ChainCatcher news, according to Jinshi reports, Wells Fargo expects the Federal Reserve to implement two rate cuts of 25 basis points each this year, in September and December, down from the previous forecast of three rate cuts.

ChainCatcher news, according to Jin10, Wells Fargo stated that the possibility of the Federal Reserve cutting interest rates in March is becoming increasingly unlikely.

ChainCatcher news, according to Jin Shi reports, the Trump administration's radical tariff policy may lead to further inflation, but economic models indicate that this will be a one-time increase in price levels rather than a long-term inflationary spiral.Wells Fargo economist Jay Bryson said this might persuade the Federal Reserve to be more patient in addressing inflation caused by tariffs, especially in the context of a continuing slowdown in the labor market. His view supports Wells Fargo's baseline expectation that the Federal Reserve will cut interest rates three more times this year, each by 25 basis points.However, Bryson warned that if the trade war becomes more protracted, such as through a series of tit-for-tat international reprisals, the Federal Reserve may have to take the inflationary consequences more seriously.

ChainCatcher news, according to Jinshi reports, Wells Fargo senior economist Sarah House stated, "As we enter 2025, we may see a slowdown in the pace of future rate cuts, with the Federal Reserve possibly cutting rates once every other meeting." Her team expects the Federal Reserve to cut rates three times in 2025. Although policymakers have differences on specific details, Wall Street economists generally believe that the current rapid pace of rate cuts by the Federal Reserve will not continue.According to Bloomberg data, the market currently expects the Federal Reserve to cut rates about twice in 2025. The Federal Reserve will release its updated forecasts on December 18.

ChainCatcher news, according to Jinshi reports, Wells Fargo's Sarah House and Aubrey Woessner wrote that inflation in the United States may still be above the Federal Reserve's 2% target. The consumer price index for October, to be released next week, "may show that progress in eliminating the last bit of inflation remains frustratingly slow."They predict that the overall CPI for October will increase by 0.2%, remaining the same as the increase in September, which will raise the annual rate from 2.4% to 2.5%. Core CPI is expected to rise by 0.3% for the third consecutive month, keeping the annual rate at 3.3%. House and Woessner added that policies proposed by Trump could put pressure on rising prices and extend the time for inflation to return to the Federal Reserve's target.

ChainCatcher news, the market shows that all three major U.S. stock indices are in the green, with the Dow Jones Industrial Average increasing by 0.57%. Bank stocks are broadly rising, with Wells Fargo (WFC.N) up 5.7%, Bank of America (BAC.N) and JPMorgan Chase (JPM.N) up over 5%, Citigroup (C.N) up over 3%, and Bank of New York Mellon (BK.N) up over 2%.

ChainCatcher news, Paul Christopher, the global investment strategist at Wells Fargo, stated that the U.S. stock market is set to experience a rally like never seen in the past 30 years.Paul Christopher believes that today's market is similar to that of 1995, when the stock market was booming and the S&P 500 Index (SPX) set 77 historical highs. Investors may face a similar environment. This is because inflation is declining, the economy "is not collapsing," and the U.S. Department of Commerce estimates that the GDP grew by 2.8% year-on-year in the second quarter.Paul Christopher told CNBC on Thursday that the Federal Reserve "is in a favorable position if it can be sufficiently proactive."

ChainCatcher news, as reported by Bitcoin Magazine, revealed that in a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 10, Wells Fargo, the third-largest bank in the U.S., disclosed that it holds 2,245 shares of Grayscale GBTC.In addition, Wells Fargo also holds a small amount of ProShares BITO and shares in the Bitcoin ATM provider Bitcoin Depot.

ChainCatcher news, citing sources from Bloomberg, reported that the Merrill division of Bank of America and the brokerage division of Wells Fargo & Co. are offering Bitcoin spot ETFs to wealth management clients. Due to client demand, the banks are initially providing the approved ETF products to some wealth management clients who have brokerage accounts.A representative from Wells Fargo confirmed that since the SEC approval, Bitcoin spot ETFs can be actively purchased through Wells Fargo advisors or the bank's online WellsTrade platform. A representative from Bank of America did not respond.

ChainCatcher news, according to the WSJ, Wells Fargo, Bank of America, JPMorgan Chase, and four other banks are collaborating to develop a digital wallet that allows shoppers to pay at merchants' online checkout using wallets linked to debit and credit cards. The digital wallet will be managed by Early Warning Services LLC, which operates the remittance service Zelle. (Source link)

ChainCatcher news, Wells Fargo (WFC) and HSBC have expanded their blockchain-based foreign exchange settlement system to include offshore renminbi.The system first debuted in December 2021, supporting US dollars, British pounds, euros, and Canadian dollars, and has settled over $200 billion in transactions to date. The system utilizes HSBC's proprietary technology, which is built on Baton Systems' blockchain-inspired CORE distributed ledger technology.

ChainCatcher news, according to Reuters, major U.S. banks including Citigroup, HSBC, Mastercard, and Wells Fargo are launching a digital dollar pilot program with the New York Federal Reserve Bank. The project is named "Regulated Liability Network." The program will run for 12 weeks, conducted in a testing environment using simulated data. The goal is to test how digital dollar tokens can enhance payment speed and efficiency. (Reuters)