EuropeanCentralBank
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#Switzerland has chosen the wholesale route to CBDC.
The nation's choice to go down the path of a wholesale #CBDC contrasts with its neighbors in the #UK and #EU , which have worked on a retail option. Although, the choice is in line with Switzerland's image as a financial services center.
However, the share of GDP accounted for by financial and insurance services is in long-term decline. The sector had a 9% share last year, down from 10% in 2011.
Earlier this year, the #EuropeanCentralBank backtracked on plans to make its digital euro programmable.
In a mock interview with a supposed Ukrainian president, Volodymyr Zelenskyy, ECB head Christine Lagarde said there would be a "limited amount of control" over how it could be spent.
The nation's choice to go down the path of a wholesale #CBDC contrasts with its neighbors in the #UK and #EU , which have worked on a retail option. Although, the choice is in line with Switzerland's image as a financial services center.
However, the share of GDP accounted for by financial and insurance services is in long-term decline. The sector had a 9% share last year, down from 10% in 2011.
Earlier this year, the #EuropeanCentralBank backtracked on plans to make its digital euro programmable.
In a mock interview with a supposed Ukrainian president, Volodymyr Zelenskyy, ECB head Christine Lagarde said there would be a "limited amount of control" over how it could be spent.
Good morning : )
Recent reports suggest that investors expect that the Fed will cut interest rates soon.
Reports to be delivered today, June 7, 2024, may confirm or not confirm the market’s expectations.
While the #FederalReserve may observe these expectations, its vote in either direction next week will depend on its members' views and whether they agree that its existing policy is actually working. (I suspect that the Fed will announce similar wording as the Bank of England. Let’s hold, wait, and see.)
In the meantime, here is the recent #InterestRateDecision of overseas central banks:
On May 9, 2024, the Bank of England announced its “decision to hold interest rates at 5.25%.”
#BankofEngland added, “The progress we are seeing in the key economic data is encouraging, but we are not yet at the point of cutting interest rates” and “We need to see more evidence that inflation will stay low before we can do that.”
On June 5, 2024, the #BankofCanada “decided monetary policy no longer needs to be as restrictive and lowered the policy interest rate by 25 basis points to 4.75%.”
On June 6, 2024, the #EuropeanCentralBank said, “The Governing Council today decided to lower the three key ECB interest rates by 25 basis points.”
Recent reports suggest that investors expect that the Fed will cut interest rates soon.
Reports to be delivered today, June 7, 2024, may confirm or not confirm the market’s expectations.
While the #FederalReserve may observe these expectations, its vote in either direction next week will depend on its members' views and whether they agree that its existing policy is actually working. (I suspect that the Fed will announce similar wording as the Bank of England. Let’s hold, wait, and see.)
In the meantime, here is the recent #InterestRateDecision of overseas central banks:
On May 9, 2024, the Bank of England announced its “decision to hold interest rates at 5.25%.”
#BankofEngland added, “The progress we are seeing in the key economic data is encouraging, but we are not yet at the point of cutting interest rates” and “We need to see more evidence that inflation will stay low before we can do that.”
On June 5, 2024, the #BankofCanada “decided monetary policy no longer needs to be as restrictive and lowered the policy interest rate by 25 basis points to 4.75%.”
On June 6, 2024, the #EuropeanCentralBank said, “The Governing Council today decided to lower the three key ECB interest rates by 25 basis points.”
