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US mulls new export restriction on computing power in AI chips
U.S. officials are considering tightening an export control rule designed to slow the flow of artificial intelligence chips to China by clamping down on the amount of computing power the chips can have, according to two people familiar with the matter. The Biden administration last October issued a sweeping set of rules designed to freeze China's semiconductor industry in place while the U.S. pours billions of dollars in subsidies into its own chip industry. An update to those rules may come by late July, two sources said, but one cautioned that such U.S. actions involving China often get delayed. The U.S. Commerce ... (full story)
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- From poundsterlinglive.com|Jun 28, 2023|1 comment
Bank of England (BoE) Governor Andrew Bailey indicated on Thursday that Bank Rate may already have risen as far as it's likely to as a result of the recent increase in workforce ...
- From orbex.com|Jun 28, 2023|2 comments
Overnight, the USDJPY rose to the 144 handle which it hadn’t seen since November of last year. This new weak point in the Japanese currency is just the latest in a long trend that ...
- From fxstreet.com|Jun 28, 2023|1 comment
EUR/USD snaps two days of straight gains drop on hawkish remarks by the US Federal Reserve (Fed) Chair Jerome Powell, who shared a panel with the European Central Bank (ECB) ...
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- From @BNONews|Jun 28, 2023
post at 3:34pm: BREAKING: Russian General Sergei Surovikin arrested in connection with Wagner rebellion, according to the Moscow Times
- From fxempire.com|Jun 28, 2023
Sterling was a notable laggard in the G10 space at the close of London today. The pound’s widespread weakness can be attributed to comments from Bank of England (BoE) Governor ...
- From federalreserve.gov|Jun 28, 2023
The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. "Today's results confirm that the banking system remains strong and resilient," Vice Chair for Supervision Michael S. Barr said. "At the same time, this stress test is only one way to measure that strength. We should remain humble about how risks can arise and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses." The Board's stress test is one tool to help ensure that large banks can support the economy during economic downturns. The test evaluates the resilience of large banks by estimating their capital levels, losses, revenue and expenses under a single hypothetical recession and financial market shock, using banks' data as of the end of last year. All 23 banks tested remained above their minimum capital requirements during the hypothetical recession, despite total projected losses of $541 billion. Under stress, the aggregate common equity risk-based capital ratio—which provides a cushion against losses—is projected to decline by 2.3 percentage points to a minimum of 10.1 percent. This year's stress test includes a severe global recession with a 40 percent decline in commercial real estate prices, a substantial increase in office vacancies, and a 38 percent decline in house prices. The unemployment rate rises by 6.4 percentage points to a peak of 10 percent and economic output declines commensurately. The test's focus on commercial real estate shows that while large banks would experience heavy losses in the hypothetical scenario, they would still be able to continue lending. The banks in this year's test hold roughly 20 percent of the office and downtown commercial real estate loans held by banks. The large projected decline in commercial real estate prices, combined with the substantial increase in office vacancies, contributes to projected loss rates on office properties that are roughly triple the levels reached during the 2008 financial crisis. The $541 billion in total projected losses includes over $1 post at 4:30pm: US Fed Says 2023 Stress Test Shows Large Banks Well Positioned to Continue Lending in a Severe Recession Fed Says Test Showed Large Bank Trading Books Were Resilient to a Rising Interest Rate Environment post at 4:32pm: FEDERAL RESERVE: ALL 23 BANKS IN THE STRESS TESTS REMAIN ABOVE MINIMUM CAPITAL REQUIREMENTS IN WORST-CASE SCENARIO. post at 4:32pm: US Banks Pass Fed Stress Test, Clearing First Hurdle For Payouts - Banks Allowed To Announce Payouts Starting Friday
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- Posted: Jun 28, 2023 3:33pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,539