Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

Cleveland Fed President and Federal Reserve hawkish voting member Hamaker warned that if businesses and households start to believe high inflation will persist long-term, the Fed may be forced to take more aggressive action. She noted that she favors raising interest rates modestly as early as possible to avoid having to tighten policy drastically once inflation expectations become entrenched.

According to Bitget market data, South Korea’s KOSPI index opened higher today, climbing 96.45 points (1.74%) to 5650.67 points. Both SK Hynix and Samsung Electronics rose more than 2%.

MSCI announced it has formally adopted the non-operating company index exclusion rule, which will be implemented during its November 2026 index review and take effect after the close of trading on November 30. The new rule will first evaluate whether a company holds substantial operating assets; firms that fail the initial screening will undergo five financial ratio tests. If at least four of these ratios meet the exclusion criteria, the company will be ineligible for index inclusion. As a result, bitcoin treasury companies Strategy and Metaplanet face potential delisting, with the final list to be released on November 11. JPMorgan previously estimated that if Strategy is removed from MSCI indices, it would face roughly $2.8 billion in selling pressure.

Some investors are considering valuing Anthropic’s upcoming IPO at $1.5 trillion, a 25% decline from the earlier $2 trillion expectation. The company reported third-quarter revenue of $16.8 billion, up 45% quarter-over-quarter, though growth slowed sharply after its revenue more than doubled in the second quarter. Anthropic also posted adjusted profitability for the quarter. (Reuters)

Decentralized social network Farcaster changes hands for the second time this year. Network School, the firm owned by Balaji Srinivasan, has acquired Farcaster from Neynar; the deal’s financial terms were not disclosed. Neynar co-founder Rish said the company decided to transfer Farcaster’s app, protocol codebase, and related products to Network School after evaluating multiple acquisition offers, as Farcaster requires a different operational model for its next phase. Rish and fellow co-founder Manan will depart Neynar, while the rest of Neynar’s staff will join Network School to continue developing Farcaster. Neynar acquired the platform from Farcaster’s original developer Merkle Manufactory in January this year; the deal also included token launch platform Clanker. Rish did not disclose Clanker’s future plans; Adrienne, Farcaster’s general manager and streamer, and NourishProf noted Rish is considering spinning off Clanker and seeking another buyer for it. An in-app announcement for Farcaster states the platform will be renamed the "Network State Protocol", with the goal of building a network of voluntarily joined digital societies that will eventually be implemented in the real world. Users will need to choose to accept or reject a "social smart contract"; those who accept will receive an on-chain access NFT as a credential.

According to Chainalysis, one of the largest victims in the theft involving crypto hardware wallet manufacturer Ledger is also a scammer himself, losing over 60 BTC worth roughly $4.8 million. The funds originated from a task scam where participants were paid to fake sales and reviews for real goods. After the scam caused "negative balances", participants were told they had to invest their own money to receive their payouts. On September 22, the scam’s mastermind transferred the proceeds to three separate Ledger addresses. On October 9, the attacker emptied all three addresses, moving funds each via a single transfer to the same wallet, which has been linked to stolen funds.