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🔶 Binance’s ‘Provocative’ Motion Against SEC Could Expedite Criminal Charges, Warns Former SEC Official
❔ The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned that Binance’s recent motion accusing the regulator of ethical violations could expedite criminal charges against the crypto exchange.
🐦The former SEC official explained in a tweet Thursday that filed a motion on Wednesday asking the judge overseeing the SEC-Binance enforcement case to prevent SEC attorneys from making public statements asserting that Binance and CEO Changpeng Zhao (CZ) “have mishandled the assets of US-based customers.”
⚡️ The crypto exchange claimed that the securities regulator “has not presented evidence of any alleged commingling” and argued that the watchdog’s publicly stating that Binance has mishandled customer assets “risks tainting the jury pool”.
📣Report: Zimbabwean Crypto Trader Uses Recovery Phrase to Steal Digital Assets Worth $457K From Client
A 🇿🇼Zimbabwean crypto dealer, Lloyd Chiyangwa, has been accused of siphoning more than $457,000 worth of assets from crypto wallets belonging to one of his clients, a report has said.
⚡️As per the report in the Herald, Chiyangwa’s client initially bought the digital assets in July 2020 from an unidentified United Kingdom-based company.
😬 Although Chiyangwa is alleged to have committed the crime between Oct. 2021 and March 2023, the client only discovered the theft in May when he attempted to trade using the Trust Wallet.
📱💻Chiyangwa, who now faces theft and money laundering charges, is alleged to have used the stolen funds to buy two iPhones, a laptop, and a Mercedes Benz.
🐦Meanwhile, in their submission against Chiyangwa’s bail application, prosecutors insisted that the crypto dealer, a holder of two passports and owner of two South African bank accounts that received part of the stolen money, is a flight risk and hence not a suitable candidate for bail.
👍 Rich Dad Poor Dad Author Robert Kiyosaki Says America Is Bankrupt Amid US Debt Crisis
Rich Dad Poor Dad author Robert Kiyosaki says America is bankrupt as lawmakers engage in lengthy negotiations over the debt ceiling. “Unfunded liabilities as Social Security are over $250 trillion,” he said as the U.S. faces a potential debt default.
“Politicians debating raising $30 trillion U.S. debt limit bad comedy, ‘Kabuki theater,’” Kiyosaki tweeted Wednesday, adding:
➡️Facts are: U.S. bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions … thousands of trillions.
He then reiterated his usual recommendation of buying 🥇gold, 🥈silver, and 🪙bitcoin. The famous author previously explained that the three investments are “best for unstable times.”
In a follow-up tweet on Friday, Kiyosaki raised concerns about Germany’s recession, warning that the U.S. could fail next.
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🔽Swedbank Strategist Says US Banking Crisis Is Spreading — Warns of More Banks Failing in ‘Vicious Spiral’
📌A strategist at Swedbank, a Swedish bank, has warned that the regional banking crisis in the U.S. is spreading. After several bank failures, he stressed that Pacwest Bank, Western Alliance Bank, and First Horizon Bank have all been “subject to financial meltdowns.”
Pär Magnusson, a fixed income strategist at Swedbank, a Swedish bank based in Stockholm, has warned about the spreading of the U.S. banking crisis. He reportedly said:
🗣️After Silicon Valley Bank, Signature Bank, First Republic Bank and now potentially Pacwest Bank, Western Alliance Bank, and First Horizon Bank all having been subject to financial meltdowns, the proverbial cat will be very difficult to put back into the bag.
First Republic Bank was seized by regulators last week and most of its assets were sold to JPMorgan Chase. It was the biggest U.S. bank failure since 2008. Silicon Valley Bank and Signature Bank collapsed in March. Following the seizure of First Republic Bank, shares of several banks, including Pacwest and Western Alliance Bank, plummeted.
“It is hard not to see the irony of regional U.S. banks having successfully lobbied for less regulations during the Trump administration only to find that less regulations now is making them vulnerable to bank runs,” Magnusson opined.
The Swedbank strategist further cautioned:
🗣️The U.S. regional bank crisis is spreading. With every bank that succumbs to shrinking deposits and/or market distrust, the probability of more banks falling victim to similar fates grows. A vicious spiral may be about to take hold.
