The U.S. central bank’s key inflation gauge, the personal consumption expenditures (PCE) price index, increased by 0.5% in September, according to data released by the U.S. Commerce Department on Oct. 28. Meanwhile, markets expect with near-certainty that the Federal Reserve will codify its fourth consecutive rate hike by 75 basis points (bps) next month. While investors await the next bank rate increase, midterm elections start on Nov. 8 and reports say inflation is weighing heavily on the minds of most Americans.
On Friday, Oct. 28, 2022, the U.S. Commerce Department published the latest PCE data for September and data shows a 0.5% increase from the month prior and a rise of 5.1% during the past year. The PCE is considered the Fed’s preferred measure of inflation as it shows the measure of personal income and disposable personal income (DPI) metrics. “Personal income increased $78.9 billion (0.4 percent) in September,” the Bureau of Economic Analysis (BEA) said on Friday.
The increase in wage growth has been high, alongside the latest consumer price index (CPI) report that noted U.S. consumer prices jumped 8.2% in September. The most recent data published by the BEA on Friday has made analysts believe the Fed will add another three-quarters of a percentage point next week. “The level of wage growth is still very high, even if it is moving in the right direction,” Laura Rosner-Warburton, a senior economist at Macropolicy Perspectives told the New York Times. The economist added:
It’s probably putting upward pressure on services inflation.
Markets are near-certain a 75bps rate hike is in the cards for the next Fed rate increase. However, CNBC’s financial reporter Jeff Cox says: “markets think the Fed might downshift the pace of its rate hikes ahead.” According to Cox’s data, there’s a 60% chance the Fed will go softer in December with a 50bps hike. Surprisingly, on Oct. 26, the Bank of Canada increased its benchmark bank rate by 50bps when the market expected a 75bps rise. In addition to the Federal Reserve’s next meeting, the U.S. midterm elections will start polls on Nov. 8, and reports say Democrats may get punished by voters over inflation.
Amid the skyrocketing inflation, an editorial published by the Economist opines “Joe Biden’s protectionism is costly for America and the world.” USA Today’s Ingrid Jacques detailed how Democrats are concentrating on leveraging abortion as a pressing issue, while Americans seem to think inflation is a more pressing matter. For instance, instead of answering a question concerning the topic of inflation, Georgia’s Democratic candidate for governor, Stacey Abrams, went right back to talking about abortion.
“Democrats have overplayed their hand, and voters know it,” Jacques explained on Oct. 29.
What do you think about the inflation data in the United States and the possibility of the Fed raising the rate by 75bps? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
The U.S. central bank’s key inflation gauge, the personal consumption expenditures (PCE) price index, increased by 0.5% in September, according to data released by the U.S. Commerce Department on Oct. 28. Meanwhile, markets expect with near-certainty that the Federal Reserve will codify its fourth consecutive rate hike by 75 basis points (bps) next month. While investors await the next bank rate increase, midterm elections start on Nov. 8 and reports say inflation is weighing heavily on the minds of most Americans.
On Friday, Oct. 28, 2022, the U.S. Commerce Department published the latest PCE data for September and data shows a 0.5% increase from the month prior and a rise of 5.1% during the past year. The PCE is considered the Fed’s preferred measure of inflation as it shows the measure of personal income and disposable personal income (DPI) metrics. “Personal income increased $78.9 billion (0.4 percent) in September,” the Bureau of Economic Analysis (BEA) said on Friday.
The increase in wage growth has been high, alongside the latest consumer price index (CPI) report that noted U.S. consumer prices jumped 8.2% in September. The most recent data published by the BEA on Friday has made analysts believe the Fed will add another three-quarters of a percentage point next week. “The level of wage growth is still very high, even if it is moving in the right direction,” Laura Rosner-Warburton, a senior economist at Macropolicy Perspectives told the New York Times. The economist added:
It’s probably putting upward pressure on services inflation.
Markets are near-certain a 75bps rate hike is in the cards for the next Fed rate increase. However, CNBC’s financial reporter Jeff Cox says: “markets think the Fed might downshift the pace of its rate hikes ahead.” According to Cox’s data, there’s a 60% chance the Fed will go softer in December with a 50bps hike. Surprisingly, on Oct. 26, the Bank of Canada increased its benchmark bank rate by 50bps when the market expected a 75bps rise. In addition to the Federal Reserve’s next meeting, the U.S. midterm elections will start polls on Nov. 8, and reports say Democrats may get punished by voters over inflation.
Amid the skyrocketing inflation, an editorial published by the Economist opines “Joe Biden’s protectionism is costly for America and the world.” USA Today’s Ingrid Jacques detailed how Democrats are concentrating on leveraging abortion as a pressing issue, while Americans seem to think inflation is a more pressing matter. For instance, instead of answering a question concerning the topic of inflation, Georgia’s Democratic candidate for governor, Stacey Abrams, went right back to talking about abortion.
“Democrats have overplayed their hand, and voters know it,” Jacques explained on Oct. 29.
What do you think about the inflation data in the United States and the possibility of the Fed raising the rate by 75bps? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
While non-fungible token (NFT) sales have slipped since the start of the year, the top five marketplaces, in terms of the largest number of all-time sales, have reached more than $40 billion. Moreover, the NFT marketplace platform Opensea captured over $32 billion worth of sales as the NFT market platform currently dominates the top five NFT marketplaces by 79%.
During the month of October, the top five NFT marketplaces surpassed the $40 billion mark, in terms of all-time sales, with approximately $41.36 billion on Oct. 29, 2022. The largest NFT marketplace in terms of sales was Opensea as it nears the $33 billion range with $32.76 billion recorded on Saturday.
Statistics from dappradar.com indicates that the $32.76 billion in sales were executed by $2.34 million traders. On Saturday, Oct. 29, the average price paid for an NFT via Opensea is around $352.
Opensea is followed by the Axie Marketplace ($4.26B), Magic Eden ($1.83B), Looksrare ($1.62B), and X2Y2 ($891M). Axie Marketplace tends to NFTs that stem from the play-to-earn (P2E) blockchain game Axie Infinity and the market has seen 2.17 million traders to date.
The average price paid for an NFT via Axie Marketplace is around $171. Solana’s Magic Eden has captured $1.83 billion in sales that were settled by 1.21 million traders. The average value paid for an NFT on Magic Eden on Oct. 29 is $124.
The NFT marketplace Looksrare has seen fewer traders, as records show 107,636 settled trades via the Looksrare market. However, the average price paid for an NFT on Saturday is far larger as the average NFT sale is $6.59K on Looksrare.
X2Y2 has not tapped a billion in NFT sales yet, but it has been inching its way toward that milestone. On Oct. 29, 2022, the NFT market X2Y2 settled $891 million among 158,273 traders. The average price paid for an NFT on X2Y2 is approximately $582.78 at the time of writing.
Other leading NFT marketplaces in terms of all-time sales include Mobox ($694M), Solanart ($665M), Bloctobay ($458M), Atomicmarket ($435M), Immutable X Marketplace ($337M), and Rarible ($300M) respectively. Despite being down a great deal in monthly sales, more than $40 billion in lifetime sales among the top five markets is quite a feat.
Data from cryptoslam.io shows that NFT sales across the globe during the last 30 days added up to $426 million, which is down 21.32% from the month prior. The last 30 days saw around 4,556,057 NFT transactions among 510,859 NFT buyers.
What do you think about the top five NFT marketplaces surpassing more than $40 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News