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On December 18th, the Peoples Bank of China (PBOC) conducted 88.3 billion yuan of 7-day reverse repurchase operations in the open market, maintaining the interest rate at 1.40%, and simultaneously conducted 100 billion yuan of 14-day reverse repurchase operations. Wang Qing, chief macro analyst at Orient Securities, stated that with the year-end approaching, the PBOCs decision to conduct 14-day reverse repurchase operations at this time is customary. This is mainly due to increased liquidity disturbances caused by factors such as bank assessments, fiscal revenue and expenditure, and residents cash withdrawals around the year-end. The PBOCs 14-day reverse repurchase operations can effectively smooth out fluctuations in the money market and guide market liquidity to a relatively stable and ample state. The market has high expectations that the PBOC may implement a new round of reserve requirement ratio (RRR) cuts early next year. Considering the current economic and financial situation and monetary policy orientation, it is expected that the PBOC may announce an RRR cut in January 2026, with an estimated reduction of 0.5 percentage points, injecting approximately 1 trillion yuan of long-term liquidity into the market. This would support large-scale bank lending at the beginning of next year while also taking into account liquidity arrangements for the Spring Festival, signaling a strengthening of pro-growth policies.December 18th - 1. Due to the previous government shutdown, the CPI report will be incomplete, possibly only reporting November price levels. 2. Limited data reduces reliability, creating uncertainty regarding monthly inflation details. 3. Inflation may slow; tariffs boosted core commodity prices, but seasonal discounts limited prices. 4. Markets may react briefly, but incomplete data limits its lasting impact on Federal Reserve expectations.On December 18th, Saxo Bank analyst Ole Hansen wrote in a report that gold is increasingly becoming a cornerstone asset in a world characterized by fragmentation, fiscal tensions, and geopolitical uncertainty. Golds performance over the past two years reflects more than just a favorable macroeconomic cycle. It signals a deeper transformation in the global financial system, where trust, diversification, and resilience have become as important as yield and growth. Despite the strong momentum, gold is not without risk heading into next year. In the near term, the most tangible risks stem from positioning and capital flows. The strong rally in gold and silver in 2025 means that the upcoming rebalancing of major commodity indices will trigger a significant sell-off in the futures market, a process that could generate significant short-term volatility.On December 18th, Daniela Hathorn, senior market analyst at trading platform Capital.com, said: "With inflation still above target and service sector prices appearing sticky, Bank of England policymakers are unlikely to send a clearly dovish signal. Instead, the Bank of England will likely describe any rate cuts as a gradual shift in risk management rather than a full-blown easing cycle."JPMorgan Chase raised its price target for Micron Technology (MU.O) from $220 to $350.

a16z Kicks Off Crypto Research Lab Led by Columbia, Stanford Professors

Skylar Shaw

Apr 25, 2022 09:45


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Andreessen Horowitz is establishing a crypto research center.


Professors from Columbia and Stanford will lead the team in tackling the most difficult web3 issues.


To address critical challenges in the crypto industry, the lab will collaborate closely with its portfolio firms.


After intensifying its drive into the metaverse, Andreessen Horowitz now seeks to address "some of the biggest challenges in web3."

a16z Establishes a Crypto Research Unit

With the formation of a new crypto research team, venture capital firm a16z revealed on Thursday that it is digging deep into the crypto industry.


The team, known as a16z Crypto Research, would bring together experts from major US colleges to address concerns and hazards in the web3 and crypto domain. Tim Roughgarden, a professor at Columbia and Stanford who has published extensively on Web3, will lead the team.


The research facility is designed after AI-powered OpenAI and Alphabet's DeepMind, according to the VC.


"We're thrilled to announce the formation of a16z crypto research, a new type of multidisciplinary lab that will collaborate closely with our portfolio and others to solve important problems in the space and advance the science and technology of the next generation of the internet," says the company.

What Is The Significance of Web3?

Andreessen Horowitz has just recently began to investigate web3, or a "extraordinarily rich design environment for innovation," as it defines it.


New entrepreneurial applications in the web3 arena have unearthed new academic issues and concerns, such as how to arrange token incentives in protocols and how to scale and adapt the computing infrastructure.


The crypto-focused academic section wants to solve such issues by creating new tools to assist its portfolio firms in growing their businesses, for example.


Harvard's Scott Duke Kominers, Meta's Valeria Nikolaenko, novelist Joseph Bonneau, and scholar Benedikt Bünz have all joined the founding board.


A comparable method has been developed by the investment company Paradigm. For example, the creator of the cartoon series Rick and Morty collaborated with Paradigm on a novel NFT sales mechanism.


"So many people in this space claim to have research," says Ali Yahya, general partner at a16z, "but I think a big difference here is that this is 'capital R' research, and it connects basically world-class talent at the scientific academic level, with world-class talent at the engineering level, with the best and most interesting problems in the space through the portfolio."

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