Financial Markets
Top stories summarized by our editors
9/21/2018

The European Central Bank must discuss the direction of interest rates beyond the initial increase, Chief Economist Peter Praet says. Communication of policy adjustments will become increasingly important so market pricing remains consistent with inflation, he says.

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Reuters
9/21/2018

Turkey will slash public spending to reduce its deficit and to get inflation under control, Finance Minister Berat Albayrak says. Measures to prevent economic problems from turning into a crisis will reduce economic growth this year and next year, he says.

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Berat Albayrak
9/21/2018

Commodity Futures Trading Commission member Brian Quintenz says comparability determinations that exist with the EU need to be created with the UK to avoid disruption in case of a "hard Brexit." "We are working very, very well to make sure an agreement is reached and in place to prevent any type of cliff-edge event," Quintenz says.

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Brian D. Quintenz, CFTC, EU
9/21/2018

Just because fines from enforcement activity decreased 7.2% last year and continue to decline this year does not mean the Securities and Exchange Commission is not policing the market, says Stephanie Avakian, co-director of enforcement. "Any assessment that suggests our effectiveness should be measured solely based on the number of cases we bring over any particular period of time is misguided," she says.

9/21/2018

Shipments of goods from China to the US are at a four-year high as Chinese exporters rush to land deliveries before the latest US tariffs bite. A 10% levy applies to a range of Chinese goods starting Monday -- 25% starting next year -- although US retailers such as Walmart and Target have indicated they will not increase consumer prices in the near term.

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Walmart, Target
9/21/2018

House Ways and Means Committee Chairman Kevin Brady, R-Texas, said the IRS should revise guidance clarifying taxpayers' obligations involving virtual currencies. "Since the emergence of virtual currencies, the IRS has struggled with how to treat virtual currencies for tax purposes and the amount of guidance necessary to assist taxpayers in understanding their tax obligations," Brady said in a letter to acting IRS Commissioner David Kautter.

9/21/2018

Federal Reserve Chairman Jerome Powell must decide whether to raise interest rates or to heed warnings from the bond market. Investors are anticipating a quarter-point increase next week and another by year-end.

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Reuters
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Jerome Powell, Fed
9/21/2018

A report from the New York attorney general's office that alleges "pervasive conflicts of interest" among cryptocurrency venues has drawn criticism from trading platforms.

9/21/2018

The Securities and Exchange Commission is asking for additional public comment on the listing of bitcoin exchange-traded funds proposed by Van Eck Securities and SolidX Management. The SEC said it has received over 1,400 comments on the proposal and has postponed its decision expected Sept. 30 until February.

9/21/2018

Total over-the-counter derivatives notional increased 2%, or $4.3 trillion, in the second quarter to reach $222 trillion at the eight US global systemically important banks. The aggregate amount rose 17%, or $32 trillion, during the first half of the year.