Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post lots of "extremely liquid" collateral, which could be sold for dollars if borrowers default.
China Caixin Manufacturing PMI Marks Fourth Straight Month of Contraction
A private gauge of activity in China's manufacturing sector remained in contractionary territory for a fourth straight month in November, as the government's stringent Covid restrictions continued to weigh on both output and demand.
The China Caixin manufacturing purchasing managers index slightly improved to 49.4 in November from 49.2 in October, according to data released Thursday by Caixin Media Co. and S&P Global.
Jerome Powell Signals Fed Prepared to Slow Rate-Rise Pace in December
WASHINGTON-Federal Reserve Chair Jerome Powell provided a clear signal that the central bank is on track to raise interest rates by a half percentage point at its next meeting, stepping down from an unprecedented series of four 0.75-point rate rises aimed at combating high inflation.
Mr. Powell, in a speech Wednesday, said an overheated labor market needed to cool more for the Fed to be confident that inflation would decline toward its 2% goal.
U.S. Economic Growth Slowed This Fall, Fed's Beige Book Says
U.S. economic growth eased this fall with business activity in some parts of the country stalling or declining, the Federal Reserve said in a Wednesday report.
Businesses also expressed greater uncertainty and increased pessimism for the U.S. economy as prices and interest rates continue to rise, according to the central bank's latest compilation of economic anecdotes from around the country, known as the Beige Book.
FTX Collapse Draws Senate Hearing Scrutiny as Crypto Oversight in Focus
WASHINGTON-Senators with a plan to regulate cryptocurrencies are due to question the Commodity Futures Trading Commission's chairman about the failure of the digital-asset exchange FTX and on legislation that would give that agency more power over the volatile market.
CFTC Chairman Rostin Behnam is scheduled to testify at Thursday's hearing of the Senate Agriculture Committee. The panel's chairwoman, Sen. Debbie Stabenow (D., Mich.), and its ranking member, Sen. John Boozman (R., Ark.), introduced a bill that would regulate trading in bitcoin, ether and some other cryptocurrencies through the commission. Giving the CFTC, a relatively small agency, authority to police trading in the most valuable crypto assets would mark a substantial expansion of its authority.
Democrats to Reshape Presidential Primary Calendar as Joe Biden Mulls 2024 Bid
WASHINGTON-Democratic National Committee members are struggling to reach consensus on what would be the first major change since 2006 in the party's early-state lineup for presidential primaries, as they await input from the White House.
The national party organization's Rules and Bylaws Committee is set to meet in Washington over two days starting Friday to try to approve a slate of early contests that would offer greater diversity and union representation. The effort has echoes from 16 years ago, when Nevada and South Carolina were selected to join Iowa and New Hampshire to open the 2008 nomination race. The full DNC is expected to ratify changes early next year.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-01-22 0606ET
