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1. Domestic commodity futures markets closed mixed in overnight trading. Chemicals led the gains, with styrene rising 4.33%; energy products led the declines, with LPG falling 1.60%; all ferrous metals fell, with coking coal down 1.00%. Base metals all declined, with Shanghai aluminum down 2.88%, Shanghai zinc down 1.89%; Shanghai gold down 1.35%, and Shanghai silver down 1.63%. 2. The WTI crude oil futures contract closed up 5.64% at $78.87 per barrel; the Brent crude oil futures contract rose 3.22% to $84.02 per barrel. Continued tensions in the Middle East, with Iran launching missile and drone attacks on several Middle Eastern countries, exacerbated market concerns about oil supply disruptions. Saudi Arabia raised its April crude oil prices for Asia, further supporting higher oil prices. 3. International precious metals futures generally closed lower. COMEX gold futures fell 0.81% to $5093.30 per ounce, and COMEX silver futures fell 0.80% to $82.52 per ounce. The Federal Reserves hawkish signals, coupled with inflationary pressures and strong employment data reinforcing expectations of interest rate hikes, and the European Central Banks cautious policy, all contributed to suppressing precious metal prices. 4. London base metals fell across the board: LME lead fell 0.97% to $1943.5/ton, LME aluminum fell 1.50% to $3292.5/ton, LME copper fell 1.52% to $12859.0/ton, LME nickel fell 1.58% to $17215.0/ton, LME zinc fell 2.87% to $3230.0/ton, and LME tin fell 3.16% to $49405.0/ton. 5. The CME announced a reduction in the initial margin for COMEX 100 gold futures from 9% to 7%, and the initial margin for COMEX 5000 silver futures from 18% to 14%. 6. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.61% to 47,954.74 points, the S&P 500 fell 0.56% to 6,830.71 points, and the Nasdaq Composite fell 0.26% to 22,748.99 points. Goldman Sachs and Caterpillar Inc. fell more than 3%, leading the Dows decline. The Wind U.S. Tech Giants Index fell 0.05%, Facebook fell more than 1%, and Apple fell 0.85%. The Nasdaq China Golden Dragon Index fell 1.43%, Bilibili fell more than 7%, and Hesai Technology fell more than 6%. Tensions in the Middle East and soaring oil prices exacerbated market concerns about inflation and its impact on Federal Reserve policy, leading to a decline in investor risk appetite.EU Trade Commissioner: Confident the US will lower new import tariffs on EU goods.U.S. Defense Secretary Hergsays: If Iran believes that the United States cannot sustain a war, then it is a miscalculation.U.S. Defense Secretary Hergsays: The timetable for the war with Iran is entirely up to us.March 6 - US President Trump said on Thursday that further measures would be taken to ease pressure on the oil market, adding that Iran is actively seeking a deal as the US and Israel launch attacks. He also called on Iranian diplomats around the world to seek asylum and help shape a new, better Iran.

US Fed Considering CBDC, But Not Decided To Pursue or Implement

Cory Russell

Apr 15, 2022 10:40

The Federal Reserve of the United States has said that it is exploring creating a central bank digital currency (CBDC). The central bank has not yet determined whether or not to pursue or deploy a digital dollar, according to the central bank.


The Fed, on the other hand, has already issued a CBDC report emphasizing the use of stablecoins like USD Coin and Tether; the statement on Thursday is the most important to date.

Fed Exploring CBDC “Benefits and Risks”

In a tweet today, the authority said that it is looking into the possible advantages and hazards of CBDCs.


It has also produced a series of CBDC FAQs, explaining why it is contemplating it now. Given technology improvements ushering in a rush of new private-sector financial goods and services, the Fed believes it is the "appropriate moment" to examine a digital dollar.


CBDCs, according to the bank, might provide a variety of advantages. A digital dollar, for example, might give consumers and businesses a simple, electronic version of central bank money, as well as a platform for entrepreneurs to develop new financial goods and services and promote quicker and cheaper payments.

Lawmakers Critical of Fed’s Progress

US legislators questioned Fed Chair Jerome Powell in January on the pace and status of the Fed's CBDC review, which was set to be released last summer.


Fed Governor Christopher Waller stated last month that he isn't sure that a CBDC is necessary for retail consumers in particular.


"Are we actually in need of it?" That is something I have yet to be persuaded of. It's not to say I couldn't be, but I've never seen that on a retail CBDC."


Tom Emmer, a Minnesota politician, sponsored a measure in January to restrict the Fed from exercising unilateral authority over the US CBDC. The lawmaker wants the central bank to be prohibited from issuing digital dollars to people directly.

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