Daily Archives: September 14, 2021

Global Investment Bank Morgan Stanley Launches Dedicated Cryptocurrency Research Team

Global Investment Bank Morgan Stanley Launches Dedicated Cryptocurrency Research Team

Global investment bank Morgan Stanley is establishing a new cryptocurrency research team. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets,” the bank said.

Morgan Stanley Sets Up New Research Team

Morgan Stanley is launching a dedicated cryptocurrency research team, Bloomberg reported Monday, citing the bank’s internal memo to staff it has seen.

Led by Sheena Shah, the firm’s lead cryptocurrency analyst, the team will research cryptocurrencies’ impact on both equities and fixed income globally.

Shah will be based in London, where she will report to Adam Wood, who leads Morgan Stanley’s fintech and payments research team in Europe. She will also report to James Faucette, who leads the firm’s fintech and payments research team in the U.S.

The memo states:

The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets.

Morgan Stanley was among the first major investment banks to embrace cryptocurrency. In March, the firm made three bitcoin funds available to its clients. In April, the firm added bitcoin to 12 mutual funds’ investment strategies.

Several other major financial institutions have also established dedicated cryptocurrency teams, including Bank of America (BOFA) which created a crypto research team in July. Last week, asset management firm Franklin Templeton posted a job notice for an “investment research analyst” for cryptocurrency.

A growing number of investment banks have begun offering or are in the process of offering cryptocurrency services to their clients. They include Goldman Sachs, Citigroup, Standard Chartered, Wells Fargo, and DBS.

What do you think about Morgan Stanley launching a dedicated crypto research team? Let us know in the comments section below.

Crypto Exchange Coinbase Unveils Plan to Raise $1.5 Billion by Selling Bonds

Crypto Exchange Coinbase Unveils Plan to Raise $1.5 Billion by Selling Bonds

Amid trouble with the U.S. Securities and Exchange Commission (SEC), global cryptocurrency exchange Coinbase unveils its plan to raise $1.5 billion by selling bonds.

Coinbase Plans to Issue $1.5 Billion in Bonds

Coinbase Global Inc. (Nasdaq: COIN) announced Monday “its intention to offer, subject to market conditions and other factors, $1.5 billion aggregate principal amount of its Senior Notes due 2028 and 2031 in a private offering.”

The company explained that the notes “will be fully and unconditionally guaranteed by Coinbase Inc.” and “The interest rate, redemption provisions, and other terms of each series of notes will be determined by negotiations between Coinbase and the initial purchasers.” The announcement details:

Coinbase intends to use the net proceeds from the offering for general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.

The global crypto exchange further declared that “Neither the notes nor the related guarantee have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction.”

This announcement followed Coinbase revealing that it had received a Wells Notice from the SEC regarding its lending product. The regulator intends to sue the company if the product is launched but Coinbase said: “We don’t know why … We got no explanation from the SEC.”

What do you think about Coinbase issuing bonds to raise $1.5 billion? Let us know in the comments section below.

iME Lists on AscendEX

iME Lists on AscendEX

PRESS RELEASE. AscendEX is thrilled to announce the listing of the iMe token (LIME) under the pair USDT/LIME on Sept. 14 at 1 p.m. UTC.

iMe is an innovative, Telegram-based messaging platform with extended functionality and DeFi capabilities. iMe is the only project to introduce DeFi functionality on a messaging platform.

iMe has integrated Artificial Intelligence, “Topics,” an alternative to Telegram folders, built-in Google Translations, a functional Cloud with Albums, and many other unique developments on its platform.

Similar to the functions offered by Telegram, iMe users can send messages, photos, videos, and any file type (doc, zip, mp3, etc.) while creating groups or channels to broadcast to their audience. Users can record contacts on their phones and find people by their names. A hybrid of email and SMS, iMe can handle personal and business messaging needs with the added support of end-to-end encrypted voice and video calls.

LIME, the protocol’s native token, allows holders to make in-app payments and access premium features. LIME token holders can vote on protocol initiatives (Governance) and participate in yield farming, staking, and partner bonuses.

