Minneapolis Fed President Neel Kashkari said yesterday, “my colleagues and I are going to do what we need to do to bring the economy back into balance… What I don’t know is how much are we going to need to do … if we get some help on the supply side, then we won’t have to do as much; if we don’t get any help on the supply side, we are going to have to do more.”
But he also cautioned, “if the recession is effective in bringing inflation down, but then you’re pushing the unemployment rate way up, now all of a sudden you might be moving from one type of imbalance to the opposite type of imbalance. Like any kind of system, you want to avoid over-correcting if you can.”
BoE Cunliffe: There’s no intrinsic value around crypto assets
BoE Deputy Governor Jon Cunliffe said at a web event, “There’s a long tail of retail investors who have invested in cryptoassets. Do they all understand what they’ve invested in? I think not. For that long tail of retail investors, I’m not sure they do understand. They don’t really see this as a financial investment.”
“There’s no intrinsic value around crypto assets,” Cunliffe said. “They move with sentiment. They’re being moved mainly as a risky asset, and prices have been going down pretty consistently.”
“If you have that as a proportion of your portfolio, you have to realize it is highly speculative,” Cunliffe said. “You could lose all your money. You could make a sizable capital gain. It’s important for investors to understand the characteristics of this investment.”