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Farmers fretting over a trade conflict sparked by President Trump’s tariffs may soon get more details on the $ 12 billion worth of aid that the administration has pledged, as their concerns mount over market losses.
WSJ.com: US Business
Before this week, it had been more than a quarter-century since a sitting U.S. president publicly pressured the independent Federal Reserve on interest rates.
On Friday, President Trump did it for the second day in a row.
In unprecedented back-to-back statements, Trump escalated his criticism of…
The U.S. economy is in a sweet spot where it’s growing but not overheating, the Federal Reserve said Friday in its latest official report to Congress.
Growth is solid, unemployment is low and price increases are modest, the Fed said. The only real notes of caution in the 63-page report were sharply…
President Trump will announce his next Supreme Court nominee in less than a week, and one name popping up on everybody’s short list is Amy Coney Barrett. CBS News , for example, reports that Coney Barrett is one of two leading contenders, along with another federal judge, Brett Kavanaugh. Coney Barrett,…
A federal investigation into Facebook’s sharing of data with political consulting firm Cambridge Analytica has broadened to focus on the actions and statements of the tech giant and involves three agencies, including the Securities and Exchange Commission, according to people familiar with the…
A federal judge has blocked Kentucky’s work requirements for Medicaid and has ordered the Trump administration to reconsider the program, reports the AP . US District Judge James E. Boasberg ruled the Trump administration did not adequately consider whether the work requirements and other changes would help the state give its…
Man accused of driving into crowd at Charlottesville rally faces federal charges, could receive death penaltyJune 27, 2018 | dailybusinessnews
The man accused of mowing down a counter-protester at last year’s white nationalist rally in Charlottesville is now facing federal hate crime charges and could receive the dealth penalty if convicted.
Sarah Sanders shouldn’t be using her official social media accounts to complain about restaurants, according to a former federal ethics chief. Walter Shaub—who served as director of the Office of Government Ethics during the Obama administration and stepped down last year after publicly clashing with President Trump—says the…
This week the Federal Reserve Bank of St. Louis added cryptocurrency to their Federal Reserve Economic Data (FRED) database. It’s a seemingly small gesture, but one that signals to most observers crypto’s maturation, at least in the eyes of arguably the most important central banking institution in the world.
Federal Reserve Bank of St. Louis Adds Four Cryptos to its FRED Database
“FRED has added four series on the prices of different cryptocurrencies,” the St. Louis Federal Reserve posted without much fanfare this week, including “Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index).”
The St. Louis Fed is one of 12 regional banks within the system, collectively constituting the most powerful central bank on the globe. Known to be part of the 8th District, which includes midwestern Fed banks, it is also considered an economic research powerhouse.
It maintains its FRED database at its famed research division. The bank uses more than half of a million data points, derived from 81 sources. Exchange rates, GDP, interest rates, consumer indexes, banking, producer price indexes, among other sectors, comprise its focus. FRED-published statistics carry massive weight in the professional financial world.
That some government agency creates yet another index isn’t particularly newsworthy. However, that both proponents and opponents frequently set cryptocurrencies such as bitcoin cash (BCH) as distinctly operating in defiance of central banks, and how the Fed appeals to crypto bank Coinbase for its metric, means decentralized currencies have come of age.
Going forward, it would also appear as Coinbase adds more currencies perhaps FRED would be compelled to monitor them as well. Whatever the case, the St. Louis Fed has been consistently out ahead of most central banks and economists when it comes to crypto.
That’s a marked contrast to its brethren. Atlanta’s Fed bank openly chastised younger investors to steer clear of crypto. The San Francisco branch pegged bitcoin core’s (BTC) price considerably lower than its near $ 6,000 present figure, insisting one BTC is probably worth around the cost of mining, slightly under $ 2,000 per coin. Even the Minneapolis Fed, in trying to be charitable, urged ignoring the currency aspect altogether and instead look toward ‘blockchain technology.’
Again, the St. Louis Fed thinks differently. Just a few months ago it caused a stir within the ecosystem by publishing a meditation on BTC, putting forth the idea it can be considered alongside the dollar. Its Governor James Bullard, however, is much more cautious. Acknowledging crypto as being a real future of money, he explained, “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
Is the arrival of a FRED crypto index important? Let us know in the comments.
Images via the Pixabay, FRED.
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Covered California’s premiums are expected to rise significantly next year. But the head of the state’s insurance exchange said the Trump administration’s legal bid to dismantle protections for people with preexisting medical conditions will likely not contribute to the increases.