US CPI preview: Disinflation has begun, but will it be fast enough for the Fed?

Thanks to the conference organizers for inviting me to participate today. It is great to be back at a Global Interdependence Center conference. Given recent events in crypto, it is certainly timely to have a day of discussions related to digital assets.1 Before diving into today's talks, which will touch on various parts of the crypto ecosystem, I'd like to clearly define some concepts to ensure we're all talking about the same things. I think of the crypto ecosystem as consisting of three parts: • a crypto-asset, which generally refers to any digital asset implemented using cryptographic techniques that is being traded; • a database management protocol used to record trades, commonly referred to as the blockchain, which includes both permissioned and permissionless distributed ledger technologies; and technology that directly facilitates trading crypto-assets; this includes smart contracts and tokenization as a form of data privacy. The latter two parts may facilitate the trading of crypto-assets, but also have much broader applications. First, let's consider distributed ledger technology. The technology is simply a database management protocol that has various permissions regarding who can write to the database and who can read the database. Although this technology is fundamental for the creation of crypto-assets, there is nothing in this technology that restricts it to being used solely in the crypto ecosystem. In fact, distributed ledger technology is being explored to potentially address a wide range of data management problems. Next, there are various technologies related to crypto-assets. One is the use of smart contracts in peer-to-peer trading. Smart contracts also can be used in conjunction with a centralized data management protocol to automate the execution of certain transactions in non-crypto-assets. For example, over time, they could be used to speed up the clearance and settlement of securities tra post at 12:30pm: Fed’s Waller to Crypto Asset Buyers: Don’t Be Surprised if Value Goes to Zero, Don’t Expect Taxpayers to Pay for Losses Waller: Banks Engaging With Crypto Customers Must Meet ‘Know-Your-Customer,' Anti-Money-Laundering Requirements post at 12:30pm: Fed's Waller: Spillovers ‘Minimal’ so Far to Financial System From Crypto Industry Stress Fed's Waller: It Is Critical to Ensure Financial Stability Risks Associated With Crypto Assets Are Mitigated post at 12:34pm: FED'S WALLER/GIC: MUST BE CAUTIOUS RE CRYPTO REGULATION SO AS NOT TO 'UNDULY LIMIT THE DEVELOPMENT AND POTENTIAL FUTURE USES OF THE POSITIVE FEATURES' #Waller #federalreserve #cryptocurrency

post at 12:40pm: FED'S HARKER: WE NEED TO GET ABOVE 5% INTEREST RATE BEFORE PAUSING. post at 12:40pm: Harker: my modal forecast does not predict a recession. post at 12:41pm: FED'S HARKER: WE'RE INCREASING THE CHANCES OF A SOFT LANDING. post at 12:45pm: FED'S HARKER FED DOESN'T NEED 50 BASIS POINT HIKES RIGHT NOW #News #Markets #FED #capitalhungry post at 12:47pm: FED'S HARKER: I AM NOT CONCERNED WAGE ISSUES WILL SPILL INTO INFLATION.