White House is reported to consider extensively mobilizing the executive branch to promote research and supervision of cryptocurrencies
The number of non-agricultural employment in the United States was significantly weaker than expected for the second consecutive month, setting the slowest growth this year:
The US employment growth in September hit the slowest rate this year, indicating that the labor market recovery has slowed down and complicating the Fed’s potential decision to start curtailing monetary stimulus measures before the end of the year. According to data released by the US Department of Labor on Friday, the number of non-agricultural employment increased by 194,000 in September, and the number of new jobs in August was revised upward to 366,000. The unemployment rate fell to 4.8%, partly reflecting the decline in the female labor force participation rate. At the same time, the average hourly wage has jumped.
The U.S. Treasury yield curve has become steeper, and the non-agricultural employment report details support the Fed’s reduction of expectations:
U.S. Treasury bond yields rose on Friday, and 10-year and 30-year Treasury bond yields hit their highest levels since June. Although the number of new non-agricultural jobs last month was weaker than expected, traders believe that the Fed’s downsizing time will not change. Although the Treasury bond market fluctuated for about an hour since the data was released, the 10-year yield later rose by as much as 4.2 basis points to 1.615%. The 30-year yield once touched 2.177%. Short-term bond yields rose slightly, and the yield curve became steeper.
Yellen believes that the U.S. Congress will follow up on the global minimum corporate tax rate agreement:
U.S. Treasury Secretary Yellen said that she expects Congress to take action soon to align the country with the lowest global tax rate agreed by 136 countries last week. “I believe that what we need to do to meet the minimum tax rate will be included in the settlement plan,” Yellen said in ABC’s “This Week” on Sunday. She was referring to the spending bill being prepared by the Democratic Party. The Organisation for Economic Cooperation and Development (OECD) announced on Friday that all member states of the Group of 20, the European Union and the OECD have joined the 15% minimum corporate tax rate agreement.
The White House is reported to consider extensively mobilizing the executive branch to promote research and supervision of cryptocurrencies:
According to people familiar with the matter, the Biden administration is considering a series of measures such as administrative orders to formulate government-level measures to deal with cryptocurrencies. People familiar with the matter said that the proposed executive order will require federal agencies to study cryptocurrency-related fields, involving financial regulation, economic innovation, and national security, and make recommendations. As related plans are still under consideration, people familiar with the matter declined to be named. It is reported that the plan is also aimed at coordinating the work of the administrative department in digital currency, and will promote greater attention to departments that are not concerned about cryptocurrency. A person familiar with the matter said that officials are also considering appointing the head of the White House cryptocurrency as the primary contact person for this issue.
Kremlin: Russia is ready to respond to Europe’s growing demand for natural gas:
Kremlin spokesperson Dmitry Peskov told reporters on the conference call that Russia has been, is and will be a responsible country, ready to respond to the increasing energy needs of its European partners. Peskov stated that Russia “completely disagrees” with the US accusations, saying that it used the energy crisis as a geopolitical weapon; only the US is constantly threatening to sanction commercial projects that help stabilize the European energy market. Russia is ready to negotiate new long-term supply contracts.
The Indian Minister asked Tesla to avoid selling Chinese-made cars in India:
Nitin Gadkari, Minister of Road Traffic and Transport of India, said that before Tesla entered the South Asian country, he asked Tesla to avoid selling Chinese-made cars in India. Gadkari said at an event on Friday that Tesla should “produce, sell and export cars in India” and rely on local suppliers. He said that each Tesla model in India will cost 3.5 million Indian rupees (approximately US$46,671), and the Indian government will provide all help for the American automaker to enter India.