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EU Concerns Over U.S. Embrace of Crypto Assets and Its Potential Impact on Europe's Financial Stability

Eurozone finance ministers  expressed concerns that the  U.S. government’s embrace of cryptocurrencies  could pose risks to  Europe's monetary sovereignty  and  financial stability . Their worries come after  President Trump  signed an executive order to create a  strategic reserve of cryptocurrencies  using tokens already owned by the U.S. government, signaling a shift in policy from the previous administration. Key Takeaways: Policy Shift in the U.S. : The U.S. administration’s new stance on  cryptocurrencies , especially  dollar-denominated stablecoins , has sparked concerns in Europe. Trump’s move to embrace cryptocurrencies as part of the U.S. financial system contrasts with past U.S. policies, raising alarms about the impact on European financial stability. Impact on Europe’s Monetary Sovereignty :  Paschal Donohoe , Chairman of the Eurogroup, highlighted that such developments in the U.S. could directly affect ...
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Why the Fed is Set to Cut Interest Rates Despite Stubborn Inflation

 Key Takeaways:

  1. Fed's December Rate Cut Likely:

    • Market Consensus: Fed-funds futures show nearly a 100% chance of a quarter-point rate cut at the Dec. 17-18 meeting.
    • Reasoning: The decision reflects broader economic trends rather than the latest inflation figures.

  2. Inflation Progress:

    • Core Inflation: Remained steady at 0.3% month-over-month in November, with an annual rate of 3.3%, consistent with October's pace.
    • Overall CPI: Increased slightly by 0.3% month-over-month, with a 2.7% annual rate, signaling some stabilization.

  3. Fed’s Perspective:

    • San Francisco Fed President Mary Daly: Advocates recalibrating monetary policy to avoid stalling economic growth or damaging the labor market.
    • Fed Governor Christopher Waller: Supports a cautious approach, recognizing recent inflation upticks but avoiding overreaction.

  4. Encouraging Signs:

    • Housing Inflation Normalization: Rent prices rose just 0.2%, marking a cycle low.
    • Core Services Inflation: Excluding shelter costs, core services rose only 0.1%, the slowest pace since August.
    • Transportation and Wages: Transportation prices remained flat, and nominal wage growth aligns with the Fed's inflation target.

  5. Broader Economic Context:

    • Labor Market: Employment conditions have returned to normal levels, reducing inflationary pressures from wage growth.
    • Productivity Gains: Recent gains have been disinflationary, providing optimism for 2025.

  6. Forward Guidance and Future Outlook:

    • Expectations for 2025: The Fed may signal a pause in cuts early next year and a slower pace of reductions thereafter.
    • Determined Goal: Officials remain focused on achieving a sustained 2% inflation target.
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