Fed Advisor: Powell May Need Five Years to Trim Fed's Balance Sheet
March 26 — Federal Reserve Chair nominee Kevin Warsh aims to significantly shrink the Fed’s $6.6 trillion balance sheet, but a top financial economist says the task may take more than one term to complete.
Stanford Graduate School of Business professor Darrell Duffie, a longstanding Fed advisor, notes in a new paper that substantial cuts to the Fed’s financial market footprint without undue stress will require reforms—including an overhaul of bank liquidity requirements and a redesign of the payment system.
Once confirmed by the U.S. Senate, Warsh could implement some reforms immediately if he has support from his Fed colleagues. Duffie adds other reforms may take up to five years, meaning the work would extend beyond Warsh’s four-year term as chair.
(FXStreet)
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MilkyWay has announced the shutdown of the L1 mainnet, and all assets have been returned to the native chain.
On March 26, MilkyWay officially announced it has begun the shutdown process for its L1 mainnet.
Before shutting down the network, the team completed an on-chain upgrade and migrated all user assets from the MilkyWay L1 chain back to their original native blockchains. This step is intended to ensure user assets are returned intact and securely to the blockchain networks they were originally meant for.
Per the announcement, users who previously held assets on MilkyWay should now see those assets reflected on their respective original networks. For instance, TIA assets cross-chain transferred from Celestia to MilkyWay should now be visible again on the Celestia network.
If users don’t see their assets, the official advice is to submit their wallet address to the team or leave a comment under the announcement post for further assistance.
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A whale withdrew 9,140,000 FET and 462,344 UNI from Binance
March 26: A crypto whale pulled 9.14 million FET (~$2.34M) and 462,344 UNI (~$1.72M) from Binance, per Onchain Lens data.
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Futu Holdings' licensed virtual asset trading platform "Leopard Trade Platform" has officially launched in Hong Kong
March 26 – Futu Holdings announced today that its wholly owned, self-built virtual asset trading platform Leopard Trading Platform has officially secured a comprehensive license and launched operations, per Huigang Communication.
The platform will soon fully integrate with Futu Securities, the group’s Hong Kong-based retail brokerage, to provide core support including virtual asset trading matching, asset custody, and technical solutions.
Futu noted that Leopard is Hong Kong’s first licensed virtual asset trading platform incubated by a brokerage. The deep integration will establish the region’s first comprehensive financial services platform (covering Hong Kong and Asia) that operates both a licensed “securities brokerage + virtual asset trading platform.”
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Citigroup: Investors Too Optimistic About Resolution of US-Iran Issue
March 26 (CNBC) — Citigroup Chief Investment Officer Kate Moore said Wednesday investors are overly optimistic about a near-term resolution to the U.S.-Iran situation, warning current market sentiment is complacent.
Recent price moves—especially over the past two days—reflect a belief that the conflict will be easily resolved and the associated energy shock won’t trigger broad inflation, Moore noted. “That makes me a little nervous,” she added.
On portfolio strategy, Moore stressed the need for extreme thoughtfulness: “We’re building resilient portfolios that can withstand inflation risks and a longer-lasting conflict than market optimists anticipate.”
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