The Forward Guidance newsletter on Blockworks.co discusses the relatively quiet week for economic data ahead and reviews the current state of the economy. Some analysts argue that the Federal Reserve was too dovish in their 50-basis point rate cut in September. Fed officials have been emphasizing the need for slow rate cuts. The yield on the 10-year Treasury has risen to the highest level since July, following comments from Fed officials. In other news, Stripe has confirmed its pending acquisition of stablecoin platform Bridge, which is seen as an important M&A transaction for the industry. Stablecoins have become one of crypto's most obvious killer apps, with $8.5 trillion in transaction volume in the second quarter of 2024. The report also notes that Stripe joins other big players in recognizing the potential of stablecoins. Finally, with the election approaching, it is unclear how crucial the crypto community will be as a voting bloc. Some in the industry support Donald Trump's crypto-related promises, while others support Kamala Harris. There is a desire for more clarity from Harris regarding her stance on regulatory agencies like the FTC and SEC.
- Content Editor ( blockworks.co )
- 2024-10-22
Fed officials reiterate ‘modest’ path forward for interest rate cuts