[Late Night Financial Daily October 17 Key Financial Schedule] Today's focus on key data and events (Friday):

① 01:30 Bank of Canada Governor Macklem delivers a speech
② 04:15 Fed Governor Mulan delivers a speech
③ 17:00 Eurozone September CPI YoY Final
④ 17:00 Eurozone September CPI MoM Final
⑤ 20:30 US September New Residential Construction Total Annualized
⑥ 20:30 US September Building Permits Total
⑦ 20:30 U.S. September Import Price Index MoM
⑧ 21:15 U.S. September Industrial Production MoM
On the next day at 00:15, Federal Reserve's Musalem gave a speech.
⑩ Next day 01:00 Total number of oil rigs in the US for the week ending October 17

Yesterday's opinion
①: Richmond Fed President Thomas Barkin said on Thursday that, given the low unemployment rate and wage growth, consumers are still continuing to spend, but they are facing more constraints compared to during the pandemic.
Balkin commented at the Aiken Chamber of Commerce in South Carolina, saying: "Although consumers are still spending, we are no longer in 2022. Consumers' funds are not as abundant anymore." He added: "They are making choices."
Christopher Waller, a member of the Federal Reserve Board, stated that even with the U.S. government's delay in releasing the employment report, existing data consistently indicates weak hiring, which supports the necessity for the Federal Reserve to cut interest rates, although other data suggests that economic growth remains robust.
Waller stated in an interview with Bloomberg Television's "Bloomberg Surveillance" program: "Either GDP momentum declines, or the labor market rebounds... both cannot happen at the same time."
He advocates for the Federal Reserve to continue with what he calls a cautious 25 basis points rate cut because "we don't know how things will develop... if the labor market rebounds, the pressure to cut rates will lessen... you don't want to make a mistake."
On the same day, Federal Reserve Board member Michael Barr stated that more specific regulations are needed to ensure the safety of stablecoins, saying that stablecoins have the potential to bring various benefits to the financial system.
In a prepared speech at an event in Washington on Thursday, Barr said: "More work needs to be done to establish guardrails to protect households, businesses, and the entire financial system for stablecoins to reach their potential."
Barr is the former head of regulation at the Federal Reserve, and he welcomed the passage of the Genius Act earlier this year, which established rules including those for the collateral required for stablecoins. However, he stated that regulators must now work to fill the gaps in the legislation to enhance confidence in stablecoins and protect consumers and businesses from run and other destabilizing events.
The "Genius Act" requires stablecoins (a type of cryptocurrency) to be backed by highly liquid assets, such as U.S. Treasuries. Barr's warning echoes the views of many officials gathered in Washington this week for the International Monetary Fund (IMF) and World Bank annual meetings. The IMF pointed out that if a run on stablecoins were to occur suddenly, the risks could spill over into government bonds and the repurchase market.
However, Barr believes that stablecoins can also improve financial prospects, for example, by making remittances faster, cheaper, and enhancing the efficiency of global trade.
This Federal Reserve governor stated that the quality and liquidity of reserve assets for stablecoins are crucial for their long-term viability, as they currently lack the safety net that traditional cash has—namely, deposit insurance and access to central bank liquidity.
Bal said: "A stablecoin can only be considered 'stable' when it can still be reliably and timely redeemed at face value under various conditions, including during periods of market stress that may put pressure on the value of other liquid government bonds, as well as in situations where individual issuers or their related entities are under stress."
Richmond Fed President Thomas Barkin said on Thursday that, given the low unemployment rate and wage growth, consumers continue to spend, but they are more constrained compared to the pandemic period.
Balkin commented at the Aiken Chamber of Commerce in South Carolina, saying: "Although consumers are still spending, we are no longer in 2022. Consumers' funds are not as ample anymore." He added: "They are making choices."
Federal Reserve Governor Christopher Waller stated that even with the U.S. government delaying the release of the employment report, existing data consistently indicate weak hiring, which supports the necessity for the Federal Reserve to cut interest rates, despite other data suggesting strong economic growth.
Waller stated in an interview with Bloomberg Television's "Bloomberg Surveillance": "Either GDP momentum declines, or the labor market rebounds... both cannot happen at the same time."
He advocates for the Federal Reserve to continue with what he calls a cautious 25 basis point rate cut, as "we don’t know how things will unfold... if the labor market rebounds, the pressure to cut rates will diminish... you don’t want to make a mistake."
On the same day, Federal Reserve Governor Michael Barr stated that more specific regulations are needed to ensure the safety of stablecoins, noting that stablecoins have the potential to bring various benefits to the financial system.
During a preparatory speech at an event in Washington on Thursday, Barr stated: "In order for stablecoins to realize their potential, more work needs to be done to establish safeguards to protect households, businesses, and the entire financial system."
Barr is the former head of regulation at the Federal Reserve, and he welcomed the passage of the Genius Act earlier this year, which established rules including the collateral assets required for stablecoins. However, he stated that regulators must now work to fill the gaps in the legislation to enhance confidence in stablecoins and protect consumers and businesses from runs and other destabilizing events.
The "Genius Act" requires stablecoins (a type of cryptocurrency) to be backed by highly liquid assets, such as U.S. Treasuries. Barr's warning echoes the views of many officials gathered in Washington this week for the International Monetary Fund (IMF) and World Bank annual meetings. The IMF pointed out that if stablecoins suddenly experience a run, the risks could spill over into the government bond and repo markets.
However, Barr believes that stablecoins can also improve financial prospects, such as making remittances faster, cheaper, and increasing the efficiency of global trade.
The Federal Reserve governor stated that the quality and liquidity of reserve assets for stablecoins are crucial for their long-term viability, as they currently lack the safety net that traditional cash has—namely, deposit insurance and access to central bank liquidity.
Bal said: "A stablecoin can only be considered 'stable' when it can reliably and promptly be redeemed at face value under various conditions, including during market pressures that may put stress on the value of other highly liquid government bonds, as well as when individual issuers or their related entities are under stress."