The Lime token aims to be used worldwide as a crypto asset with convenience and accessibility for those users with little or no experience with crypto assets. The token advances DeFi capabilities on the iMe platform, being the first crypto asset deeply integrated into the Telegram client structure. iMe’s messenger user environment provides exciting new features for better use and broader adoption of the platform.

 

About AscendEX

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

Website: https://ascendex.com

Twitter: https://twitter.com/AscendEX_Global

Telegram: https://t.me/AscendEXEnglish

Medium: https://medium.com/ascendex

 

About iMe

iMe is an innovative, Telegram-based messaging platform with extended functionality and DeFi capabilities. iMe is the only project to introduce DeFi functionality on a messaging platform.

For more information and updates, please visit:

Website: https://www.imem.app/

Twitter: https://twitter.com/ImePlatform

Telegram: https://t.me/ime_en

Medium: https://imesmartplatform.medium.com/

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

As Crypto Economy Slumps, Total Value Locked in Defi Continues to Rise

Approximately nine days ago, the total value locked (TVL) in decentralized finance (defi) across various blockchains was around $176 billion. At that time, bitcoin ($49,937) and ethereum ($3,886) fiat values were much higher. Despite the fact that the crypto economy and these coins have dipped in value, the TVL across defi has continued to rise, climbing more than 5% to $185.32 billion.

Defi TVL Across All Chains Rises by More Than 5% Over 9 Days

Decentralized finance (defi) has attracted billions of dollars and at the time of writing, the total value locked across a myriad of blockchains is around $185.32 billion. That’s approximately 5.113% higher than the TVL was nine days ago.

As the Crypto Economy Slumps, Total-Value Locked in Defi Continues to Rise
At the time of writing, the TVL held in defi is $185 billion and more than 5% higher than it was nine days ago.

Statistics from the defillama.com dashboard indicate that there’s been a 2.10% rise during the last day and the defi platform Aave has the highest dominance level in terms of TVL (7.40%). In the last day, Aave has increased 2.69%, but seven-day metrics indicate that Aave’s TVL is down 4.23% to $13.1 billion.

One would assume that the TVL held in defi would have dropped in value after the price of ethereum (ETH) shed a few percentages in value. However, that’s not the case, because a number of other blockchains saw TVL values rise.

As the Crypto Economy Slumps, Total-Value Locked in Defi Continues to Rise
Total value locked on all defi compatible blockchains on Tuesday.

In our last report on the subject, there was around $130 billion in ether locked in defi. Today, metrics show that the current ether TVL is $128.1 billion. Seven-day ether TVL changes show ether’s TVL slipped by 0.23% and Solana’s TVL jumped by 100% in a week’s time.

Solana, Terra, Avalanche, Arbitrum Weekly Defi TVL Percentages Climb Higher

Solana (SOL) has positioned itself as the third-largest defi TVL in the entire crypto-economy with $11.54 billion locked on Tuesday. Terra’s (LUNA) TVL has increased a great deal as well, spiking 47.66% to a TVL of $10.38 billion today.

Both Binance Smart Chain (BSC) and Polygon (MATIC) have lost TVL percentage points, as they are older blockchain protocols in comparison to newer concepts like SOL, LUNA, AVAX, and Arbitrum. While BSC is down 1.09% during the last seven days, it is still the second TVL leader in terms of defi blockchains, with $16.6 billion.

As the Crypto Economy Slumps, Total-Value Locked in Defi Continues to Rise
TVL stats for 12 different defi blockchains on September 14, 2021.

Similarly, Polygon’s TVL is the fifth-largest in defi and currently has around $4.71 billion locked. Avalanche (AVAX) is another defi newbie that has been moving up the ranks in terms of TVL held in defi.

In a week’s time, AVAX’s TVL has risen 17.44% to $2.37 billion. Arbitrum One has increased by a massive 7,449% to its current 1.76 billion TVL. According to stats, the meme token NYAN has driven a massive amount of money toward Arbitrum One’s protocol. Other defi chains that saw notable increases in TVL include networks like Okexchain, Celo, and Osmosis.

