Market Overview - The equity market is currently disregarding the government shutdown, potentially viewing it as a positive factor, while also signaling a slowdown in the economy [1][13] - Major indexes closed at record highs for the week ending October 24th, with significant gains observed in October [1][13] Economic Indicators - The Federal Reserve's Beige Book indicates only 18% of the economy is growing, a decline from 43% in August and 100% at the end of the previous year [5][13] - The Consumer Price Index (CPI) rose by 0.3% in September, slightly above the consensus estimate, bringing the year-over-year increase to 3.0% [6][15] - Core CPI, which excludes food and energy, increased by 0.2%, also resulting in a 3.0% rise over the past year [6][15] Housing Market - Existing home sales increased by 4.1% in September compared to the previous year, but the annual rate remains significantly below pre-COVID levels [11][12] - The current level of existing home sales is nearly 40% lower than the cycle peak, approaching the worst levels seen during the Great Recession [12][14] - Median home prices have stagnated since Spring 2024, with expectations of home price deflation in the coming quarters due to rising inventory [12][14] Consumer Behavior - Consumer spending rose by 2.7% from April to August, despite a 1.2% decline in personal income during the same period, indicating reliance on savings drawdown [9][16] - Rising delinquencies in credit card and auto loans are early indicators of consumer distress, with mortgage delinquencies now exceeding levels seen during the COVID era [10][16] Future Outlook - The Federal Reserve is expected to lower interest rates, with a potential 25-basis point reduction anticipated at the upcoming meeting [8] - The economic outlook remains cautious, with expectations of continued weakness in economic data influencing future monetary policy [8][16]

Core Insights - The Bank of Korea (BOK) has issued a warning regarding the risks associated with won-pegged stablecoins, emphasizing the need for regulatory safeguards to maintain monetary stability [1][3][4] - The BOK's report highlights systemic vulnerabilities posed by the rapid expansion of stablecoin activities, including potential depegging events and illicit capital flows [1][5] Regulatory Concerns - The BOK advocates that only regulated financial institutions, preferably banks, should issue stablecoins to prevent undermining monetary control and capital management [3][6] - The central bank's analysis indicates that reserve asset volatility could significantly impact the domestic financial market, with improper collateral management leading to depegging risks [3][4] Risks to Monetary Stability - The report identifies risks from privately issued stablecoins that may not maintain a one-to-one reserve ratio with the Korean won, warning of potential loss of peg confidence [4][5] - The BOK calls for robust reserve audits, issuance caps, and central oversight to mitigate liquidity shocks and protect monetary policy effectiveness [5][6] Legislative Developments - South Korea's ruling Democratic Party has proposed the Digital Asset Basic Act, allowing local firms to issue stablecoins with a minimum capital requirement of 500 million won ($367,000) [6] - The proposed legislation aims to enhance transparency and competition in the digital asset market, although the BOK remains opposed to non-bank entities issuing won-pegged stablecoins [6][7]

The U.S. central bank seems almost certain to cut interest rates on Wednesday but it’s unclear whether bankers will end quantitative tightening (QT) and what its impact might be on crypto markets, analysts told Decrypt. QT is when the Federal Reserve reduces the amount of money in the financial system by letting its bond holdings shrink—pulling cash out of circulation to cool the economy and fight inflation. It’s the opposite of quantitative easing (QE), when the Fed pumps money in by buying bonds. Crypt ...

Bank of America Global Research delivered a comprehensive “state of the world” research paper in February 2025. It outlined the predictions that the next five years will hold for the state of the economy across the globe. Learn More: What Class Do You Actually Belong To? The Income Breakdown Might Shock You Check Out: 9 Low-Effort Ways To Make Passive Income (You Can Start This Week) GOBankingRates combed through the report to highlight five insights that could hit the U.S. economy and your wallet by 2030 ...

Core Argument - Apple is seeking to dismiss a racketeering lawsuit from Fintiv, which accuses Apple of stealing technology for its mobile wallet, Apple Pay [1][3]. Group 1: Lawsuit Details - Fintiv claims that Apple misappropriated technology for Apple Pay that it had previously sought to license from CorFire, a company acquired by Fintiv in 2014 [2]. - The lawsuit alleges that Apple generated fees for major credit card issuers and payment networks through Apple Pay, which is widely used across various Apple devices [3]. Group 2: Apple's Response - Apple argues that Fintiv delayed pursuing its claims, having been aware of the relevant facts since 2014, and contends that Fintiv has not demonstrated a pattern of racketeering [3]. - In the event the case is not dismissed, Apple requests that it be transferred to U.S. District Judge Alan Albright in Texas, who has extensive experience with the underlying dispute [4]. Group 3: Judge's Background - Judge Albright previously oversaw a significant portion of U.S. patent cases and is considered a favorable judge for plaintiffs in technology-related lawsuits [5].

