The Morning After – THURSDAY MARKET UPDATE – Bitcoin (BTC/USD), (LUNC/USD)

Good Morning all!

Pricing as of 4:00 PM EST 9/21/22; % YEAR-ROUND

MARKET UPDATE

The Fed hiked rates by an expected 75 basis points

• Third rise of 75 basis points in a row

• Powell signaled that more were to come

• Comments more aggressive than expected

• “The chances of a soft landing are likely to diminish to the extent that policies need to be more or longer restrictive”

• Current: 3.00-3.25%

• The median forecast is for rates of 4.4% by the end of 2022 and 4.6% in 2023

• New scatter plot:

bond market reaction

US Q2 current account deficit narrowing

Initial jobless claims – labor market remains strong

10 a.m. EST – Conference Board Leading Economic Index (LEI)

Raw $83

merits

• Accenture ACN

• Darden restaurants DRI

• fact set FDS

• Manchester United MANU

CRYPTO UPDATE

Stablecoin Regulations: US vs. EU

• In the US, a new law would criminalize the creation/issuance of algorithmic stablecoins (think Terra LUNC/USD)

  • The panel could vote as early as this week

  • A few existing stablecoins are affected, unsure if they fall into this category

• In the EU, the new draft crypto asset market regulation (MiCA) removes restrictions on stablecoins

Lockstep: Bitcoin and S&P 500

memes of the day

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