Aurelia Butler

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    in Economy

    ECB must prepare for higher inflation – Knot

    Inflation rose above 4% last month, more than twice the ECB’s 2% target. But the bank has pushed back on calls for tighter policy, arguing transitory forces are behind the rise and inflation will fall below its target in the years to come. Knot, a conservative member of the rate-setting Governing Council, also made the case for “largely transitory” price pressures, but warned that some of the temporary factors at play may be more durable than once thought. “Upside risks to this baseline dominate,” Knot said in a panel discussion hosted by UBS. “And we need to prepare for upside scenarios as well.”Knot’s comments come just weeks before the ECB is due to decide on winding down a 1.85 trillion euro ($2.14 trillion)stimulus scheme – the Pandemic Emergency Purchase Programme – and will likely consider scaling up other tools to pick up the slack. In this crucial decision, the ECB should not bind itself for too long because more durable inflation could require policy action sooner than some now think.”We cannot make long-lasting unconditional commitments that might end up being incompatible with how the inflation outlook develops,” Knot said.Once the emergency purchases end next March, a less flexible Asset Purchase Programme should be the bank’s main tool and the ECB should keep the door open to both increasing and decreasing bond buying volumes under this scheme, Knot argued. The effects of tax hikes and past oil price rises will indeed fade, Knot said, but supply chain bottlenecks and future energy price rises may keep up the inflationary pressure. “These transitory pressures are not necessarily short-lived,” Knot said. “In fact, we have come to realize that the inflationary pressures from these sources last longer than initially thought.”Wages could also rise faster than now thought, especially if the current bout of inflation is longer lasting and firms start to adjust their wage policy.Still, conditions for an interest rate hike are “very unlikely” to be met next year, Knot said, echoing the most recent guidance repeated by a host of ECB policymakers in the past week ($1 = 0.8655 euros) More

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    in Cryptocurrency

    Nicki Minaj Tells the Public to Follow Happy Hippos NFT and Infinity8.io

    As a result of an incoming Happy Hippos NFT pre-sale, Trinidadian-born female hip-pop artist Onika Tanya Maraj popularly known by her stage name Nicki Minaj has shown that she is indeed a die-hard fan of non-fungible tokens (NFTs).Leading to this, Nicki Minaj just tweeted that people should prioritize and follow @HappyHippos_NFT and @Infinity8.io on Twitter (NYSE:TWTR). Specifically, she made this statement in support of the upcoming Happy Hippos NFT pre-sale event. Also, through the power of NFT, Nicki Minaj noted that the world should come together with a common goal and protect the lives of such endangered species.To clarify, under this event, users who already have their account verified on Infinity8.io can now adopt and share their preferred Hippos to @HappyHippos_ NFT within this pre-sale period.Additionally, to participate in this proceeding, anyone interested can cover the registration steps as all are obliged to visit infinity8.io to sign up and create an account. Even more, after the registration, users will receive an email regarding the event’s official date and time.While waiting on the pre-sale to commence, users are not left behind but rather, they can browse through the collection and select Happy Hippos of their choice.Furthermore, as the pre-sale date was not announced, we will keep our eyes on it and give you an up-to-date update if any. Continue reading on CoinQuora More

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    in Cryptocurrency

    Three Arrows Capital, Jump Capital back $40M Neon Labs token sale

    The private sale of NEON tokens was led by Jump Capital, a Chicago-based venture firm, with additional participation from Shu Zu’s Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures and CoLab Ventures, among others. Over 60 angels and ecosystem partners participated in the token sale, the company confirmed. Continue Reading on Coin Telegraph More

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    in Economy

    Naomi Osaka-backed Sweetgreen targets up to $2.7 billion valuation in IPO

    The Los Angeles, California-based company plans to sell 12.5 million shares priced between $23 and $25 each, aiming to raise up to $312.5 million at the top end of the range.Plant-based food companies have attracted investor attention over the past few years, particularly as more people gravitate to healthy and environment-friendly food. Much of the demand is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.The company was valued at $1.8 billion after a funding round earlier this year, according to media reports. T.Rowe Price, Lone Pine Capital and D1 Capital Partners are among its other investors.Sweetgreen, which was founded in 2007, expects to list on the New York Stock Exchange under the ticker symbol ‘SG’.Goldman Sachs (NYSE:GS), J.P. Morgan, Morgan Stanley (NYSE:MS) and Allen & Company are among the underwriters for the offering. More