“A general risk-off reaction is becoming increasingly likely, and you should position for this risk,” the strategist concluded.
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🔼Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday
➖Dogecoin rose by over 6% to start the week, as prices moved back towards a key resistance level. The meme coin moved higher for a fifth straight session, despite the cryptocurrency market falling by 1.54% as of writing. Avalanche also climbed, hitting a two-month high.
➖Dogecoin (DOGE) rose by as much as 6% on Monday, as prices surged for a fifth consecutive session.
➖Following a low of $0.08858 on Sunday, DOGE/USD raced to an intraday peak of $0.0946 earlier in today’s session.
➖The move saw dogecoin close in on a key resistance at the $0.0960 level, which was last hit on April 5.
➖Looking at the chart, one of the catalysts of today’s surge in price was a breakout that occurred on the relative strength index (RSI).
➖At the time of writing, price strength has moved beyond a ceiling at the 61.00 mark, and is tracking at 62.87
➖An upcoming wall at 65.00 could be a hurdle for current bulls. However, should they overcome this, there is a good chance that DOGE moves back above $0.1000.
➖In addition to DOGE, avalanche (AVAX), was another notable gainer in the market to start the week.
➖AVAX/USD climbed to an intraday high of $21.011 on Monday, following a low of $19.04 during Sunday’s session.
➖As a result of Monday’s surge in price, avalanche has hit its highest point since Feb. 22.
➖This has resulted in the token briefly breaking out of a point of resistance at $20.90, however gains have since slipped.
➖It appears that momentum was caught short following the RSI colliding with its own ceiling at the 73.00 mark.
➖Although the index is now tracking at 73.17, earlier bulls seem to be more tentative, and are moving to secure gains.
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BIGCAP aims to grow into a decentralized, transparent Celsius, where anybody can participate in helping grow the treasury.
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🕯Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply
According to statistics, on March 26, the stablecoin 💲economy was valued at $135 billion💲, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market.
🔽In recent weeks, the supplies of some stablecoins have decreased while others have increased. Today’s top ten stablecoins include USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD.
🔽BUSD and GUSD experienced the largest reductions, with GUSD losing 31.6% of its supply over the last 30 days. BUSD has reduced its supply by 30.6% since last month, and its market valuation is just above $8 billion. According to Nansen’s proof-of-reserves tool, $7.3 billion BUSD is held by Binance. The stablecoin DAI issued by Makerdao has seen a 4.7% increase in circulation. Over the last month, FRAX recorded a 1.9% increase, and USDP has risen 8.5%.
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🇷🇺Russian President Putin Discusses End of US Dollar Dominance — Claims Russia Has No De-Dollarization Plan
➡️Russian President Vladimir Putin has discussed the end of the U.S. dollar dominance, claiming that Russia has nothing to do with the USD’s downfall. “We have never had and do not have the goal of de-dollarization,” Putin also stressed, highlighting global trends that could lead to the end of the U.S. dollar.
📣The Russian president proceeded to discuss the U.S. government weaponizing the dollar and the potential consequences of the USD losing its dominance — a matter that has raised concerns among various individuals, including Treasury Secretary Janet Yellen. In April, the Treasury Secretary acknowledged the risk associated with using financial sanctions tied to the role of the dollar, stating that over time it could undermine the dollar’s hegemony.
🔼 Europe Stocks Climb Higher after US Congress Approve Bill to Increase Debt Ceiling
Stocks in Europe and Asia have risen in response to the debt ceiling 📊 increase approved by lawmakers in the US.
🟥Stocks in Europe opened higher today after the US Senate approved a bill to suspend the government’s debt ceiling. Following a 💪 63-36 vote, US lawmakers agreed to raise the debt ceiling to prevent the country’s first-ever debt default. 👍 Congress has now sent the approval to President Joe Biden for assent.
➡️ As of 9:30 am London time this morning, the STOXX Europe 600 climbed 0.7% after crashing to its lowest point in two months only a few days ago. Oil and gas also increased by 1.3%, while mining stocks rose 2.6% higher. In addition, France’s CAC40 and Germany’s DAX both climbed 0.7%. So far, reactions to the debt ceiling suspension have been favorable even though the votes at the House of Representatives and Senate were not landslide victories.
🚫9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran
🐙Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.
