Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Advisors, stated that the U.S. Federal Reserve should end its "irrational interest rate hike policy", noting monetary policy should focus on core inflation rather than inflation driven by oil prices. Hatfield added that the Fed should recognize its policies primarily impact interest rate-sensitive sectors, which are dominated by the housing market. He urged the Fed to undertake fundamental reforms to its forecasting models, arbitrary 2% inflation target, and its "severely flawed inflation metrics". Additionally, Infrastructure Capital Advisors is closely monitoring the research outputs of the Fed’s related working groups, and looks forward to these results addressing some of the aforementioned fundamental flaws.

According to the official page of Bybit’s WSOT 2026 World Trading Competition, the event has launched a "Lucky Wednesday" lottery, with draws held every Wednesday at 10:00 UTC. Users can earn entry into prize draws by activating a corresponding number of trading arenas; the more lottery tickets they hold, the higher their winning chances. Per the event page: activating 1 arena grants entry into a draw for a 5g gold bar valued at $750; activating 2 arenas qualifies participants for a draw for an iPhone Duo worth $1,999; activating 3 arenas unlocks entry into a draw for an NVIDIA RTX 5090 priced at $2,599; activating 4 arenas lets users enter a draw for an Apple Vision Pro valued at $3,699; activating 5 arenas gives access to a draw for a $200,000 Tesla Roadster. The first draw is scheduled for November 4 at 10:00 UTC. Users are encouraged to actively participate by activating relevant arenas to secure their lottery entry. It is important to note that all event prizes, participation requirements, and specific rules are subject to the information published on Bybit’s official event page.

According to Bitget's market data, spot gold fell 1% intraday, trading at $3,906.71 per ounce.

Beating AI News Flash: Huawei Cloud announced on November 1 that its two self-developed model services, openPangu-2.0-Flash and Pro, will be discontinued for sale on November 6 and fully retired on November 30. After full retirement, existing connected users will no longer be able to call the models. The two models were launched just a few months ago. The 92-billion-parameter Flash model was open-sourced on June 30, while the 505-billion-parameter Pro model was open-sourced on July 31. At the end of September this year, Huawei even open-sourced the pre-training, fine-tuning, and reinforcement learning codes for Pangu 2.0. Flash model users are advised to migrate to DeepSeek-V4.1-Flash-1017, while Pro model users are recommended to switch to Zhipu GLM-5.3. Huawei noted that a new generation of Pangu models is already in the planning stage, but has not yet disclosed specific models or launch timelines.

ZachXBT has updated his investigation into the suspected hack of a European institution, with over $27 million in abnormal withdrawals from centralized exchanges (CEXs) now tied to the case, bringing the total funds involved to more than $133 million. Some of these exchange withdrawals occurred after the incident was first disclosed. The investigator put forward an unconfirmed speculation that the case may involve a large Western European financial institution being attacked, with the situation possibly being covered up. He also stated that more than $30 million has been transferred and laundered due to inadequate incident disclosure, noting EU law enforcement agencies could have had the opportunity to freeze these funds.

Breaking news from Beating AI Insight: OpenAI has released a new evaluation framework called LifeVal, designed to test whether AI can assist ordinary people with daily life tasks. The assessment covers practical, step-by-step scenarios including finding kindergartens, grocery shopping, accessing government benefits, and caring for sick family members. To define the test content, OpenAI referenced survey data on daily life and time allocation from residents across multiple countries, and surveyed 3,995 people to identify the tasks they most want AI to handle. As a result, LifeVal spans areas including parenting, healthcare, shopping, finance, and education. The scores released by OpenAI show that GPT-5.2 scored an average of 49.3%, while GPT-6 Astra has improved to 80.6%. However, most progress came in the earlier stages: GPT-5.4 reached 73%, GPT-5.6 hit 80%, and the latest Astra only edged 0.6 percentage points higher. The company also showcased high-scoring cases: one earned a perfect 100 for helping a family find a home, with the AI locating properties meeting budget and commute requirements, calculating transfer taxes, and adding relevant documents to a cart for review. Another case, selecting a kindergarten after moving, scored 93.1 points, with the AI shortlisting three candidate schools and organizing enrollment information. LifeVal has previously been used to guide model improvements and remains an internal test designed and evaluated solely by OpenAI.