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Erik Thedeen, chair of the Basel Committee on Banking Supervision, urged nations to finalize the Basel III Endgame capital rules, emphasizing their importance for global financial stability. He criticized bank lobbying against stricter standards, arguing that weaker regulations could lead to long-term economic pain. As U.S. regulators remain divided on implementing these rules, Thedeen called for consistency among countries to avoid a fragmented regulatory landscape.
Citi Chair John Dugan indicated that the revised bank-capital rules, known as Basel III, are unlikely to be finalized before the next presidential inauguration. He highlighted a "fundamental stalemate" at the Federal Deposit Insurance Corp. regarding the latest version of the rules, with significant changes still pending from US regulators.
Gold prices are on a record chase following a significant 50 basis point interest rate cut by the US Federal Reserve, with hopes for further reductions later this year. The trading range is anticipated between $2,500 and $2,700, influenced by recent cuts from the ECB and BoE. Investors should remain cautious of potential setbacks as key economic indicators and Fed comments are expected to impact market trends.
Michael Barr
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Basel chief calls for swift completion of global capital rules
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Basel Committee on Banking Supervision
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00:45 24.10.2024
Citi Chair anticipates delay in finalizing Basel III rules until after election
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17:20 23.10.2024
gold price surges as interest rate cuts spark investor optimism
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09:00 23.09.2024
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