ChainCatcher news, Federal Reserve's Goolsbee stated that the labor market and some economic leading indicators are flashing warning signals, adding that there are concerns that the unemployment rate will continue to rise.Goolsbee said, "Historically, if the unemployment rate starts to rise, and if temporary employment is negative, that is a leading indicator." He pointed out that the rising credit card delinquency rates and the increasing default rates among small businesses are also concerning issues. He noted that when problems begin to emerge in the job market, they often do not happen slowly. However, he declined to disclose whether he supports a rate cut at the Federal Reserve's next meeting in September, but he reiterated that there is no need to tighten monetary policy as long as the economy is not overheating. When asked about the possible magnitude of a rate cut, Goolsbee stated, "Everything is on the table." (Jin Shi)

ChainCatcher message, Federal Reserve's Goolsbee stated that some leading recession indicators are sending warning signals. (Jin Ten)

Chain Catcher News, Indian Finance Minister Nirmala Sitharaman at the 75th Annual Conference of the Indian Banks' Association in Mumbai emphasized the use of technologies such as Web3 and AI by banks to detect fraud and generate early warning signals. She also urged banks to enhance customer service.Nirmala Sitharaman further called for banks to develop a plan for the next 25 years, adopting digitalization and modern technologies to make India a developed country by 2047. She stated, "You need to formulate strategies to meet the aspirations of India's youth over the next 25 years, and banks should have an innovative portfolio to attract young people and enable their access." (source link)