Fed rates debate, Asian stocks rise, Crypto wallets in focus

Good morning. The great Fed rates debate continues. Asian markets follow the US higher. And cryptocurrency wallets face scrutiny. Here’s what people are talking about.

Federal Reserve Bank of Kansas City President Jeffrey Schmid signaled he’s not ready to support a reduction in US interest rates with inflation above target and the labor market still healthy despite some cooling. Schmid said the recent decline in inflation has been “encouraging” and further reports of low price pressures would add to his confidence that inflation was on a path to the central bank’s 2% target. Meanwhile, Republican nominee Donald Trump said the president should have some say over interest rates and monetary policy, a move that would go against the longstanding practice of the Fed being independent of political actors. Trump has frequently expressed frustration that the executive branch doesn’t have more sway over interest rates. On Thursday he criticized Fed Chair Jerome Powell for being a “little bit too early and a little bit too late” in moving interest rates. And a mystery investor that made a record wager on long-dated Treasuries in June has revealed itself, and says its recession call is finally coming to fruition.