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Former New York Federal Reserve President Dudley: The reasons for raising interest rates are sufficient, and it may initiate a series of tightening measures

Former New York Fed President Dudley stated that the reasons for the Federal Reserve's current tightening of monetary policy are quite sufficient, and the interest rate hike in September may not be a "one-time action," but rather the beginning of a series of continuous rate increases. Dudley pointed out that the U.S. inflation rate remains persistently above the Fed's 2% target, the labor market remains relatively stable, and the core CPI rose 0.3% month-on-month in August, further dispelling market concerns about a cooling of inflation.In his view, the Federal Reserve is currently clearly deviating from its dual mandate goal regarding price stability, and there are still further upward risks for inflation in the short term. Dudley expects that the Federal Reserve may provide a median expectation of two cumulative rate hikes of 25 basis points each for 2026 in the Summary of Economic Projections (SEP) to be released in September. He also noted that over the past few decades, the probability of the Fed raising rates again after a single hike has been as high as 85% to 90%, so the market should not view this round of actions as "a mere taste."Additionally, Dudley believes that if Waller decisively raises rates, it would also help demonstrate his determination to curb inflation and the Fed's policy independence. He warned that Waller should not "outsource" monetary policy to the financial markets, and the future path of interest rates should be determined by the Fed based on economic data and its own policy judgments, rather than catering to market expectations.

first_img CoolCash's parent company had its payment license revoked and has initiated liquidation

The payment service provider license of CoolCash (Xiao Yi Payment), the parent company of Tianxu International Technology Co., Ltd., has been revoked by the National Bank of Cambodia and has entered liquidation proceedings. The company and its director, Pang Weizhi, were included in the UK government's sanctions list in March this year due to alleged ties with the Prince Group.The National Bank of Cambodia announced on the 10th that it revoked the payment service provider license of Tianxu International Technology on August 3. This license was issued on May 27, 2024, and was originally valid until 2030. The bank also appointed Morrison Kak MKA Audit Accounting Firm as the liquidator in accordance with Article 68 of the Law on Banking and Financial Institutions to handle liquidation matters and return relevant funds to the company's clients in accordance with the legal priority order.UK sanction documents indicate that Pang Weizhi holds Cambodian and Chinese nationality, with the Cambodian name Pang Visal, and serves as a director of Tianxu International Technology and the parent company of Elephant Delivery, U-Life KH Super App Company Limited. The UK side claims to have reasonable grounds to suspect his ties with the Prince Group and that he has provided financial services or funds, economic resources, goods, or technology to the group. The UK side alleges that the Prince Group is involved in operating scam centers in Cambodia, which include forced labor and serious human rights violations. Tianxu International Technology and Pang Weizhi have been listed as targets of sanctions in both corporate and personal capacities.
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