✅Commenting on the role of the U.S. dollar in the world economy and a growing number of countries shifting away from using the USD in trade settlement.
🔫Mokhber noted that over the past few decades, the “Weaponization of the dollar” has compelled countries to distance themselves from reliance on the USD in order to mitigate the potential impact of possible future sanctions.
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Ethereum’s Liquid Staking Protocols Attract 400,000 Ether After Shapella Upgrade
Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, enabling stakers to withdraw for the first time. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking protocols. Since then, over 400,000 ether, valued at $763 million, has been added to 17 liquid staking platforms.
As of today, April 30, 2023, the total value locked into liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, Stakehound, Ankr, Ether, and Bitfrost is just over $16 billion.
According to 30-day statistics, six out of the top ten protocols, ranked by value locked, have experienced gains over the past month, with four of them showing double-digit growth. At present, Lido dominates the $16 billion market, holding 73.6% or 6,206,101 of the 8,431,605 ethereum locked in liquid staking protocols.
Data shows that just after the Shapella upgrade, 400,735 ethereum worth $763,600,542 using today’s ether exchange rates has been added to the liquid staking cache. Lido’s 30-day metrics show an increase of 5.50% while Coinbase’s liquid staking platform saw a loss of 0.64% over the last month.
Rocket Pool’s total value locked (TVL) jumped 29.24% in 30 days while Frax’s TVL rose by 31.65%. Like Lido, Stakewise, the fifth-largest liquid staking protocol saw a modest 30-day increase rising 1.23% higher.
Recent data reveals that following the Shapella upgrade, a notable 400,735 ethereum, totaling $763.6 million in value, has been added to the liquid staking cache. While Lido’s 30-day metrics depict an increase of 5.50%, Coinbase’s liquid staking platform suffered a loss of 0.64% over the past month.
In the same period, Rocket Pool experienced a substantial 29.24% jump in total value locked (TVL), while Frax’s TVL rose by 31.65%. Similar to Lido’s small rise, Stakewise, the fifth-largest liquid staking protocol, witnessed a modest 1.23% increase over the past 30 days.
Binance has thrown its hat in the ring, entering the fray with a newly launched liquid staking product, now standing as the tenth largest platform under Bitfrost. As of now, the protocol’s total value locked (TVL) is approximately $38.69 million, with 20,305 ether staked into the application.
Liquid staking protocols have gained significant traction in recent months providing users with the convenience of earning passive staking rewards while still retaining control of their assets. The addition of 400,000 ether to the liquid staking TVL within just two weeks of the Shapella upgrade underscores the growing interest and attention this sector is receiving.
Rich Dad Poor Dad Author Robert Kiyosaki Shares Why He Loves Bitcoin — Expects BTC to Hit $100K
Rich Dad Poor Dad author Robert Kiyosaki has shared why he loves bitcoin and when he began investing in the cryptocurrency. Expecting to see $100K per bitcoin, he emphasized that the crypto does not need the Fed or government bailout because it’s “people’s money.”
The author of Rich Dad Poor Dad, Robert Kiyosaki, shared on Twitter Thursday why he loves bitcoin. He expects to see the price of BTC hit $100K. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Thursday explaining that years ago, he watched the price of the largest cryptocurrency climb to $20,000 and then shed almost all of its value. At the time, he thought bitcoin was finished. However, when BTC slowly climbed to $6,000, he bought “lots” of it. His reasoning was that people support bitcoin and not the Fed or government. Bitcoin did not need the Fed or the government to bail it out because it’s people’s money.
In a recent Rich Dad Radio show, the famous author revealed that he bought 60 bitcoins at $6,000 per coin. He also previously said he bought some more BTC at $9,000.
Kiyosaki has recommended bitcoin alongside gold and silver for quite some time. He recently said he expects the price of bitcoin to keep rising. In his Thursday tweet, he mentioned $100,000 as a price for bitcoin. However, he predicted in February that bitcoin will hit $500,000 by 2025 while gold will hit $5,000 and silver to reach $500 in the same time period.
The renowned author also repeatedly warned about the U.S. economy and the direction the U.S. dollar is headed. Last month, he predicted a crash landing ahead, noting that the Federal Reserve’s rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar. He also warned of hyperinflation.
