Bessent on crypto reserve: Not going to be buying, will use confiscated assets

The Producer Price Index for final demand rose 0.9 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in June and moved up 0.4 percent in May. (See table A.) On an unadjusted basis, the index for final demand advanced 3.3 percent for the 12 months ended in July, the largest 12-month ...

BESSENT ON FED: MAYBE WILL START WITH 25 BASIS POINT CUT AND ACCELERATE BESSENT: DIDN'T CALL FOR FED TO GET TO 1.5% PT. LOWER RATE US Treasury Secretary Bessent: To get to neutral, that would be about a 1.5% point cut. BESSENT: NOT CALLING FOR A SERIES OF FED RATE CUTS BESSENT: I'M POINTING OUT THAT MODELS SHOW NEUTRAL IS LOWER

Bitcoin retreated more than 3% from its record highs on Thursday after hotter-than-expected inflation soured expectations of a large rate cut in September and Treasury Secretary Scott Bessent signaled the US won't be purchasing bitcoin for its strategic reserve. On Wednesday, bitcoin touched an all-time high past $123,500 per token in anticipation of looser ...