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April 9th - Data from the U.S. Commerce Department shows that U.S. consumer spending barely increased in February amid persistent inflation. Meanwhile, the ongoing inflationary situation is expected to worsen further due to the Iran war. Inflation-adjusted consumer spending rose 0.1% from January. The core PCE index, excluding food and energy, rose 0.4% from January, while the Federal Reserves preferred core PCE price index recorded an annualized rate of 3.0%.On April 9th, data from the U.S. Department of Labor showed that initial jobless claims in the U.S. rose by 16,000 in the week ending April 4th, reaching a seasonally adjusted 219,000. Economists had previously expected 210,000. The low number of layoffs is providing support to the labor market, and there are currently no signs that employers are laying off workers due to the oil price shock caused by the U.S.-Israel war with Iran. The labor market is in what economists call a "low hiring, low laying" situation, which they attribute to the uncertainty caused by Trumps import tariffs and large-scale deportations. Although non-farm payrolls rebounded by 178,000 in March, the average length of time unemployed reached 11.4 weeks, the longest in nearly four and a half years. Continuing jobless claims fell to 1.794 million, but this may be because people have exhausted their unemployment benefits, with most states limiting claims to 26 weeks.The final reading for U.S. corporate earnings in the fourth quarter was 5.7% annualized, compared to 4.7% previously.The final reading of the U.S. fourth-quarter PCE price index was 2.9% year-on-year, compared with 2.8% in the previous quarter.The final reading of the US fourth-quarter GDP price index was 3.7%, below the expected 3.8% and the previous reading of 3.80%.

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Skylar Shaw

Sep 20, 2022 14:27

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On Monday, cryptocurrency prices hit new lows as a result of regulatory worries and a general investor reluctance to engage in risky assets due to impending interest rate increases.


By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.


The second-largest cryptocurrency, ethereum, lost 3% to a two-month low of $1,285 and had lost more than 10% in the previous day. The majority of the smaller tokens had larger losses.


Over the weekend, a significant update to the Ethereum blockchain—which supports the ether token—called the Merge changed how transactions are handled and reduced energy consumption.


The value of the token has decreased amid rumors that comments made last week by Gary Gensler, chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw further regulation. The upgrades' surrounding trades were likewise unwound.


The regulatory outlook is guesswork, according to Matthew Dibb, COO of Singapore's Stack Funds cryptocurrency platform.


Since the Merge, the markets have shed a lot of their excitement, he said. Given the uneasy global background, he said, "It's truly been a sell-the-news sort of event," and predicted that ether will test $950 in the near future.


"From a basic and technological standpoint, the current situation does not appear promising. There isn't a clear quick positive trigger that will support these markets and inject a ton of fresh cash and liquidity, in our opinion.

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