What do you think about the total value locked (TVL) in defi across various blockchains rising higher in value? Let us know what you think about this subject in the comments section below.

Solana Block Production Stalls for Hours, SOL Holders Unable to Transact, Validators Deploy a Fix

Solana Block Production Stalls for Hours, SOL Holders Unable to Transact, Validators Deploy a Fix

According to reports on social media, crypto forums, onchain metrics, and the Solana Status Twitter account indicate that Solana’s blockchain has stalled. Solana mainnet-beta suffered a four-hour downtime and is still down after a technical glitch.

** Editor’s Note: At 3:30 p.m. (EST) on Sept. 14, 2021, this post was updated with a statement written by the Solana Status Twitter account. At the time of update, Solana’s issues still persist and the community is preparing a fix.

Solana’s Network Stalls

In recent times, solana (SOL) joined the top ten crypto assets by market valuation and today, SOL’s market cap position is the seventh-largest. At the time of writing, SOL has been exchanging hands for $159 per unit and is down 2.8% during the last week.

On September 14, the protocol suffered an error and at the time of writing, the chain stopped for a total of four hours so far, as the outage is still ongoing. On Tuesday, the Twitter account Lido Finance tweeted:

A tx overload has caused an OOM error in most Solana nodes, including validation nodes. The network is stalled, engineers in the team and the node operator community are working towards a resolution. Validators are preparing for a potential restart if necessary.

Lido Finance also told its Twitter followers to follow the ‘Solana Status’ Twitter account for more information. “Solana mainnet-beta is experiencing intermittent instability,” the Solana Status account detailed in a pinned Tweet. “This began approximately 45 minutes ago, and engineers are investigating the issue.”

Solana applications like explorer.solana.com have been displaying error messages like: “There was a problem loading cluster stats,” and popular SOL wallets like Phantom have had connection issues.

Estimates Say Solana Block Production Could Take a While

Some have said that the fix could take anywhere between 24 hours to 48 hours to fix the issues. “With transactions being filtered out, and failing commits, and validators need to upgrade and deploy… Will take about 24-48 hrs to fix,” the Twitter account called ‘bruce.codes’ explained.

In another tweet, ‘bruce.codes’ wrote that a “Solana fix [is] being deployed in v1.6.23.” The Solana Status Twitter account also added to the account’s initial outage tweet and said:

Resource exhaustion in the network is causing a denial of service, engineers are working towards a resolution. Validators are preparing for a potential restart if necessary.

Solana now joins the list of networks that have stalled by failing to produce blocks. For instance, back in February 2020, the IOTA blockchain was down for more than 11 days. The EOS blockchain has had issues with block production as well. Cardano has had issues with block production in the past and Solana had problems with block production in December 2020.

Furthermore, while Solana managed to knock XRP down a notch in recent times, XRP has once again managed to re-capture the sixth-largest market capitalization worldwide. At the time of writing, XRP is a touch over $3 billion ahead of solana’s (SOL) overall valuation.

** At approximately 3:12 p.m. (EST) the Twitter account called Solana Status tweeted about the ongoing issue one hour after this article was published. “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS,” Solana Status tweeted. “These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”

The Twitter account added:

This forking led to excessive memory consumption, causing some nodes to go offline. Engineers across the ecosystem attempted to stabilize the network, but were unsuccessful. The validator community elected to coordinate a restart of the network – the community is preparing a new release, and instructions will be posted in Discord.

What do you think about the problems the Solana blockchain has been facing on Tuesday? Let us know what you think about this subject in the comments section below.

