Banking Summary

Federal Reserve Governor Stephen Miran stated in a recent speech that stablecoins could play a crucial role in leading a financial 'reboot' in the U.S., potentially resulting in lower interest rates. This perspective comes as the Federal Reserve's preferred inflation indicator remained elevated in September, which may facilitate an anticipated interest rate cut by the Fed during its upcoming meeting on December 9-10.

Additionally, market sentiment has improved significantly, with predictions now indicating an 80% likelihood of a rate cut, a noticeable rise from less than 40% earlier. Meanwhile, Bank of America has authorized 15,000 advisors to recommend Bitcoin investments, establishing a standard allocation of one to four percent for clients, reflecting a growing interest in cryptocurrency within traditional banking frameworks.