Gate.io Blog Daily News | The U.S. 30-Year Treasury Bond Yield Rose to 4.856%; The Court Denied the U.S. Sec’s Motion to Appeal Against the Ruling of the Ripple Case

Daily News | The U.S. 30-Year Treasury Bond Yield Rose to 4.856%; The Court Denied the U.S. Sec’s Motion to Appeal Against the Ruling of the Ripple Case

01 January 08:00

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##Crypto Daily Express: The U.S. 30-year treasury bond yield rose to 4.856%; the court denied the U.S. SEC’s motion to appeal against the ruling of the Ripple case; FCF Pay allows users to use BTC to purchase Mercedes-Benz  
The U.S. 30-year treasury yield rose to 4.856% yesterday (at 4.97% at the publication of the article), the highest level since 2007.

Analisa Torres, the Judge at U.S. District Court denied the SEC’s motion to appeal the Ripple ruling.

On the first day of the trial of SBF, who is FTX’s founder, Judge Lewis Kaplan of the Federal Southern District Court of New York asked whether the US government had ever offered any plea deals to the SBF. The lawyer representing the US government confirmed that no such plea deals had been offered to SBF.

According to Bostic from the Fed, the Fed’s plan for the next stage is to bring interest rates down by 25% by the end of next year.

Gabor Gurbacs, head of digital asset strategy at global asset management company VanEck, posted on social media that the $86 billion <a href="/pt/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>-based portfolio (as of June 30, 2023) is hedged with <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and gold. Bitcoin, gold, and commodities account for around 5-8% of the short-term portfolio, a structure that can help the assets effectively hedge against black swan events (e.g., collapses of banks, central banks, and governments).

According to the statement of a senior official on Tuesday,  Singapore authorities have seized assets worth more than S$2.8 billion (US$2 billion) in a money laundering investigation. Those seized properties include 152 real estate, 62 cars, thousands of bottles of wines, cryptocurrencies, gold bars, and jewelry.

FCF Pay, a crypto payment services provider, announced the launch of a new service that will support its users to purchase Mercedes-Benz with designated cryptocurrencies,  including BTC, ETH, <a href="/pt/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>, XLM, DOGE, FLOKI, and more.

UBS, a global leading bank has announced the launch of its first tokenized variable capital company (VCC) fund, aiming to bring a variety of "real-world assets" onto the chain. UBS Asset Management has leveraged the company's in-house tokenization services UBS Tokenize to launch a controlled pilot project of tokenized money market funds. The pilot project, which features smart contracts on the <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> public blockchain, enables UBS Asset Management to carry out various activities including fund sub_script_ions and redemptions.

According to Dune data, Friend.tech has generated a total protocol fee revenue of 10,685.7 ETH., surpassing the 10,000 ETH line. In addition, the protocol has its TVL exceed $52 million and has accumulated over  300,000  users.

##Macro: JOLTS shows the number of U.S. job vacancies in August far exceeded expectations, feeding the fear of further interest rate hikes

The fact that the U.S. dollar index remains high， plus the discouraging market data that was released recently, enhances the possibility for the Fed to take further action to let the already-high interest rates " go higher and last longer”.

The Job Openings and Labor Turnover Survey (JOLTS) released yesterday by the U.S. Bureau of Labor Statistics showed that the number of open positions rose to 9.61 million in August from a revised 8.92 million in July. The number of new hires increased slightly while the number laid off is relatively small.

The beyond-expectation employment data, which is actually remarked as better than expectation by all economists interviewed in a survey and plus the stronger-than-expected g U.S. job openings data, further strengthen the probability that the Federal Reserve will let interest rates "go higher and last longer". Bostic from Fed said the Fed still has some way to go to bring inflation down to target. There is definitely no rush to raise the interest rates again, but it is also premature to cut it or otherwise indicate a signal of policy easing. Mester from the Fed mentioned the Fed may have been close to or probably has reached its interest rate target. He said he would probably cast an affirmative vote again to support an interest rate hike at the next meeting if the situation showes no signs of improvement then.

The rise in U.S. job openings in August signifies a shortage of manpower, which will provide a reason for the Federal Reserve to raise interest rates next month. Driven by the surge in white-collar jobs, the 10-year U.S. treasury bond yield rose 8% to reach 4.76% (at 4.85% at the time of publication of the article), and the 30-year treasury bond yield rose to 4.87% (at 4.97% at the time of publication of the article), both hitting a 16-year  high since 2007. At the same time, all three major U.S. stock indexes fell by at least 1.1%.

Furthermore, after the release of U.S. job vacancy data, the U.S. dollar index hit a maximum of 107.36, setting a new high since November last year, and finally closed up 0.047% at 107.09. In the Asian market today (October 4), the latest U.S. dollar index was reported as 107.12 (10:30 Beijing time).

Although many institutions expect the employment data will drive the Federal Reserve to raise interest rates one more time this year, there are dissent opinions that believe that the next necessary step is to cool down the labor market. For example, Economist Stuart Paul mentioned an issue faced by enterprises in staff hiring, which is the discrepancy between candidates’s competence and position requirements. Such discrepancy leads to a situation where there are more and more jobs listed while the number of recruited staff and wage growth becomes smaller. As such, they expect the Fed may shift the focus of attention to improving labor market indicators,  as all data now indicates the possibility that the labor market may slow down the pace of growth.

By comparing the current interest rate policy with those implemented in history, we found the current interest rate policy has almost achieved its preset goal. The inflation rate measured by the Consumer Price Index (CPI) has dropped from a peak of around 9% last year to the current level of around 3.7%, after the Federal Reserve managed to lift interest rates by 5.25% accumulatively in the past 18 months. Although the inflation was brought down significantly, it still has some distance to go before reaching the 2% target. The instable performance of part of the economic data can be explained by the gap between the time when the policy takes effect and the time when the data is available.

Investors are suggested to observe the development of global economic development and financial policies. Although we see prospects for the financial environment to ease up, we should still remain vigilant to any change in the short-term macro market and should note especially how the policy affects the crypto market that is highly sensitive to interest rates. Only in such a way can we better cope with challenges and seize opportunities brought about by changes in the macro environment.

<div class="blog-details-info">
<div>Author:**Peter L.**, Gate.io Researcher
<div>Translator: Sally Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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