FameEX Morning Crypto News Recap | August 12, 2024

Fed Governor Bowman: Labor Market Slowdown Exaggerated, Urges Caution on Rate Cuts

Federal Reserve Governor Bowman noted that inflation is still above target and warned of potential inflation risks from a strong labor market. These concerns might lead her to oppose a rate cut at the September meeting, despite recent progress in reducing inflation in May and June.

JPMorgan Chase CEO Jamie Dimon: U.S. Recession Likelihood May Reach 65%

JPMorgan Chase CEO Jamie Dimon predicted a U.S. recession is likely, with a 35% to 40% chance of a "soft landing." He warned of market uncertainty driven by factors such as geopolitics, housing, deficits, spending, quantitative tightening, and upcoming elections, which could destabilize the market.

Five Major Tech Companies Pioneering Metaverse Devices

Apple, Google, Meta, Microsoft, and Nvidia, five of the top ten market-cap companies, are actively developing Metaverse devices. Microsoft is reportedly planning to order OLED panels from Samsung for a spatial computing headset set for mass production in 2026. These tech giants are leading the push into the Metaverse.

Bank of Japan Raises Policy Rate, Igniting Market Volatility

The Bank of Japan raised its policy interest rate, alongside weaker-than-expected U.S. economic data, leading to notable volatility in Japanese securities and foreign exchange markets. Governor Kazuo Ueda reassured that the rate hike would not significantly harm the economy.

Hong Kong Set to Strengthen Digital Asset Regulation Within 18 Months

On August 11, Hong Kong Legislative Council member David Chiu revealed plans to strengthen digital asset regulation within 18 months, positioning Hong Kong as a global fintech hub. The strategy focuses on attracting international tech talent, constructing new infrastructure, and creating a strong legislative oversight framework.

African Union Endorses "African Continental AI Strategy" to Accelerate AI Adoption

The African Union's Executive Council approved the "Continental Artificial Intelligence Strategy" to promote AI adoption across member states, including Nigeria. The strategy recommends developing integrated hardware and software environments for AI and machine learning to improve data processing and deployment in both public and private sectors.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​