In today’s show we look at some the latest developments in the digital finance space against the latest economic news.
First American consumers — the U.S. economy’s main engine — showed little hesitation on spending last month despite the fastest inflation in three decades, setting up the economy for a year-end growth spurt.
Purchases of goods and services, unadjusted for changes in prices, increased 1.3%, the most since March, the Commerce Department said Wednesday. Even after accounting for higher prices, spending still exceeded projections in a sign that consumers started their holiday shopping early.
Jerome Powell of course has been renominated to lead the Fed. One factor to consider is the potential impact on digital currencies. In fact. Powell appears to deliberately avoid the central bank digital currency (CBDC) hype, despite many other central banks pushing hard for CBDCs. He consistently splashes cold water on that idea. Given the benefits the US gets from the US Dollar as global reserve currency, this perhaps symbolizes a break with globalist interests in favour of American banking interests.
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