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⚠️Crypto Exchanges Must Share User Data With Russia, Prosecutor General Demands🇷🇺
Digital asset exchanges must be obliged to provide user information to Russia’s law enforcement agencies, the country’s Prosecutor General has insisted. The circulation of cryptocurrencies in the Russian Federation needs to be regulated to counter money laundering, the official added.
🗣️Crypto service providers should be required to register in Russia and exchanges obliged to share information about their users with Russian security services, according to the head of the nation’s Prosecutor General’s Office, Igor Krasnov.
He also believes that merely granting cryptocurrencies property status under Russian law is not sufficient to fight the legalization of criminal proceeds.
Quoted by the “Financial Security” magazine published by Russia’s financial watchdog, Rosfinmonitoring, the top prosecutor further explained that the difficult geopolitical situation increases the risks of exploiting vulnerabilities associated with digital assets.
Igor Krasnov also called for adding cryptocurrencies to the Russian criminal law, including recognizing that they can be the subject of crime and encroachment as well as establishing procedures for their seizure, storage, and confiscation by the state.
A bill on crypto mining is still under review in the State Duma, the lower house of Russian parliament.
🇨🇳Elon Musk Reportedly Planning to Visit China to Meet with Premier Li
Elon Musk reportedly plans to visit China in April to meet with the country’s Premier Li Qiang.
Musk’s planned China trip comes amid increasing tensions between Beijing and Washington. The Tesla CEO is in the middle of this diplomatic strife because China houses the EV maker’s largest manufacturing facility. The prominent East Asian country is also Tesla’s largest market outside the United States.
By meeting with Li, a senior government official and close ally of President Xi Jinping, Musk seeks a realignment of personal interests.
Although Musk appears to have a cordial relationship with the Chinese government, the business mogul found himself in hot water last month.
❌The state-controlled Global Times warned the outspoken billionaire against proverbially biting the hand that feeds him. In addition to referencing China’s importance to Tesla, the English-language Chinese newspaper accused Musk of slandering China.
Although Musk did not publicly react to the controversy, a former Trump advisor recently attacked him over his alleged Chinese ties.
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🇳🇪Nigerian Fintech Flutterwave Obtains Two Licenses From Rwandan Central Bank
Flutterwave, the Nigerian fintech giant, recently said it had obtained two licenses from the National Bank of Rwanda, which allow it to offer its services to more than 13 million people living and working in Rwanda. According to Flutterwave’s representative in the country, the two licenses make it possible for her company “to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.”
The Nigerian fintech giant Flutterwave announced on March 15 that it has secured two additional licenses in Rwanda, that will help it expand its operations in East Africa. The licenses — known as the electronic money issuer and remittance licenses — were issued by the National Bank of Rwanda. They enable the fintech firm to offer its services to more than 13 million people living and working in Rwanda.
According to a statement released by the fintech, possessing the two licenses also allows Flutterwave to deploy its range of products that include cross-border money transfer solutions. Products including Flutterwave’s store, payment links, invoices, and checkout will also become available to individuals and businesses in Rwanda.
Commenting on the news, Olugbenga Agboola, the founder and CEO at Flutterwave, said the granting of the licenses shows the fintech’s commitment to its vision of linking Africa through payments. The CEO also explained why Rwanda is an important market for Flutterwave. He said:
“As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa. We are delighted for the vote of confidence in being granted these licenses,” Agboola said.
Leah Uwihoreye, the fintech’s East Africa Regional Lead, said the two licenses make it possible for her company “to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.”
Rich Dad Poor Dad Author Robert Kiyosaki Warns Another Bank Is Set to Crash
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and bail-ins.
The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned that another bank is about to fall. He noted that two major banks have already “crashed.” Silicon Valley Bank was shut down by U.S. regulators on Friday while Silvergate Bank announced voluntary liquidation on Wednesday.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Predicting that a third bank is about to crash, Kiyosaki tweeted Friday:
Two major banks have crashed. #3 set to go. Buy real gold and silver coins now. No ETFs. When bank #3 goes, gold & silver rocket up.
Kiyosaki has consistently advised purchasing gold and silver. In February, he predicted that the price of gold would surge to $5,000 and that silver would reach $500 by 2025. As for this year, his expectation is for the price of gold to reach $3,800, while silver is projected to reach $75. The renowned author is no fan of exchange-traded funds (ETFs) and has advised against investing in stocks, bonds, and mutual funds.