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    in Cryptocurrency

    Digital Mango Joins Tezos Ecosystem As A Corporate Baker

    As a baker, Digital Mango will have different roles to play in Tezos governance: in addition to validating the transactions, it will be at the core of the protocol’s evolution by having voting rights proportional to the sum of the tez (Tezos tokens) it stakes and those which are delegated to it.Digital Mango will be responsible for the design and planning of commercial and/or community scale photovoltaic projects to make sure that they get all the way to completion and beyond, while relying on a unique crowdfunding model using blockchain technology to finance them.Jim Dowling, Digital Mango representative, added:”Becoming a corporate baker on Tezos came naturally, it is the only fully operational smart contract enabled blockchain which is coherent with our objectives and values. In addition to this we were drawn to Tezos because of its forkless nature which makes it perfect for issuing security tokens.”
    Tezos is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications backed by a global community of validators, researchers, and builders. Digital Mango launched delegations services around Tezos and seeks to become a pro-active participant of the Tezos ecosystem.Last month, Digital Mango baked its first block on the Tezos blockchain. To celebrate, they commissioned digital artist Kevin Ufarte to create a digital collectible or non-fungible token (NFT). He has minted 31 copies of an image, on the Kalamint platform, which encapsulates the essential elements of what it means to be a digital mango.The next five delegates to the Digital Mango baker, who also sign up to the company newsletter, will win a copy of this exclusive artwork.Thibaut Chessé, Adoption Manager in France at Nomadic Labs, commented:“We are particularly delighted to welcome Digital Mango as a corporate baker to the Tezos ecosystem; Diversifying our corporate baker network with non crypto-native participants is an essential step for Tezos to bridge with the real economy.”Continue reading on DailyCoin More

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    in Economy

    Less money, fewer problems?

    Following the money is fraught with difficulty. Numerous attempts to pin down the precise relationship between the amount of the stuff being printed, or deposited in accounts, and inflation have failed. So much so that those attempts gave us the term Goodhart’s Law, which describes the annoying tendency for any variable to lose the capacity to tell us what we’d like it to about the economy once we attempt to regulate it. Money’s wriggliness helps explain why most economists have ignored aggregates in recent decades. However there’s been a revival of late due to the surge in money growth that came after officials the world over flooded their economies with cash in the wake of the pandemic. That revival is worthwhile. While the link between money and prices is slippery, sharp rises in broad money aggregates — and their corollary — credit, usually do tell us something about both price and financial stability. Keeping that note of caution in mind, we present to you the charts below, which dropped in our inbox this morning courtesy of Oxford Economics:

    Quite a dramatic slowdown in growth, we’re sure you’ll agree. So how much does this matter for those assessing the inflation outlook? A slowdown is contingent on central banks ditching their QE programmes as planned. Their money printing has been the biggest contributor to broad money growth in advanced economies. While the withdrawal of this stimulus looks a reasonably safe assumption right now, markets have been overestimating central banks’ appetite to tighten and we have our doubts about whether policymakers’ exit strategies will continue to be as smooth as they have been so far. If this tightening does occur as planned, however, we’d expect a tightening of private sector lending standards too. That would further weigh on broad money growth and inflation too. For money growth to feed into broader price pressures, much depends on whether we see a rise in the velocity of circulation. As Oxford Economics points out in the note, money could switch hands more often as the Great Reopening gets into full swing (we hope). Yet we’ve been waiting for increases in narrow money (via central banks’ QE programmes and other aggressive monetary easing) to feed through into velocity since 2008. We remain unpersuaded that the factors necessary for a dramatic change — such as a drastic rebalance of power from capital to labour — are really there. Not quite as simple as less money, fewer problems, then. Indeed, while the aggregates are worth watching, paying greater attention to labour market and supply chain dynamics strikes us as a more fruitful use of inflation watchers’ time. More

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    in Cryptocurrency

    SolFlare Mobile — The First Solana-Native Mobile Digital Wallet

    SolFlare, the non-custodial digital wallet that is solely built for Solana, announced that it has released a mobile version of its prominent dApp-enabled wallet. This will make it the first Solana mobile wallet that is integrated with full Solana features.In detail, in SolFlare’s browser-based iteration, it is now considered as one of the most popular digital wallets for SOL. In fact, it is servicing staking for 22% of circulating SOL — which is worth over $16 billion. Notably, its unique feature is its ability to view, stake, and even send both visual and audio non-fungible tokens (NFTs). Similarly, this function will also be incorporated into the SolFlare Mobile Wallet as well.Likewise, the community-built SolFlare wallet aims to offer an enhanced experience to its users. The team notes that it plans to offer a simple and smooth mechanism like the one provided on desktop — wherein all Solana dApps can be easily accessed. It will also demonstrate the flexibility that the mobile app offers.However, albeit the lack of features available for desktop users, the SolFlare Mobile Wallet app is expected to include hardware wallet integration — WalletConnect, as well as native token swap features.Co-founder of SolFlare — Filip Dragoslavic, noted,At the moment, mobile wallets that support DeFi and NFTs are not that common outside of Ethereum. Likewise, the existing mobile wallets that support Solana only allow basic token transfers — which sometimes slows down the growth of the entire user base of Solana. Moreover, mobile wallets with full features have always proved to be a key aspect of engagement in the crypto space. To exemplify, MetaMask’s users utilize its recently released mobile version.Going back, the SolFlare Mobile wallet is available to download on both App Store and Play Store. As mentioned, this will have all the features that already exist on the web version and browser extension.Suffice to say, SolFlare Mobile will allow Solana users to store and swap Solana (SOL) token and SPL tokens, as well as stake SOL native tokens. What’s more, it will allow the users to view and send NFTs directly using their smartphones — eradicating its traditional feature that divides mobile and web versions of a wallet.Continue reading on CoinQuora More