Dogecoin’s Four-Legged Fall — DOGE Slides to 9th Market Cap Position Dropping 18% Last Month

Dogecoin's Four-Legged Fall — DOGE Slides to the 9th Market Cap Position Dropping 18% Last Month

The infamous dogecoin was one of the first meme-based digital currencies and it’s safe to say that the coin inspired a myriad of meme-focused or joke tokens meant to be used for fun. However, while dogecoin has had a phenomenal 2021 rising 8,515% in 12 months, during the last month dogecoin prices have stagnated a great deal. At one time, dogecoin held the fourth largest market capitalization but today, the original meme-coin’s overall market valuation has slid to the ninth position.

Dogecoin Slips to the Ninth Largest Market Position After Price Highs Subside, 67% Down From ATH

At the beginning of the year, many people said that “you can’t keep a good dog down” after dogecoin (DOGE) started its triumphant price surge and continued to rise higher month after month. That’s because dogecoin has been around for years, and for many of those years, DOGE traded for less than a U.S. penny per unit. But thanks to a lot of social media activity, mainstream media headlines, celebrity and brand-name mentions, and a few tweets from Elon Musk, dogecoin reached an all-time high of $0.731 per coin on May 8, 2021.

Dogecoin's Four-Legged Fall — DOGE Slides to the 9th Market Cap Position Dropping 18% Last Month

Moreover, that week historical data shows that dogecoin (DOGE) held the fourth largest market cap on May 9. At the time, the DOGE market cap was above ADA’s overall market valuation, with $73.8 billion that week. However, the $0.73 high did not last long and by the following week, historical metrics indicate that DOGE slid to the fifth largest market capitalization with cardano (ADA) once again taking the lead on May 16. Today, DOGE markets have not been performing so hot and the meme-based crypto asset is down 67% from its all-time price high.

Dogecoin 30-Day Values Slide 18%, Mysterious ‘DH5y’ Dogecoin Whale Still Holds Over 36 Billion DOGE

Dogecoin has a whopping 131,282,808,198 circulating supply today and it still has whales that own large percentages of this supply. The infamous “DH5y” dogecoin address holds a massive 36.7 billion DOGE today. On Tuesday, the overall market valuation for dogecoin (DOGE) is $31.3 billion and there’s around $1.1 billion in global dogecoin trade volume. Metrics show that USDT is the largest pair traded with DOGE on Tuesday as 70% of all swaps with dogecoin are traded with tethers.

USDT/DOGE volumes are followed by USD (11.41%), BUSD (5.33%), BTC (5.21%), and TRY (3.17%). The top exchange seeing the most dogecoin action on Tuesday is Coinbase, followed by Kraken. Liquid, Bittrex, and FTX crypto exchanges follow Coinbase and Kraken dogecoin trade volumes, respectively. Dogecoin holders have seen their assets slide by 4.8% in the last day alone and 22.7% during the last week. While 14-day stats for DOGE saw a 12.1% loss, 30-day stats indicate dogecoin’s fiat value shed 18.2%.

What do you think about dogecoin’s lackluster market action and how the meme-coin has slid to the ninth position in terms of market cap? Let us know what you think about this subject in the comments section below.

Walmart Investigates How Fake Press Release of Its Partnership With Litecoin Got Posted

Walmart Investigates How Fake Press Release of Its Partnership With Litecoin Got Posted

Following the fake news of its partnership with Litecoin, Walmart Inc. says it is looking into how the fraudulent press release was issued. The Litecoin Foundation and Charlie Lee are also investigating the matter. In addition, Globenewswire says it will also work with authorities “to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.”

Walmart Responds to Fake News of Its Partnership With Litecoin

The retail giant issued a press release in response to the fake news of its partnership with Litecoin Monday. “Walmart was the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC),” the company wrote, adding:

Walmart had no knowledge of the press release issued by Globenewswire, and it is incorrect. Walmart has no relationship with Litecoin.

Walmart spokesman Randy Hargrove told CNBC that the retailer has been in touch with the newswire company to investigate how the false press release got posted.

Globenewswire took down the fake press release late Monday and issued a “notice to disregard” across its service. The company also said that it has put in place enhanced authentication steps to prevent a similar incident from occurring in the future.

The press release distribution company declared:

We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.