The Rich Dad Poor Dad author has also recommended bitcoin on multiple occasions, referring to the cryptocurrency as “people’s money.” He said in February that he expects the price of BTC to hit $500,000 by 2025. He recently said that investors in bitcoin, gold, and silver will get richer when the Federal Reserve pivots and prints trillions of dollars.
Earlier this month, Kiyosaki said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and bail-ins. In January, he said that we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness.
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South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks.
🏦The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list.
South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of such assets. At the time, some commentators suggested that this move would help South Africa avoid getting grey-listed.
However, in its Feb. 24 statement, the South African Reserve Bank (SARB) seemingly acknowledged that the country has not done enough to avoid getting grey-listed. The bank nevertheless vowed to “strengthen its supervision and further enhance the dissuasiveness and proportionality of administrative sanctions issued.”
The SARB added that banks and other financial institutions also have a role to play in resolving the deficiencies identified by the FATF.
“The SARB expects banks and other financial institutions within its purview to comply fully with all their obligations and applies a high standard of supervision that is necessary to safeguard and protect the integrity of the financial system. These actions, when coupled with measures and actions undertaken by law enforcement and other authorities within South Africa, serve to achieve an effective AML/CFT/CPF system,” the central bank said.
According to a Reuters report, being on the FATF’s grey list could potentially make it hard for South Africa to secure loans from foreign banks perturbed by the watchdog’s move. The report also quotes an International Monetary Fund document from 2021 which suggested that countries on this list will sometimes see the flow of capital into their respective economies getting disrupted.
Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes
Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year.
As the U.S. Federal Reserve continues its fight against inflation, several major banks — including Bank of America, Goldman Sachs, UBS, and JPMorgan — have shared their predictions about how much more the Fed will raise interest rates this year.
Goldman Sachs said in a note Thursday that it now expects the U.S. central bank to raise interest three more times this year after data released Thursday pointed to persistent inflation and a resilient labor market. The bank, which previously predicted 25-basis-point rate increases in the Fed’s March and May meetings, now expects another rate hike in June. The firm’s economists, led by Jan Hatzius, head of the Global Investment Research Division and chief economist, detailed:
In light of the stronger growth and firmer inflation news, we are adding a 25bp (basis points) rate hike in June to our Fed forecast, for a peak funds rate of 5.25%-5.5%.
Bank of America Global Research similarly expects to see three more interest rate increases from the Federal Reserve this year. The bank said earlier that it expected the Fed to raise interest rates by 25 basis points each in its March and May meetings. Bank of America now expects another 25-basis-point rate hike in the Fed’s June meeting, which will push the terminal rate up to a 5.25%-5.5% range. The bank explained in a client note this week:
Resurgent inflation and solid employment gains mean the risks to this (only two interest rate hikes) outlook are too one-sided for our liking.
European investment bank UBS also said it expects the Federal Reserve to raise interest rates by 25 basis points at its March and May meetings, which may leave the Fed funds rate at the 5%-5.25% range. While most people are not expecting the Fed to cut interest rates this year, UBS estimated that the U.S. central bank would ease interest rates at its September meeting. The global investment bank recently wrote in a client note:
- We expect the FOMC (Federal Open Market Committee) to turn around and begin to cut interest rates at the September FOMC meeting.
Meanwhile, JPMorgan Chase has forecast the terminal rate at 5.1% by the end of June. JPMorgan CEO Jamie Dimon said in an interview with Reuters last week that the Federal Reserve could raise interest rates above the 5% mark. Emphasizing that it is too early to declare victory against inflation, Dimon opined:
- It’s perfectly reasonable for the Fed to go to 5% and wait a while.
However, if inflation comes down to 3.5% or 4% and stays there, “you may have to go higher than 5% and that could affect short rates, longer rates,” the JPMorgan executive cautioned.
Federal Reserve Chairman Jerome Powell and several other Fed officials have said that more interest rate hikes are needed to curb inflation. A poll conducted by Reuters, published Tuesday, showed that 46 out of 86 economists have predicted that the Federal Reserve will increase interest rates by 25 basis points in March as well as May.
