3/ Joining us to watch @VP's speech: @NYCMayor Eric Adams
Frax is working with leaders at both federal & state levels to bring regulated payment stablecoins into the financial system. It's a pitch that resonates with everyone: stablecoins are just better money.
Powell makes one notable change to his opening statement in his delivery:
"If — *and I stress that no decision has been made on this* — if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."
Great chart to explain how unaffordable the housing market has become.
The average monthly mortgage payment in Atlanta has gone from $320 in 2012 to just under $2,000 now.
Cleveland Fed President Loretta Mester: At the last FOMC meeting, “I saw a compelling economic case for a 50-basis-point increase, which would have brought the top of the target range to 5%”
Over the past two weeks, the interest-rate futures market has done an about-face on the rate cuts that had been priced in by year end.
Markets have pushed their estimate of the terminal rate to around 5.2% by June/July, and see rates at 5.1% by Dec https://t.co/MxELD3pfgE