundry business, to bolster its foundry operations. The company stated that Shawn Han has over 10 years of experience in commercial wafer foundry, having worked on chip manufacturing processes since 1996. Under the leadership of CEO Li-Wu Chen, Intel is seeking to revitalize its manufacturing business after years of operational challenges. Intels foundry division is working to secure major customers for its next-generation 14A process technology.On April 17th, a memo revealed that the U.S. government is preparing to provide a version of Mythos, an artificial intelligence model developed by Anthropic, to major federal agencies, with enhanced security measures in place, to address concerns that the tool could significantly increase cybersecurity risks. In an email sent Tuesday to cabinet departments, White House Office of Management and Budget (OMB) Federal Chief Information Officer Barbasilia stated that the OMB is establishing safeguards to enable agencies to begin using this highly restricted AI tool in the future. The email did not specify whether agencies would have access to Mythos, nor did it provide a specific timeline or usage method. It only informed heads of technology and cybersecurity departments that more information was expected "in the coming weeks." Currently, Anthropic has only made Mythos available to a limited number of technology companies and financial institutions, encouraging them to use it to assess their own cybersecurity risks. Due to concerns that hackers could exploit the models capabilities to steal data or compromise systems, the company has strictly limited its distribution.

Banks should manage heightened risks from crypto firm deposits –Fed’s Barr

Skylar Shaw

Oct 13, 2022 16:00

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According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


Barr stated that the Federal Reserve is collaborating with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to highlight the risks to banks of concentrating their deposits in the cryptocurrency industry and to warn that banks may experience deposit fluctuations linked to price fluctuations in the larger crypto market.


The degree of centralization and interconnection among crypto-asset businesses, which increases stress, has been made clear by the recent volatility in the cryptocurrency markets, he added.


Despite the fact that banks were not directly impacted by these events' losses, these incidents have brought attention to possible concerns for financial institutions.


Speaking at DC Fintech Week, Barr stated that the goal of the banking regulators' interactions with financial institutions regarding the dangers of accepting deposits from cryptocurrency firms is "not to discourage banks from providing access" to banking services for cryptocurrency companies, but rather to ensure that any risks are properly mitigated.


Since assuming the top regulatory position at the Fed in July, Barr hasn't spoken in detail on cryptocurrencies and fintech until now. In the address, Barr said that regulators must strike a balance between encouraging innovation and providing barriers to protect customers and prevent systemic dangers.


Barr also cautioned that misleading statements made by cryptocurrency businesses concerning deposit protection may mislead clients and encourage withdrawals from banks with a cryptocurrency slant who provide such services at times of high stress.


These remarks come after the FDIC ordered several other crypto businesses, including the cryptocurrency exchange FTX, to stop making what it deemed to be "false and deceptive" assertions about whether the company's assets are government-insured in August.

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