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Breaking Finance News Today: Fed Rates, Crypto ETFs & Market Moves (June 2024)

Breaking Finance News Today: Fed Rates, Crypto ETFs & Market Moves (June 2024)



Today’s Top Finance News (June 2024)

1. Federal Reserve Holds Interest Rates Steady—But Warns of Future Hikes

The U.S. Federal Reserve maintained benchmark rates at 5.25%-5.50% today, citing persistent inflation. However, Chair Jerome Powell signaled one potential rate hike in Q3 2024, causing bond yields to spike.

  • Key Impact:

    • Mortgage rates are likely to remain above 7%

    • Credit card APRs may climb further

    • Savers: High-yield accounts now offering 4.5%-5%

2. SEC Approves Spot Ethereum ETFs—Crypto Market Surges

In a landmark decision, the SEC greenlit spot Ethereum ETFs, triggering a 15% ETH price rally. Analysts predict this could bring $10B+ in new institutional crypto investments by 2025.

  • What to Watch:

    • ETH price target: $4,000 by EOY (currently $3,450)

    • Next crypto ETF candidates: SOL, XRP

3. EU Enforces Strict New AIFMD Regulations for Hedge Funds

European regulators unveiled updated Alternative Investment Fund Managers Directive (AIFMD) rules, requiring:
✔ Enhanced liquidity risk management
✔ Stricter leverage limits (max 3:1 for retail funds)
✔ Mandatory ESG disclosures

  • Expert Take:

    "These changes will force 20% of small hedge funds to consolidate or exit," says Goldman Sachs analyst Clara Mertens.

4. GameStop (GME) Shares Plunge 30% After Roaring Kitty’s Exit

Meme stock darling GME crashed after Keith Gill (aka Roaring Kitty) disclosed he’d sold his entire 9M share position. Retail investors are now debating whether the meme stock era is over.

  • Market Reaction:

    • AMC and BBBY down 15%-25% in sympathy

    • Short interest in GME is still at 45% of float

5. Japan’s Yen Hits 38-Year Low Against USD – BOJ Intervention Expected

The yen weakened to ¥160/$ early today, prompting emergency G7 meetings. Economists predict the Bank of Japan will spend ¥5T+ to stabilize the currency this week.

  • Global Ripple Effects:

    • Toyota and Sony earnings to benefit from weak yen

    • Asian currencies (KRW, CNY) under pressure

Why This Matters for You

  • Investors: Rebalance portfolios amid rate uncertainty

  • Businesses: Prepare for tighter EU fund regulations

  • Crypto Traders: ETH ETF inflows could create buying opportunities

  • Travelers: Book USD-priced trips now before yen rebounds

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