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Today · 2026-09-13 · Sun

Analyst: Walsh's speech should have served as a forward-looking guide for the July meeting

ON 28 AUGUST, GEORGE CATRAMBONE, MANAGING DIRECTOR OF FIXED GAINS FOR THE AMERICAS OF DWS, ADDRESSED FEDERAL RESERVE CHAIRMAN WALSH, SAYING, “NO MATTER WHAT YOU CALL IT, THIS IS EXACTLY THE FORWARD-LOOKING DIRECTION THE MARKET EXPECTED AT THE JULY MEETING OF THE FEDERAL OPEN MARKET COMMISSION (FOMC).” “I AM LISTENING TO A FEDERAL RESERVE CHAIRMAN WHO MAY TIGHTEN MONETARY POLICY. HE TRIED TO KEEP THE BALANCE IN HIS SPEECH, BUT THE FED IS LIKELY TO INCREASE INTEREST RATES.”

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Hyena announced that it had ceased operations and closed all markets

U.U. stated that it had been informed that Hyena, the United States-Demand Guarantee Contract platform based on hyperlibhip-3, had announced that it had ceased operations and closed all markets. The platform has a cumulative trade volume of more than $4 billion, services more than 12,000 traders, and awards nearly 2.5 million USDE bonds. Hyena states that with the further deepening of the hyperliquid and USDC, the development space of the USDE bond model changed and it was decided to end operations. The entire market will be installed and automatically closed between 31 August and 2 September, with the official claim that Hyena points, without user funds, have no monetary value and no plans to issue Hyena coins。

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Coinbase discloses Ceecil, an in-house AI assistant, helping the engineering team

Wu stated that it had been informed that Coinbase had disclosed its internal AI Engineering Assistant Ceecil, a system that could remember team history discussions, recent context and key decision-making in Slack and, if necessary, call on real-time query tools to assist the engineering team in dealing with inter-temporal interfaces and troubleshooting. Ceecil uses a hierarchical router mechanism, simply requesting a direct call to the API or knowledge base, so that complex tasks are handed over to the full AI agent to deal with the limitations of linking its structures to memory, knowledge base and Slack through the MCP, and to set privacy boundaries, bill switch, cost caps and manual clearance。

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Analyst Andrew Sacher: Walsh didn't pick up a good story. Market pigeons were expected to collapse

On 28 August, the analyst Andrew Sacher: “It was previously argued that the Federal Reserve Chairman Walsh was advocating other inflation measures in order to choose one of his best interests. But in this speech, he did the opposite. He dismantled the PCE inflation and found that 49 per cent of the component projects had increased by more than 3 per cent annually and classified this level as `very high'. His discussion of the labour market was also biased towards hawks, focusing on the low unemployment rate and the number of people who received unemployment benefits. The number of non-farm employment, which is usually of high concern, is exceeded.” Kim Xian

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Walsh released the Eagle signal that the current financial situation is not restrictive

On 28 August, in a speech that was more hawk-oriented than many marketers expected, Federal Reserve Chairman Kevin Walsh cited a number of indicators showing good economic performance, including higher corporate profits, stable consumer spending and narrow credit spreads. “It seems to me that the credit and loan markets show little evidence that monetary policy is becoming restrictive. In general, it is difficult for me to describe the current overall financial situation as restrictive.” The statement boosted Wall Street's interest rate on the Fed。

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Walsh stressed the short-end return on inflation-resistant US debt

On 28 August, the rate of return on United States short-term national debt rose. In a very market-sensitive speech, Federal Reserve Chairman Walsh stressed the need for the Federal Reserve to contain rising consumption prices, thereby easing some of the market ' s concerns about its ability to fight inflation. During his speech, short-term United States debt was sold and long-term United States debt rose. The rate of return on the United States debt rose from 5 basis points to 4.28 per cent for the biennium and declined from 1 basis point to 5.19 per cent for the 30-year period. Both changes indicate that the market expects that the Fed may need to increase short-term interest rates. Since his first press conference in June, bond traders have had doubts about his policy position. At that time, Walsh stressed the need to lower inflation and showed a hawk-like stance. Since the global economy reopened from the epidemic in 2021, inflation in the United States has been above the Fed's 2 per cent target. In July, however, the Fed again maintained interest rates, and Walsh did not reveal whether the interest rate could be increased this year. The rate of return on long-term United States debt subsequently increased significantly, as traders demanded higher returns to compensate for the risks of increased inflation. Walsh warned on Friday that inflation had not experienced a meaningful slowdown and that policymakers had to be convinced that inflation was improving, otherwise the central bank “had to do”. He also reiterated that policymakers would bring inflation back to the 2 per cent target and stressed that the target was clear and fixed. Kim Xian

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Walsh released the interest-rate signal and the Fed's policy focused. Boo

On Friday, 28 August, Federal Reserve Chairman Walsh said that if policymakers were not convinced that inflation was falling to 2 per cent “at a clear and fast enough rate”, the Federal Reserve “had to do”. This suggests that if price pressures do not improve, the Fed could raise interest rates next. Walsh made it clear that he remained committed to the Fed’s long-standing policy of managing inflation by adjusting interest rates. This greatly increases the possibility of the Fed’s next interest rate hike, which could divide him from President Trump, who has long sought to reduce interest rates. This statement largely eliminates the ambiguity that had been left behind. During a press conference at the end of July, Walsh refused to respond too much to the need to raise interest rates to deal with inflation, which had risen sharply this year and had been higher than the Fed’s target for more than five consecutive years. Kim Xian

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UAE Principal Adviser: The Walsh Jackson Hall premiere is clear and strong

On 28 August, the Chief Adviser of the Union, El-El-Lean, stated: “It seems to me that this was a clear and powerful statement that met the high expectations of the market for the first time that Walsh had addressed Jackson Hall in his capacity as Chairman of the Federal Reserve, despite the fact that, prior to the speech, the expectations of the market were unusually wide. His statement was a direct and effective response to strong calls from some market participants and economists for his views on the current economic situation, an assessment of the risk balance of the Federal Reserve ' s dual mission and an indication of his commitment to inflation targets. These topics are likely to be the main focus of media coverage. It is crucial, however, that President Walsh also elaborates on why the forward-looking direction of this approach has `outstepped its scope' and warns of the "mariness maze" risk, while exploring long-term structural problems for economic and policy effectiveness. These include the definition of artificial intelligence as a "new factor of production" and point out that it opens up "a great deal of questions worth studying". Although the second set of topics may not immediately attract much media attention, it is undoubtedly the most interesting and influential part of his speech.”

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Mitsubishi Japan Union Analyst: The future of the Fed's interest rate hike is uncertain, and the market response may be bleak

THE MITSUBISHI UNION ANALYST, GEORGE GONSALVES, SAID THAT MARKET PATIENCE WAS BEING TESTED BY THE FED ' S INTEREST RATE HIKES NEXT MONTH. HE NOTED THAT THE REACTION OF THE MARKET TO THE STATEMENT OF FEDERAL RESERVE CHAIRMAN WALSH MIGHT BE LESS AND LESS, UNLESS WALSH PUSHED FOMC INTO A CONTINUOUS INTEREST-RATE CYCLE. IF THE RHETORIC CONTINUES TO BE STRONG, BUT THE MEETINGS THAT FOLLOW WILL CONTINUE UNABATED, THE MARKET RESPONSE WILL DIMINISH AND MAY EVENTUALLY RUN THE RISK OF LOSING THE LONG-END MARKET IN THE FOURTH QUARTER。

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