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On December 12th, Cleveland Federal Reserve President Hamak stated that she prefers a slightly tighter interest rate stance to continue putting pressure on inflation, which remains excessively high. "Our policy is currently broadly neutral," Hamak said on Friday. "I would prefer a slightly tighter stance to help continue putting pressure on inflation." Hamak does not have a vote this year but will gain voting rights in 2026. When asked if she supported this weeks rate cut decision, she did not answer directly, only stating that it was a "complex decision" because policymakers are facing dual pressures from a dual mandate. Hamak also said she expects key inflation and employment data to be released in the coming weeks to help policymakers better understand the economic outlook. She also pointed out that the Fed lacks appropriate tools to address structural changes in the economy.Both WTI and Brent crude oil prices fell in the short term, with intraday declines widening to 1%, currently trading at $57.13/barrel and $61.27/barrel respectively.Market news: Switzerland has adopted the EUs sanctions plan against Russia and Belarus.Bank of America raised its target price for Broadcom (AVGO.O) from $460 to $500.On December 12th, Goldman Sachs predicted continued market strength in 2026 and set a target of 7,600 points for the S&P 500. Ben Snider, Goldman Sachs chief U.S. equity strategist, stated that AI-driven productivity will boost earnings, expecting S&P 500 earnings per share (EPS) to grow 12% to $305, with six major technology companies contributing nearly half of the growth. While large technology companies remain the primary driver, Snider also anticipates improved earnings for other components of the index. He noted that risks ahead include a slowdown in the Federal Reserves easing pace and pressure on profit margins, but he maintains an overall positive outlook.

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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