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Fed balance sheet expands by $2.6 billion in one week 💵

Market expectations for Fed rates:

- March 20: Pause.

- May 1: Pause.

- June 12: 25 bps rate cut.

💭Waller, Fed Chair:

- DeFi and stablecoin adoption could boost global dollar dominance.

💭Daly, Fed Chair:

- 3 Fed rate cuts is a reasonable baseline for this year.

💭Bostic, Fed Chair:

- I expect the Fed to start cutting rates in the summer, but with positive macro data, it could happen sooner.

- My prediction is 2 Fed rate cuts this year (but maybe 3).

💭Barkin, Fed Chairman:

- CPI report confirms why the Fed needs more confidence to ease monetary policy.

US banks demand permission from the SEC to store cryptocurrency 🏦

Their goal is to become custodians of Bitcoin ETFs. For example, now the custodian for most spot Bitcoin ETFs in the US is Coinbase.

p.s. In one week, spot Bitcoin ETFs bought 49,877 BTC, and miners mined only 6,107 BTC

Circle vs Tether 💰💰

Caroline Hill of Circle calls on Congress to look into the activities of Tether and its banking partner Cantor.