Summary of Important Developments Overnight on November 8

21:00 - 7:00 Keywords: Federal Reserve, Powell, Trump

1. The Federal Reserve announces a 25 basis point rate cut:

- The Federal Reserve announced a 25 basis point reduction in the federal funds rate to support economic recovery.

2. Coinbase will launch Swell (SWELL):

- Coinbase announced that it will launch Swell (SWELL) to provide users with more investment options.

3. The House of Lords in the UK supports the Digital Assets Property Bill:

- The UK House of Lords passed a bill supporting the property of digital assets, which will provide stronger legal protection for the legal status of digital assets.

4. BTC rises to $76,849 in a short time, constantly setting new highs:

- The price of Bitcoin rose to $76,849 in a short time, setting a new historical high.

5. Biden states: Will make every effort to ensure a smooth transition to the Trump administration:

- Biden issued a statement saying he will do everything possible to ensure a smooth transition of power to the Trump administration, ensuring national stability and continuity.

6. Powell says: The overall economy is performing well, inflation has significantly eased:

- Federal Reserve Chairman Powell stated that the overall U.S. economy is performing well and inflation has significantly eased.

7. Powell states: As we approach the neutral rate, it may be necessary to slow the pace of rate cuts:

- Powell noted that as the federal funds rate approaches a neutral level, it may be necessary to slow down the pace of rate cuts in the future to avoid overstimulating the economy.

8. The Trump team considers listing Robinhood's Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chairman:

- The Trump team is considering listing Dan Gallagher, Chief Legal and Compliance Officer of Robinhood, as a candidate for the next Chairman of the U.S. Securities and Exchange Commission (SEC).

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