Good morning! Here’s what you need to know in markets on Thursday.
1. Some Federal Reserve officials think there’s a good chance that inflation remains below their 2% target, according to the minutes of their most recent meeting released on Wednesday.“However, some participants saw an appreciable risk that inflation would continue to fall short of the Committee’s objective,” the minutes said.
2. Britain’s cross-party Treasury Select Committee of lawmakers on Thursday said it is launching an inquiry into digital currencies, as well as the underlying distributed ledger technology.The probe will focus on the opportunities and risks posed to consumers, businesses and the government by the rising popularity of so-called cryptocurrencies, the committee said in a statement.
3. Asian shares slipped on Thursday as the risk of faster hikes in U.S interest rates lifted short-term Treasury yields to the highest in almost a decade and boosted the dollar.MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.35% in early trade, while E-Mini futures for the S&P 500 lost 0.2%.
4. The UK government has called for the EU to discuss extending the Brexit transition period indefinitely beyond December 2020, in a move that is likely to enrage Conservative Brexiteers.The EU has previously insisted that Britain must be fully out of the EU by December 31, 2020, meaning a transition period would not be able to go beyond 20 months.
5. Bank of England Governor Mark Carney said on Wednesday that real incomes are set to be 5% below pre-referendum forecasts by the end of this year.Appearing before the Treasury Select Committee on Wednesday, Carney said that British incomes are currently 3.5% below where the central bank had forecast them to be prior to the June 2016 vote to leave the European Union.
6. Elon Musk is leaving the board of the non-profit organization OpenAI. Musk helped found the group, which examines the safety and societal issues of artificial intelligence technology, and he contributed towards its $1 billion in funding.
7. Citigroup is losing one of its three co-heads of mergers and acquisitions. Peter Tague, who served as global co-head of M&A alongside Cary Kochman and Mark Shafir, is leaving Citi, according to a report by Liz Hoffman of The Wall Street Journal.
8. Some of the largest crypto hedge funds have poured money into a company that’s building a platform for traders who are looking to operate in the shadows. Republic Protocol has raised $33.8 million worth of ether, according to a Wall Street Journal report, to finance the creation of a dark pool for crypto trading.
9. Raj Nair, Ford’s executive vice president and president, North America, has resigned from the company following a company investigation into allegations of “inappropriate behavior,” according to a statement from the company.The allegations were not of a financial nature, but involved personal conduct, Ford explained to Business Insider. The carmaker became aware of them relatively recently.
10. Next year, JPMorgan Chase will start building a larger, more modern headquarters in New York City that will house 15,000 employees.The bank and the City of New York on Wednesday announced the plans for the 2.5 million-square-foot building, which will sit at the same address as the current headquarters at 270 Park Avenue, a skyscraper developed in the 1950s for about 3,500 people.