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July's inflation measure preferred by the Fed seeing a 0.4% rise, thereby strengthening September's anticipated interest rate reduction.

Fed's Preferred Inflation Indicator Shows Direction for Central Bank's Actions

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Inflation rate measured by the Fed increases by 0.4% in July, confirming a potential interest rate...
Inflation rate measured by the Fed increases by 0.4% in July, confirming a potential interest rate reduction in September

July's inflation measure preferred by the Fed seeing a 0.4% rise, thereby strengthening September's anticipated interest rate reduction.

In the ever-evolving world of technology, finance, and cryptocurrency, several significant developments have taken place over the past week. Here's a roundup of some key events that are shaping the industry.

Technology and Finance

  • Next Technology has filed for a $500M common stock offering to purchase more Bitcoin, signalling a growing interest in the digital asset among traditional financial institutions.
  • Nvidia stock has taken a hit, dropping by 3% as China accuses the company of breaching its anti-monopoly law.

Cryptocurrency

  • The cryptocurrency landscape continues to face regulatory challenges, with a Russian bill threatening crypto businesses with fines of up to $25K for payments and mining activities.
  • On a more positive note, XRP and Dogecoin ETFs are set to launch this week, potentially opening up new avenues for investment in these popular cryptocurrencies.
  • The UAE M2 crypto exchange has dropped its business model, while Santander's Openbank is rolling out Bitcoin, Ether, and more for European users, indicating a growing acceptance of cryptocurrencies in mainstream finance.
  • Monero, however, faces a double-spending threat following a block reorganization, raising concerns about the security of the cryptocurrency.

Inflation and Economy

  • Inflation remains a pressing concern, with the Personal Consumption Expenditures price index, the Federal Reserve's preferred tool for tracking inflation, rising 0.4% in July. Core inflation, which excludes food and energy, also saw a 0.3% increase during the same period.
  • Personal consumption expenditures grew by $108.9 billion, or 0.5%, in July, while personal income rose $112.3B, with a 0.4% increase over June. The personal saving rate now sits at 4.4%, with $985.6 billion saved in total for the month.
  • Christopher Waller, a Federal Reserve governor, has expressed concerns about potential job losses and has suggested a 25-basis point rate cut in September to address labor market concerns.

Cryptocurrency News and Education

  • Cryptopolitan, a reputable source for cryptocurrency news and education, offers a wide range of resources, including newsletters, price predictions, regulatory updates, and tutorials on various topics such as blockchain, crypto investing, and wallet management.

Notable Figures

  • Larry Ellison's companies include OpenAI, Paramount, Warner Bros., and TikTok, reflecting his diverse business interests.
  • James Bullard, the former president of the Federal Reserve Bank of St. Louis, has brought Jeremy Waller up as a candidate for succession to Jerome Powell as a member of the Federal Open Market Committee. Waller was one of two governors who dissented during the July FOMC meeting, refusing to support the decision to leave rates unchanged.

Cryptocurrency Incident

  • A reported incident of hackers seizing the FBI's botnet takedown targets and building a stronger cyberweapon from it underscores the ongoing threats in the digital realm.
  • In a recent incident, one user lost $1M USDC to a MEV bot after a mistaken transaction, highlighting the need for caution and education in the cryptocurrency space.

As these developments unfold, it's clear that the tech, finance, and cryptocurrency industries continue to evolve at a rapid pace. Stay informed and stay safe in this dynamic world.

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