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U.S. stocks edged higher on Friday, January 9th, as the December nonfarm payrolls report did not change expectations that the Federal Reserve would keep interest rates unchanged. Meanwhile, traders are closely watching the Supreme Courts potential ruling on the legality of Trumps tariffs. State Street Macro Multi-Asset Strategist Cayla Seder said, "Todays labor data suggests the labor market is more balanced than weak. This figure is strong enough to show the economy is in a decent state, but not strong enough to require a significant shift in market expectations for monetary policy, which is positive for stocks." Regarding the tariff ruling, the U.S. Supreme Court is about to rule on the legality of President Trumps comprehensive tariff policy introduced in April, which is one of the next major tests for U.S. stocks and bonds, a policy that once shook the market. If the ruling finds the tariffs unconstitutional, stocks could be boosted as profit margins are expected to improve and the burden on consumers will be reduced. At the same time, Treasuries may come under pressure, as such a potential stimulus policy would complicate the Feds rate-cutting path and risk exacerbating the governments budget deficit.White House economic advisor Hassett: If nominated, I will accept the position of Federal Reserve Chairman.The preliminary readings of the University of Michigan Consumer Sentiment Index for January and the preliminary reading of the one-year inflation expectations will be released in ten minutes; Federal Reserves Kashkari will participate in an informal discussion in ten minutes.Mexican President Sinbaum: U.S. Secretary of State Rubio recently spoke of good coordination with Mexico.Mexican President Zimbabwe Sinbaum called for joint security operations to counter the threat from the United States.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


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The British government suggested on Thursday that crypto assets might be confiscated to help battle economic crime, but the plan fell short of the drastic change demanded by legislators, who want an unified crime-fighting agency.


Scams involving banking and the internet have increased dramatically in the United Kingdom, especially after the COVID-19 outbreak.


In response to a parliamentary investigation into economic crime, the administration said that it would introduce laws to allow cryptoassets to be confiscated and recovered more rapidly as soon as legislative time permits.


"In particular, (we propose) the development of a civil forfeiture authority to limit the danger presented by people who cannot be punished but use their wealth to continue crime," the government told the Treasury Select Committee in parliament.


The panel proposed creating a single organization to combat economic crime to replace a "bewildering" multitude of institutions, but the administration insisted that its multi-agency system was the best.


"It allows us to discriminate between various sorts of criminality," the government stated, adding that public-sector fraud required a different reaction than schemes perpetrated by individuals or corporations.


In a statement, TSC Chair Mel Stride stated, "This might be a big squandered opportunity."


The government has already endorsed a suggestion that requires internet platforms like as Google and Facebook to take aggressive steps to combat fraudulent financial product advertising, but the law will take time to adopt and execute.


"Now is the time for online platforms to step up and take down these fake ads," Stride added.


Google has already pledged to only accept financial advertisements from organizations that are authorized by the Financial Conduct Authority, and Facebook owner Meta is expected to follow suit later this year.


The investigation advised that internet platforms be required to assist clients who have been scammed, a measure that the government is considering.


"We're working together with technology firms, law enforcement, and civil society partners to investigate all options for assisting victims of online fraud and mitigating the damage they've suffered," the government stated.

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