Headlines

▌The U.S. CPI Rose 8.2% Year-on-Year in September, Breaking 8 for 7 Consecutive Months

The last CPI data before the U.S. mid-term elections was released. In September, the CPI rose by 8.2% year-on-year, estimated at 8.1%, and the previous value was 8.3% market issues.

Policies

▌U.S. Senators Call on SEC Chairman Gensler to Regulate Digital Assets

U.S. Senator John Hickenlooper called on SEC Chairman Gary Gensler to participate and initiate a formal regulatory process for digital assets. Hickenlooper asked Gensler's committee to clarify which digital assets are securities and to clarify disclosure and registration rules to protect investors. Hickenlooper called on Gensler to “get involved” by gathering public input and proposing new rules to determine which crypto tokens are securities or commodities.

Cryptocurrency

▌UniswapLabs Completed a $165 Million Financing at a Valuation of $1.66 Billion, Led by Polychain Capital

UniswapLabs announced that it has completed a $165 million Series B financing at a valuation of $1.66 billion. Polychain Capital led the investment, and Andreessen Horowitz, Paradigm, SV Angel, and Variant participated in the investment. Founder Hayden Adams said Uniswap Labs is not currently profitable, but the company intends to use the Series B funding to expand its product offering and become financially sustainable over the next few years, which will include building an NFT aggregator that will "unlock new interactions between tokens and NFTs".

▌Binance Burns BNB Tokens Worth $547 Million Despite Recent Exploits

Crypto exchange Binance has concluded its 21st quarterly BNB burn, eliminating around $547 million worth of BNB tokens from its supply. A total of 2,065,152 BNB tokens have been destroyed of which 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who have lost their digital assets through honest mistakes.

Key Economic Events

▌United States Core CPI Was up 6.6% in September, the Highest Since August 1982

According to the Bureau of Labor Statistics, the U.S. Consumer Price Index increased 8.2 percent for the 12 months ending September, a slightly smaller figure than the 8.3-percent increase for the period ending August. However, the core inflation was up 6.6% from a year ago, the biggest 12-month gain since August 1982.

▌Fed’s Bowman Says More Big Rate Hikes if Inflation Does Not Cool

Federal Reserve Governor Michelle Bowman said on Wednesday that if high inflation does not start to wane she will continue to support aggressive rate rises aimed at taming price pressures. “Inflation is much too high, and I strongly believe that bringing inflation back to our target is a necessary condition for meeting the goals mandated by Congress of price stability and maximum employment on a sustainable basis,” Bowman said. The policymaker said Fed rate rises this year, which have been very large relative to the pace of past rate rise campaigns, had her full support. “If we do not see signs that inflation is moving down, my view continues to be that sizable increases in the target range for the federal funds rate should remain on the table,” she added.