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Hong Kong stocks closed higher, with the Hang Seng Index rising 0.60% and the Hang Seng Tech Index rising 2.20%. Sectors such as chips, optical communications, robotics, and artificial intelligence led the gains. Lenovo Group (00992.HK) rose more than 9%, with its market capitalization exceeding HK$460 billion, a record high.Intel (INTC.O) shares rose more than 3% in pre-market trading.ECB Governing Council member Kazak: The exact level of the neutral interest rate is not the main issue at present. We must prevent a second round of effects.The Eurozones seasonally adjusted current account for July will be released in ten minutes.Interest Rate Decision: 1. Interest Rate Decision: The Bank of Japan raised interest rates by 25 basis points as expected. 2. Voting Ratio: 7-2, with Asada and Sato dissenting on the interest rate decision. 3. Forward Guidance: The Bank of Japan will continue to raise interest rates based on economic and price developments and financial conditions. It will review the situation in the Middle East, the demand for artificial intelligence, and the impact of foreign exchange on the economy and prices to formulate policy. 4. Economic Outlook: The Japanese economy is recovering moderately, but it cannot be simply stated that the economic situation is strong. 5. Inflation Outlook: Inflation expectations have risen moderately. Wholesale inflation remains high due to the impact of oil, foreign exchange, and artificial intelligence demand, and there is a risk that underlying inflation will exceed the 2% target. 6. Artificial Intelligence: The Bank of Japan will closely monitor the demand for artificial intelligence, which has an impact on inflation. Press Conference: 1. Interest Rate Outlook: The Bank of Japan will continue to raise interest rates based on economic, price, and financial conditions; it is not considering raising rates at a specific time, and there is no predetermined pace of rate hikes; it does not rule out any specific policy measures, depending on the inflation situation. 2. Economic Outlook: The Japanese economy is likely to continue to grow moderately, and overall financial conditions remain loose. The degree of looseness is diminishing. 3. Inflation Expectations: There is a risk that potential inflation will exceed the 2% target, and the risk of inflation overshooting is rising. The situation in the Middle East is a factor that increases inflation risk. 4. Internal Disagreements: It is normal for committee members to have differing views. Disagreements in this decision-making process are not a problem.

Fed’s Barr: Concerned about blowback to financial system from crypto

Florala Chen

Nov 16, 2022 17:14

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The chief financial regulator at the Federal Reserve, Michael Barr, expressed concern about threats coming from the non-bank sector, particularly cryptocurrencies, for which the U.S. central bank and other authorities have limited sight, on Tuesday.


Barr responded to a query when testifying before the Senate Banking Committee by saying, "We're concerned about the hazards that we don't know about in the non-bank sector. "That obviously involves cryptocurrency activity, but it also broadly refers to dangers in areas of the financial system where we lack excellent sight, good openness, and good data. Risks resulting from that could affect the financial system that we do regulate.


Barr's comments, which supplemented his prepared remarks to the committee that he was keeping a watchful eye out for vulnerabilities in the financial system amid a weakening economy, were made during his first congressional testimony since taking over as the Fed's top Wall Street cop over the summer.


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