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On June 17, Ding Xiangqun, Director of the State Financial Regulatory Commission, stated that the Commission will strictly enforce market discipline, thoroughly rectify disorderly competition, severely crack down on financial black and gray industries, firmly promote the integration of reporting and implementation in the insurance industry, effectively safeguard the order of the financial market, urge financial institutions to firmly establish correct business, performance, and risk perspectives, improve governance mechanisms, strengthen incentives and constraints, and shift from pursuing speed and scale to focusing on quality and efficiency.Pan Gongsheng, governor of the Peoples Bank of China, said that the short-term interest rate control mechanism will be improved.The "Shanghai International Financial Center Development Offshore Finance Action Plan" was officially released.According to the official measurement of the China Earthquake Networks Center, a 4.1-magnitude earthquake occurred at 10:06 on June 17 in Haixi Prefecture, Qinghai Province (37.85 degrees north latitude, 95.55 degrees east longitude), with a focal depth of 10 kilometers.On June 17th, Jarden economists warned that the Reserve Bank of Australia (RBA) cannot accelerate the natural decline of inflation by adjusting interest rates. In their research report, they pointed out that the composition of inflation is more important than its level, and they expect core inflation to remain above 3% until the second half of 2027. They noted that the main reason for the significantly higher-than-expected inflation rate is not an overheated domestic economy, but rather related to fuel costs, which are beyond the control of officials or politicians. This situation should ease as the situation in the Middle East normalizes, but Jardens core concern is the extent to which cost pressures will affect Australian goods and services.

Crypto Market Daily Highlights – ETH and SOL Lead a Bullish Top Ten

Cory Russell

Oct 24, 2022 15:10

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With 90 minutes (UTC) left in the session, the top 10 cryptos are seeing a bullish Sunday session. The top two are ethereum (ETH) and solana (SOL). While avoiding sub-$19,000 for a second session, BTC dropped short of $20,000 for the sixteenth straight day despite the strong session.


The lowering bets of a 75 basis point Fed rate rise in December were left to give a strong close to the week since external market pressures were lacking.


News that FOMC members wanted to talk about less aggressive policy changes broke on Friday. Mary Daly, a member of the FOMC, also expressed support for riskier investments. Daly said that it is appropriate to think about easing back prior to the FOMC blackout period, which should prevent the economy from becoming a Fed-fueled recession.


Janet Yellen, a former chair of the Federal Reserve and US Treasury Secretary, sought to calm market anxiety over inflation by stating that there was no evidence for it to become ingrained in the US economy.


The talk on Friday reduced expectations for a 75-basis point rate increase in December and seems to be on track to give the cryptocurrency market its longest winning run since mid-September—three days.


The likelihood of rate increases in November and December, according to the FedWatch Tool, are 87.5% and 48.7%, respectively, as of this morning. The probability of a 75-basis point increase in December was 69.8% a week ago.


Prior to the US PMI data for October, Q3 GDP results from China will get attention.


Given the FOMC's stance of policy blackout until November 3, economic data might result in policy uncertainty. Positive headline and sub-component statistics may revive hopes for a December 75-basis point increase.


The NASDAQ 100 Mini is anticipated to set the tone. A optimistic start to the week is indicated by the decline in expectations of a hawkish December move, however the markets will need to manage the Chinese figures.

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