Game Changer - "The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. "SFOX, a prime dealer and trading system in the $208 billion crypto market, is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. — the same federal agency that protects bank customers up to $250,000 per financial institution. "It’s the first time FDIC-insured accounts will be linked to a crypto prime dealer, according to SFOX, and allows traders to keep funds in accounts under their own names. Most banks don’t allow their customers’ accounts to be linked to cryptocurrency trading. The FDIC insurance protects the cash leg of a crypto trade and doesn’t apply to the Bitcoin, Ether or other digital assets SFOX users buy on the exchange." — FDIC protection coming for wild crypto market's traders
Mon May 13 'Fed Listens' at the Boston Fed. | Tue May 14 Senate Finance hearing on the retirement system. | Wed May 15 Senate Banking panel meets on oversight of financial regulators. | Thu May 16 DC forum on how to prepare for a recession. | Fri May 17 EU finance ministers meet in Brussels.
Yield Curve Worries - A part of the U.S. Treasury yield curve considered a good indicator for coming recession is heading towards a potentially worrying level again, driven by the renewed jitters about U.S.-China trade. But it's doing it at a time when BlackRock Inc. thinks the predictive powers of the yield curve are fading. The Federal Reserve doesn't seem too worried either. Vice-Chair Richard Clarida pushed back against suggestions the Fed will start to cut rates soon and is confident current policy will get inflation where it needs to be.
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