Core Insights - Nearly 40% of families miss out on scholarship opportunities, leaving millions of dollars unclaimed each year [1][2] - Common misconceptions about scholarships include beliefs that they are only for students with exceptional grades (46%), only for incoming freshmen (36%), or that families earn too much money (32%) [2][3] Scholarship Utilization - Scholarships are an effective way to reduce out-of-pocket college costs but are often underutilized or unclaimed [2][3] - Sallie Mae emphasizes the importance of raising awareness and dispelling myths surrounding scholarships [3] Sallie Mae's Initiatives - Sallie Mae offers free resources and tips to help students find and apply for scholarships [3] - The Sallie Mae Fund, in partnership with the Thurgood Marshall College Fund, has awarded nearly $4 million since 2021 through the Bridging the Dream Scholarship Program [4] - Sallie Mae provides a $2,000 no-essay scholarship each month to simplify the application process for students [4] Scholarship Application Tips - Students are encouraged to start early and apply for scholarships every year, as nearly half of all scholarships are available to current college students [5] - Completing the FAFSA is crucial for accessing billions in scholarships and federal financial aid [5] - Free scholarship search tools, such as Scholly Scholarships, can help students find scholarships tailored to their interests [5] - Unique scholarships exist for various interests, and many do not require essays [5]

BlackRock CEO Larry Fink has declared that investors are rushing into crypto and precious metals such as gold as "assets of fear," driven by mounting concerns over spiraling government debt worldwide. "Owning crypto assets or gold are assets of fear," Fink said during his appearance at the Future Investment Initiative conference in Riyadh, according to a Bloomberg report. "You own these assets because you're frightened of the debasement of your assets. You're worried about your financial security. You're ...

Core Viewpoint - The People's Bank of China (PBOC) is focusing on implementing a moderately loose monetary policy and enhancing financial services to support the real economy, with an emphasis on key sectors such as technology innovation, consumption, small and micro enterprises, and foreign trade [2][3]. Monetary Policy - The PBOC will execute existing monetary policy measures and explore new policy initiatives to ensure liquidity remains ample, aligning social financing scale and money supply growth with economic growth and price level expectations [2] - There will be a focus on improving the efficiency of fund usage by revitalizing existing funds and effectively utilizing new funds [2] - The PBOC aims to lower the comprehensive financing costs for society and maintain the stability of the RMB exchange rate within a reasonable range [2] Support for the Real Economy - Financial services will be directed towards enhancing the quality of support for the real economy, with a focus on five key areas to improve the specialized and refined capabilities of financial institutions [2] - The PBOC will coordinate fiscal, monetary, and industrial policies to support key industries and address weak links in the economy [2] Financial Supply-Side Reform - The PBOC plans to improve the central bank system and enhance the monetary policy framework to ensure effective transmission of monetary policy [3] - There will be an emphasis on developing the bond market, particularly a "technology board," and promoting the internationalization of the RMB [3] - The PBOC will support the development of the Hainan Free Trade Port and enhance the construction of international financial centers in Shanghai and Hong Kong [3] Financial Risk Management - Monitoring and assessing systemic financial risks will be a priority, with efforts to support the market-oriented transformation of financing platforms and reform small and medium financial institutions [3] - A mechanism for risk disposal that aligns responsibilities and incentives will be established to strengthen the financial safety net [3]

Group 1 - The dollar index (DXY00) is trading slightly lower by -0.05% ahead of the 2-day FOMC meeting, which may result in a dovish outcome with potential hints of further rate cuts and an end to quantitative tightening [1] - The ongoing US government shutdown is putting pressure on the dollar, with concerns that prolonged shutdowns could harm the US economy and lead to interest rate cuts by the Fed [1] - The markets are pricing in a 98% chance of a -25 basis point rate cut at the upcoming FOMC meeting, with expectations of an overall 115 basis point reduction by the end of 2026 [3] Group 2 - The dollar has underlying support from a +0.6 basis point rise in the 10-year T-note yield, as well as stronger-than-expected reports from the Richmond Fed and US consumer confidence [2] - The FOMC meeting will not release a Summary of Economic Projections, meaning no updates on the Fed's dot plot will be provided, but Fed Chair Powell will address the media post-meeting [4] - There is market anticipation for an update on the potential end of the Fed's quantitative tightening, which could positively impact stock and bond markets by increasing liquidity [5] Group 3 - The August FHFA US house price index rose +0.4% month-over-month, exceeding expectations of a -0.1% decline, while the S&P CoreLogic CS US 20-city house index rose +0.19% month-over-month and +1.58% year-over-year, also surpassing expectations [6] - The October Richmond Fed manufacturing index increased by 13 points to -4, which was stronger than market expectations of a 5-point rise to -12 [6]

Core Insights - The middle class in the U.S. faces financial stressors despite a generally comfortable lifestyle, particularly in areas like homeownership and healthcare [1] Group 1: Retirement Strategies for Middle-Class Individuals - Utilizing a high-yield savings account is recommended to help grow wealth over time, as it offers better returns compared to traditional savings accounts [3][4] - Continuing to work part-time during retirement can provide social benefits and additional income, allowing retirees to draw less from their retirement accounts and let their investments grow [5][6] - Engaging a certified financial planner (CFP) can provide personalized advice and holistic financial planning, which is beneficial for those aiming to build wealth in retirement [7][8]