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  • Sep 04, 2024

Robinhood in $3.9 million settlement with California over crypto withdrawals

(Reuters) -A cryptocurrency platform run by Robinhood Markets will pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts from 2018 to 2022, California Attorney General Rob Bonta said on Wednesday. The civil settlement with Robinhood Crypto is the first public action by Bonta's office against a cryptocurrency company. Bonta said Robinhood violated California law by failing to deliver cryptocurrencies that its customers had bought, leaving customers unable to withdraw their assets and forcing them to sell the assets to exit the platform.

  • Sep 04, 2024

Morning Bid: Jittery markets now 50-50 on 50 bps cut from Fed

Figures on Wednesday showed that U.S. job openings slumped to a 3-1/2-year low in July, the latest sign that the labor market is losing steam, and another signal for investors to sell stocks, buy bonds, and position for deeper rate cuts. U.S. rates futures are now roughly putting a 50-50 probability on the Fed delivering a 50 basis point rate cut later this month and are pricing in 225 bps of easing by the end of next year. That's a level of policy easing historically consistent with recession.

  • Sep 04, 2024

Treasuries Soar as Jobs Fuel Bets on Jumbo Fed Cut: Markets Wrap

(Bloomberg) -- Treasury yields tumbled as data showing a slowdown in the US labor market boosted Wall Street’s bets on Federal Reserve rate cuts. Stocks fell as Nvidia Corp. extended its two-day selloff to 11%.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsJust a few days ahead of the payrolls report, a reading on job openings known as JOLTS trailed estimates and hit the low

  • Sep 04, 2024

US Yield Curve Disinverts as Soft Labor Data Fuels Fed Cut Bets

(Bloomberg) -- A key segment of the US Treasury yield curve briefly turned positive as weaker-than-anticipated labor-market data bolstered bets on steep interest-rate cuts by the Federal Reserve.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsTreasuries jumped on Wednesday — led by shorter-maturity notes that are more sensitive to the Fed’s monetary policy — after US job open

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