Brian Moynihan issued a grim warning about stablecoins. During a Jan. 15 earnings call, Bank of America’s CEO told analysts that as much as $6 trillion in deposits could migrate out of the U.S. banking system into stable currencies, about 30 percent to 35 percent of all U.S. commercial bank deposits. Moynihan attributed the projection … Read more
Every living former head of the Federal Reserve condemned an “unprecedented” attempt by the Trump administration to weaken the independence of the US central bank after the Justice Department opened a criminal investigation into its chairman, Jerome Powell. Former Fed chairman Alan Greenspan, Ben Bernanke and Janet Yellen warned that similar attacks in other countries … Read more
U.S. stock futures added to losses early Monday amid concerns about the Federal Reserve’s independence after Chairman Jerome Powell said the Trump administration threatened him with criminal indictment. Dow Jones Industrial Average (YM=F) futures fell 0.6%, while those on the S&P 500 (ES=F) fell about 0.8%. Contracts on the Nasdaq 100 (NQ=F) led the way … Read more