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3rdeyeofcrypto
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gap filled :/ faster then I expected
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FED Maintains Interest Rates Amid Cautious Economic Outlook The Federal Reserve has decided to maintain its key interest rate at a 23-year high for the eighth consecutive time, signaling a cautious approach to monetary policy despite signs of cooling inflation. Following a two-day meeting, the FED announced its decision, defying market expectations for a rate cut due to the easing inflation, which has dropped from around 9% in June 2022 to above 3% in 2023, and further down to the 2% range in June. FED Chair Jerome Powell emphasized the central bank's awareness of the dual risks involved, particularly after the Labor Department's June jobs report revealed a slight rise in the unemployment rate to 4.1%, marking the first time it has surpassed 4%.
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Tether's Robust Financial Performance and Strategic Investments in 2024 Tether, the leading stablecoin issuer, has reported a remarkable financial performance for the first half of 2024, showcasing a net profit of $5.2 billion. According to an independently verified attestation by global accounting firm BDO, Tether’s group equity has surged to nearly $12 billion, reflecting the company’s robust financial health. A significant contributor to this profit surge has been Tether’s strategic investments in U.S. Treasury securities, with holdings reaching an unprecedented $97.6 billion. This positions Tether as the 18th largest holder of U.S. debt globally, surpassing the Treasury holdings of several countries, including Germany and Australia. The issuance of over $8.3 billion in new USDT tokens in Q2 2024 further underscores Tether’s dominant position in the stablecoin market. Paolo Ardoino, Tether's CEO, expressed strong confidence in the company’s future trajectory, highlighting its unmatched financial strength and leading role in the stablecoin industry. Beyond its crypto ventures, Tether is also exploring opportunities in artificial intelligence, biotechnology, and telecommunications, indicating a broader strategic vision. Despite an unrealized loss of $653 million due to Bitcoin price fluctuations, Tether reported a $165 million gain from gold investments, demonstrating its diversified investment approach. Moreover, Tether has set aside excess reserves worth $5.3 billion to ensure the stability of its USDT token, while also disclosing that certain investments in sustainable energy and advanced technologies are not considered part of its token-backing reserves.
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