Thursday, 27 July, 2023

The surprise in Powell's remarks, a big step in Congress, commodity prices, and one less flame...

“Progress should mean that we are always changing the world to fit the vision, instead we are always changing the vision.” – G. K. Chesterton  ||

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WHAT I’M WATCHING

The press conference surprise. While most of the Federal Reserve chair’s remarks were as expected, one tiny snippet made me sit up: Fed staff no longer expects a recession. What? More on this below.

Commodity prices are heading up. Grain, oil, copper, tin are just a few of the key commodities that are starting to experience either supply issues or demand imbalances or both. The battle against inflation is far from over. More on this below.

Something’s different. Some big stuff went down yesterday at the House Financial Services Committee hearing on two crypto bills, including a notable breaking of ranks. More on this below.

Binance is not having a good time. Yesterday, the exchange revealed that it has withdrawn its application for a German license. This comes on top of withdrawals from Austria, Belgium, the Netherlands, the UK, the US, Australia, Cyprus and some others I’m probably forgetting, as well as staff reductions and executive exits. But it is still the largest exchange. What would the landscape look like if it were to continue to shrink in size?

GOING DEEPER

No recession?