Many major news outlets ran the fake story, including Reuters and CNBC. This led to an instant spike in the price of litecoin (LTC). However, the gains were quickly wiped out when Walmart denied the news.

Meanwhile, the Litecoin Foundation, a non-profit organization that promotes the cryptocurrency, issued a statement on the matter. The foundation is run by litecoin creator Charlie Lee, who serves as its managing director.

“We have no information as to where this idea or the release to the press originated,” the foundation wrote, confirming that it “has not entered into a partnership with Walmart of any kind.” It further noted that the quotes in the press release did not come from Lee.

Lee told Reuters in an email that the hoax was being investigated but little headway had been made. The Litecoin creator added that he currently owned only five LTC and had little incentive to issue the fake announcement himself.

He also commented on Litecoin’s verified Twitter handle (@litecoin) sharing the fake announcement. The tweet was deleted a few hours after Walmart denied the news. Lee admitted:

It was our mistake for retweeting using @litecoin. We will make sure to have stricter controls on our social media accounts so that something like this doesn’t happen again.

Who do you think is behind this fake Walmart-Litecoin partnership news? Let us know in the comments section below.

Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers

Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers

The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities.

New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers

Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex dealers and financial pyramids, but also cryptocurrency exchangers.

Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers

The bank turns particular attention to transactions between private persons as the regulator claims such entities often use accounts registered under false names to make and receive payments. Russian banks are expected to analyze and identify suspicious transactions as part of their anti-money laundering (AML) efforts and terminate services.

Among the operations considered a cause of concern, Bank of Russia lists deposits and withdrawals of cash when they are more than 30 a day. A large number of individual payers or recipients, over 10 per day or 50 per month, should also trigger action on the part of financial institutions.

The same applies to frequent transactions when the total amounts to at least 100,000 Russian rubles (close to $1,400) daily or 1 million rubles ($14,000) a month, the report details. Small intervals — of less than a minute — between deposits and withdrawals should also alarm bank officials.

Accounts Not Used to Pay Utility Bills to Be Deemed Suspicious

The Central Bank of Russia (CBR) advises commercial banks to also examine cases where the average remaining balance at the end of each day does not exceed 10% of the average daily transaction volume in the course of a week. Accounts that are not used to cover utility bills or pay for goods and services can be blacklisted as well.

A bank’s client may be considered suspicious if their transactions correspond to two or more of the described criteria. To identify such individuals, Bank of Russia further instructs banks to track digital fingerprints left by account holders including information identifying devices used to access and transfer the funds remotely.

Bank of Russia has been opposing the legalization of cryptocurrencies and related activities while other Russian authorities have been going after websites spreading information about crypto trading and platforms providing access to exchange services. In July, the financial authority issued a recommendation against the listing of securities tied to crypto assets on Russian stock exchanges.

Do you expect the central bank’s move to severely affect cryptocurrency exchange in Russia? Share your thoughts on the subject in the comments section below.

ZPAE Solves World Retail Challenges Using FinTech at Sharjah Research Technology and Innovation Park

ZPAE Solves World Retail Challenges Using FinTech at the Sharjah Research Technology and Innovation Park

PRESS RELEASE. Sharjah, September 2021 – The Sharjah Research Technology and Innovation Park (SRTIP) issued its third Distributed Ledger Technologies license (DLT) to ZelaaPayAE. Focusing on numerous areas related to the exchange of value, ZelaaPayAE works strongly to advance tokenisation and through its multiple arms and divisions promotes non-fungible tokens (NFTs), payments infrastructures and various other blockchain applications.

The CEO, Mr. Sahil Arora said, “We chose to set up at SRTIP because of their acute understanding of the space we operate in. They understood the requirement for an environment to test, experiment and simulate transactions where we can develop our fintech. The fundamental in the vision of ZelaaPayAE is to push and advance the blockchain space forward as a whole and it boasts an all-star strategically positioned list of partners and players including Tron, DigiByte, Klever Wallet and other stalwarts of the blockchain ecosystem from around the world.”

