Monday: BoJ Governor Ueda spoke on the weekend at the Jackson Hole Symposium and leant again on the dovish side: We think that underlying inflation is still a bit below our target. This is why we are sticking with our current monetary easing framework. BoJ Governor Ueda China halved the stamp duty on stock trading
Monday: The PBoC cut the 1-year LPR rate by less than expected and held the 5-year rate steady: LPR 1-year 3.45% vs. 3.40% expected and 3.55% prior. LPR 5-year 4.20% vs. 4.05% expected and 4.20% prior. PBoC The German July PPI missed expectations: PPI M/M -1.1% vs. -0.2% expected and -0.3% prior. PPI Y/Y -6.0%
It was a busy week for repricing monetary policy expectations, as central bank meeting minutes and top-tier data prints supported a longer period of high-interest rates for the major economies. Meanwhile, concerns over China’s growth and stability translated to limited risk-taking and even selling in the markets. Riskier assets like equities, commodities, and comdolls as
Stronger-than-expected U.S. and U.K. data releases supported hawkish biases for the Fed and BOE, boosting both the U.S. dollar and British pound to the top of this week’s rankings. Meanwhile, China’s growth concerns kept a lid on the demand for commodity-related currencies like AUD and NZD, as well as fueling risk aversion behavior this week.
Monday: Fed’s Bowman (hawk – voter) delivered hawkish comments over the weekend as she leans towards more rate hikes: We should remain willing to raise rates at a future meeting if data show inflation progress has stalled. In considering further rate hikes and how long to keep rates restrictive, consistent drops in inflation will be
Forex market players zoned in on Chinese data and U.S. inflation figures this week as these tend to strongly affect monetary policy expectations and sentiment. These reports signaled potential slowing inflation and growth conditions on net, spurring traders to balance narratives like calls for additional stimulus from China, a peak in the Fed rate hike
Monday: Fed’s Kashkari (hawk – voter) kept the door open for a rate hike in September as the FOMC remains data dependent: Not sure when the Fed will be done raising interest rates, making good progress. Will let the data guide the Fed, may or may not raise rates in September. US Economy has remained
Monday: China CPI missed expectations coming at 0.0% vs. 0.2% expected for the Y/Y reading and -0.2% vs. 0.0% expected for the M/M figure. Moreover, the PPI Y/Y came at -5.0% vs. -4.6% expected. These figures signal that China is sliding into deflation, and we should see stronger easing measures being adopted soon. China CPI
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