Crypto: short-term rebound within medium-term decline

BESSENT: WILL SEE SUBSTANTIAL TARIFF NEWS NEXT COUPLE DAYS BESSENT: ECONOMY WAS IN GREAT PLACE BEFORE SHUTDOWN BESSENT CITES 'HICCUP' IN ECONOMY THANKS TO SHUTDOWN BESSENT: EXPECT AMERICAN PEOPLE WILL START FEELING BETTER ABOUT ECONOMY IN Q1, Q2 BESSENT: $2,000 REBATE WOULD BE FOR THOSE MAKING LESS THAN $100,000 BUT NOT DECIDED *BESSENT REITERATES 'SUBSTANTIAL' TAX REFUNDS COMING EARLY 2026 BESSENT: GOING TO UNVEIL TARIFF RELIEF ON COFFEE, OTHER ITEMS BESSENT: WILL SEE SUBSTANTIAL ANNOUNCEMENTS ON PRICES FOR PRODUCTS LIKE COFFEE, BANANAS THAT WE DON'T GROW IN U.S. -FOX NEWS

Thank you, Julapa. Good morning, everyone. It is my distinct pleasure to welcome you to the Federal Reserve Bank of Philadelphia and to our Ninth Annual Fintech Conference. As we begin the conference, I’d like to share my perspectives — and some of the questions that I am grappling with as we consider the conference theme: how to harness the benefits and mind the risks of fintech innovations. These are of course my own views, and not necessarily those of the Federal Reserve System or my Federal Open Market Committee (FOMC) colleagues. As I look around this room, I’m struck by the extraordinary depth and diversity of expertise assembled here today. Technologists and bankers, regulators and entrepreneurs, academics and investors, consumer advocates, and policymakers — all united by a shared interest in the future of finance. This diversity is not incidental to our purpose but essential to it. We are gathered at an important inflection point in the evolution of our financial system. The rapid convergence of cutting-edge technologies with traditional financial infrastructure creates unprecedented opportunities and equally significant challenges that no single perspective can address. Consider the transformation we’ve witnessed in just the past decade. Mobile payments have evolved from novelty to necessity. Artificial intelligence and machine learning are revolutionizing everything from credit decisions to fraud detection. Open banking is redefining the relationship bet Fed's Paulson does not comment on monetary policy, economic outlook in prepared remarks to fintech conference.