ZelaaPayAE is also testing a point of sale technology that will allow luxury merchants to choose crypto currency or fiat from the same Debit Card with miniscule charges.

The CEO of SRTIP, H.E. Mr. Hussain AlMahmoudi said, “we at SRTIP are always looking to breathe oxygen into our ecosystem of innovative startups and tech companies. We welcomed ZelaaPayAE, because of the problem solving tech that will help accelerate the merger of retail and fintech on a global scale. SRTIP has been extremely selective on which companies to issue DLT licenses to. Before we issue a license, we go through a long diligence process but in the end, we ask ourselves one more very important question. Does it help make the world a better place? We believe ZelaaPayAE will.”

This license enables ZPAE to provide ancillary solutions based on blockchain which include tokenization, data management, inoperable and immutable record-keeping of Financial Transactions. As the venture advances, there is now an open alliance to go deeper with products and platforms that ZPAE operates even in the fin-tech domain to empower barter of goods through modes of exchange and its store-of-value.

While SRTIP’s unique tech ecosystem and the licensing of DLT companies to work, engage and test is a turning point for ZelaaPayAE, it is exciting to see how this blockchain firm continues to grow and on its way to becoming a unicorn after already being an early pioneer in this unique industry amidst the sector’s incessant justification and debate between the continued relationship of the finance and technology sectors.

Media contact:
[email protected]


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

New York Fed’s Consumer Inflation Report Expects US Inflation to Hit 5.2% by Next Year

New York Fed's Consumer Inflation Report Expects US Inflation to Hit 5.2% by Next Year

Americans are still very concerned about inflation as the latest Survey of Consumer Expectations (SCE) report from August indicates that U.S. consumers expect inflation to be 5.2% a year from now. The SCE response data hasn’t been this high since 2013, and it’s increased since the month prior, when U.S. residents expected 4.9% at the time.

Month After Month, Consumer Inflation Expectations Continue to Climb Higher

The cost of services and goods in the United States has risen a great deal and Americans have been worried about rising inflation. Citizens have good reason to worry about inflation as the U.S. central bank has fueled an extreme expansion of the monetary supply since February 2020.

While there have been many protests in American history after the Fed bailed out the megabanks on more than one occasion, this time the Fed was excused for at least a year. The U.S. central bank of course leveraged the coronavirus outbreak (covid-19) as the main reason quantitative easing tactics took the stage in such big fashion.

This time around, the entire American economy needed saving, and after a year or so, complaints about inflation began to haunt the central bank’s leaders. The outlooks stemming from the New York Federal Reserve’s Survey of Consumer Expectations (SCE) report have been growing worse month-over-month since May.

In July, the SCE report tapped an all-time high (ATH) as far as America’s inflation expectations. Essentially, what the New York Fed does is leverage a revolving panel of roughly 1,300 American households in order to come up with the SCE data. After July, the following month’s SCE metrics were even worse as the findings suggested worry over the loss of purchasing power was growing.

NY Fed: ‘Inflation Expectations Rose to New Series Highs’

This worry has not subsided and the latest SCE report indicates that American households are still concerned and expect inflation to rise higher.

“The August 2021 Survey of Consumer Expectations shows that short- and medium-term inflation expectations rose to new series highs of 5.2 percent and 4.0 percent, respectively,” the New York Fed’s SCE report discloses. “Home price growth expectations continued to moderate in August but remain elevated.”

The central bank’s stats now show that respondents envision one-year inflation to jump to 5.2% and three-year expectations will be around 4%. Not only did the one-year metric increase, but the three-year data was only 3.7% in the last SCE report.

In all of the reports, month-over-month, it has been said that an ATH was surpassed and this is because the SCE readings only stretch back to 2013. August’s SCE findings show both the one-year and three-year consumer inflation expectations tapped yet another series of ATHs.

What do you think about the New York Fed’s recent SCE report that shows much higher inflation expectation readings than ever before? Let us know what you think about this subject in the comments section below.