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On January 29th, Goldman Sachs analyst Kay Hay stated that given strong economic data and signs of stabilization in the labor market, the Federal Reserve is likely to maintain its current policy for the time being. However, we expect interest rate cuts to resume later this year, as the slowdown in inflation will allow the Fed to implement two more "normalization" rate cuts, bringing interest rates back to what the Federal Open Market Committee members consider a neutral level.January 29th - Former Federal Reserve Vice Chairman Richard Clarida stated that he expects Powell to avoid the topic of the dollar during todays question-and-answer session. He said, "The Fed is trying to avoid any and all discussion about exchange rates."Federal Reserve Chairman Jerome Powell will hold a monetary policy press conference in ten minutes.January 29th - The market can pay attention to a slightly technical detail: while the entire Federal Open Market Committee (FOMC) votes on the benchmark federal funds rate, only the seven members of the Federal Reserve Board vote on the interest rate on outstanding reserves (IORB). This rate typically moves in tandem with the federal funds rate. Today, all seven board members voted to keep the rate unchanged, which is usually the norm, even if some board members dissent on the federal funds rate decision. However, there were previous concerns that board members eager to push for rate cuts might express this inclination in the IORB vote. But this did not happen today.On January 29th, Pepperston analyst Michael Brown stated that the policy statement was largely unchanged, although the assessment of economic conditions was revised upward to reflect a "robust" pace of growth. He indicated that attention will shift to the press conference, where Federal Reserve Chairman Powell may mention that the current federal funds rate is within a reasonable range for the neutral rate, but he will likely firmly avoid any questions regarding what happens after May.

New FTX chief says bankrupt crypto exchange could restart

Skylar Shaw

Jan 20, 2023 11:43

According to Chief Executive Officer John Ray, the bankrupt cryptocurrency exchange FTX is considering ways to resurrect its operations. He made the announcement to the Wall Street Journal on Thursday.


According to Ray, who took over the company's leadership in November, a task group has been established to look at reviving FTX.com, the organization's primary international exchange.


The CEO also said in an interview with the Journal that he would research if resurrecting FTX's international exchange would generate more value for the company's clients than his team could get by simply selling the platform or liquidating its assets.


Following the news, FTT, the native token of FTX, increased by around 30%.


I'm relieved Mr. Ray is now only pledging to restart the exchange after months of blocking such attempts! Sam Bankman-Fried, the founder and former CEO of FTX, said in a tweet.


Bankman-Fried said, "I'm still waiting for him to eventually acknowledge FTX US is solvent and return clients' money.


An inquiry for comment from Reuters was not immediately answered by an attorney representing FTX.


Bankman-Fried is accused of robbing the exchange's users of billions of dollars to settle debts accrued by his cryptocurrency-focused hedge fund, Alameda Research. He's denied the allegations of fraud.


Customer money' future, however, is still unknown. In a note to creditors earlier this week, FTX said that since declaring bankruptcy in November, hackers had stolen nearly $415 million in cryptocurrency from its worldwide and American exchanges.


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