FameEX Morning Crypto News Recap | August 12, 2024

Fed Governor Bowman: Labor Market Cooling Overstated, Caution Advised on Rate Cuts

Federal Reserve Governor Bowman stated that inflation remains above target levels and highlighted upside risks to inflation due to a strong labor market. She indicated that these factors might prevent her from supporting a rate cut at the September meeting, despite some progress in reducing inflation in May and June.

JPMorgan Chase CEO Jamie Dimon: U.S. Recession Odds Could Be as High as 65%

JPMorgan Chase CEO Jamie Dimon stated that a U.S. recession is likely, with only a 35% to 40% chance of a "soft landing." He emphasized ongoing market uncertainty, citing factors like geopolitics, housing, deficits, spending, quantitative tightening, and upcoming elections as potential triggers for market instability.

Five Leading Tech Companies Advancing Metaverse Devices

Five of the top ten market-cap companies—Apple, Google, Meta, Microsoft, and Nvidia—are developing Metaverse devices. Microsoft plans to order OLED panels from Samsung for a mass-produced spatial computing headset in 2026, according to reports. These tech giants are advancing their efforts in creating devices for the emerging Metaverse.

Bank of Japan Hikes Policy Rate, Sparks Market Volatility

The Bank of Japan raised its policy interest rate, coinciding with weaker-than-expected U.S. economic data, causing significant volatility in Japanese securities and foreign exchange markets. Governor Kazuo Ueda assured that the rate hike would not have a major negative impact on the economy.

Hong Kong to Tighten Digital Asset Regulation Over the Next 18 Months

On August 11, Hong Kong Legislative Council member David Chiu announced plans to enhance digital asset regulation over the next 18 months, aiming to establish Hong Kong as a global fintech hub. The initiative includes attracting global tech talent, building new infrastructure, and developing a robust legislative oversight system.

African Union Approves "African Continental Artificial Intelligence Strategy" to Boost AI Adoption

The African Union's Executive Council approved the "Continental Artificial Intelligence Strategy" to advance AI adoption across member states, including Nigeria. The strategy includes key recommendations, such as creating an integrated hardware and software environment tailored for AI and machine learning, to enhance data processing and deployment in both public and private sectors.

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