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April 24 – A survey released Friday showed that U.S. consumer confidence fell to its lowest level in nearly four years in April, impacted by inflation concerns stemming from the escalating conflict with Iran. The University of Michigans Consumer Survey Center reported a final reading of 49.8 for the month, the lowest level since June 2022. However, this figure is a slight improvement from 47.6 reported earlier this month. The index was 53.3 in March. "Consumer confidence has recovered some of the losses from the beginning of the month after the announcement of a two-week ceasefire and a slight drop in gasoline prices," said Joanne Hsu, director of the Consumer Survey Center. "The conflict with Iran appears to be primarily affecting consumer sentiment by impacting gasoline prices and other potential prices. In contrast, military and diplomatic developments that fail to ease supply constraints or lower energy prices are unlikely to boost consumer confidence."Following Washington, D.C. Attorney General Piros announcement that the investigation into Powell was halted, federal funds rate swap pricing indicated that expectations for a Federal Reserve rate cut this year have further intensified.U.S. Treasury Secretary Bessenter: The dollars dominance and reserve currency status have been further strengthened.U.S. Attorney for the District of Columbia, Piro, said: "If necessary, we will not hesitate to reopen the investigation into Federal Reserve Chairman Powell."U.S. Attorney for the District of Columbia, Robert Piro, announced the suspension of the investigation into Federal Reserve Chairman Jerome Powells construction costs. The Federal Reserve Inspector General has been asked to review the Feds spending.

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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