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According to Yonhap News Agency, South Korea will implement zero tariffs on liquefied natural gas and liquefied petroleum gas in order to combat inflation.On June 18th, Chaos Tiancheng Futures reported that the Federal Reserves June interest rate meeting caused significant market volatility. The overall meeting and statement clearly shifted towards a hawkish stance, while Warshs relatively neutral remarks exacerbated market fluctuations. Subsequently, US President Trump stated that the Fed would maintain interest rates unchanged, which was fine. (Regarding the possibility of a Fed rate hike) This could happen. After the meeting, market expectations for a rate hike rose, and the US dollar index surged, surpassing the 100 mark. Currently, for precious metals, although the meeting showed a hawkish bias and rate hike expectations rose, the market was relatively prepared and anticipated. The decline was completed in the short term, but this mornings news of the US-Iran memorandum led to a recovery of half of the decline, effectively ending short-term trading opportunities. Further developments still require observation of the driving forces, most importantly geopolitical tensions. Given the current increased market volatility, there are no clear trend conditions. (This content and opinion are for reference only and do not constitute any investment advice.)Markets remain skeptical about the prospects of a US-Iran peace agreement, but concerns about oversupply are limiting oil prices. A chart provides a quick overview of the pre-market crude oil prices converted between domestic and international markets.The Federal Reserve kept its policy rate unchanged but predicted a rate hike this year. A chart provides a quick overview of the pre-market gold and silver prices, converted between domestic and international markets.On June 18th, a research report from CICC stated that the Federal Reserve maintained interest rates unchanged at its June meeting, in line with market expectations. The biggest change at this meeting was the reform. The monetary policy statement was significantly simplified, and forward guidance was removed, aiming to reduce the Feds intervention in the market. More importantly, five working groups were established: communication, balance sheet, data, productivity and employment, and an inflation framework. This reshapes the policy framework from fundamental principles, laying the institutional groundwork for Warshs conservative and market-oriented policy approach. The balance sheet assessment was ranked second, indicating that balance sheet reduction remains a core inclination. Regarding policy this year, Warsh did not provide clear guidance, but the dot plot clearly turned hawkish: the average forecast predicts one rate hike this year, reflecting that with stable employment and high inflation, combating inflation has become the focus. We maintain our judgment that the Fed will neither raise nor lower interest rates this year, but note the increased risk of a rate hike next year. If the US economy continues to strengthen and achieve a full recovery driven by AI capital expenditure, the possibility of monetary tightening cannot be ruled out.

Binance plans to buy rival FTX in bailout as crypto market crumbles

Skylar Shaw

Nov 09, 2022 16:47

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To aid with a "liquidity bottleneck" at the rival exchange, cryptocurrency giant Binance reached a non-binding deal on Tuesday to purchase FTX's non-U.S. unit. This surprising bailout has renewed investor fears about cryptocurrencies.


Sam Bankman-Fried, the CEO of FTX, and Changpeng Zhao, the CEO of Binance, reached an agreement despite their high-profile rivalry when withdrawals totaling $6 billion were made from FTX in the 72 hours leading up to Tuesday morning.


Zhao, who had tweeted on Sunday that Binance would liquidate its holdings of the rival's token owing to vague "recent developments," played a part in the pressure put on FTX.


Dan Raju, CEO of financial services company Tradier, a brokerage, said: "It's frightening to think that FTX, one of the top cryptocurrency exchanges in the world, got bitten by liquidity worries and Binance, their greatest competition, is coming to their rescue."


The 30-year-old billionaire Bankman-spectacular Fried's turnaround in fortunes is the third emergency cryptocurrency rescue this year as investors fled riskier assets due to increasing interest rates. From its peak, the cryptocurrency market has decreased by around two-thirds, reaching $1.07 trillion.


On hearing of the agreement on Tuesday, major cryptocurrencies initially rose, but those gains were swiftly lost.


The price of FTX token, which grants owners discounts on FTX trading fees, was recently $5.33 after falling by more than three-quarters. The largest digital token, bitcoin, was down 11%.


After FTX's shares dropped more than 10%, Coinbase Global Inc. reassured investors in a blog post that it had no exposure to the stock.


Forbes estimates Bankman-net Fried's worth at $16.6 billion; he has claimed to have billions on hand to support faltering digital asset firms. He disclosed a 7.6% ownership holding in Robinhood Markets Inc. in May, taking advantage of the trading app's declining share price.


According to those familiar with the situation, Tuesday's developments left FTX investors rushing to understand what the arrangement with Binance implies for their investment in FTX.


Bankman-Fried attempted to reassure FTX investors in a note to investors shared on Twitter and verified by a source with knowledge of the situation late on Tuesday. In the note, Bankman-Fried stated that "protecting shareholders is our highest priority," but added that specifics of the deal were "still being worked out." A request for comment from FTX was not immediately complied with.

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