\u201cRestoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.<\/em><\/p>\n \u201cJuly\u2019s increase in the target range was the second 75 basis point increase in as many meetings, and I said then that another unusually large increase could be appropriate at our next meeting. We are now about halfway through the intermeeting period. Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook. At some point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.<\/em>\u201c<\/p>\n As CNBC reported, on August 30, John Williams, President and CEO of Federal Reserve Bank of New York, said at a virtual event hosted by the Wall Street Journal:<\/p>\n \u201cI do think with demand far exceeding supply, we do need to get real interest rates \u2026 above zero. We need to have somewhat restrictive policy to slow demand, and we\u2019re not there yet\u2026 We\u2019re still quite a ways from that.<\/em>\u201c<\/p>\n And Madis M\u00fcller, governor of Estonia\u2019s central bank (i.e. the Bank of Estonia)\u00a0told\u00a0Reuters:<\/p>\n \u201cI think 75 basis points should be among the options for September given that the inflation outlook has not improved\u2026 Still, I\u2019m going into the meeting with an open mind and I want to both see the new projections and hear my colleague\u2019s arguments\u2026 We should not be too timid with policy moves as inflation has been too high for too long and we are still far below the neutral rate.<\/em>\u201c<\/p>\n The risk-off investor sentiment has helped the U.S. dollar index to reach highs not seen since June 2002, and bringing pain to the markets for stocks and crypto.<\/p>\n Yesterday (August 31), Cardano-powered crypto lending startup\u00a0Aada Finance\u00a0announced that it is launching theAada Finance V1\u00a0lending and borrowing protocol on the Cardano mainnet on September 13.<\/p>\n The team\u2019s\u00a0press release, which was published on Cointelegraph, went on to say:<\/p>\n \u201cAfter months of public testnet, Aada Finance is finally ready to deploy its eagerly anticipated app. The release brings lending and borrowing to Cardano, introducing decentralized finance (DeFi) primitives to the network for the first time. The event marks a significant milestone in the blockchain\u2019s development, which will surely benefit the entire ecosystem.<\/em><\/p>\n \u201cAada Finance plans to launch in anticipation of the Vasil hard fork, which will update the Cardano network. The team aims to leverage the first-mover advantage thanks to its V1 protocol\u2019s peer-to-peer approach. While it provides a straightforward and efficient solution, the smart contract concept will mitigate future risks associated with hard fork migration.<\/em>\u201c<\/p>\n One prominent member of the Cardano community did a great job of Twitter of succinctly explaining why Aada\u2019s mainnet launch on September 13 is such a big deal:<\/p>\n Also, Binance.US announced staking support for $ADA (currently, you can earn 6.10%\u00a0APY):<\/p>\n As far as the Vasil upgrade \u2014 i.e. Vasil hard fork combinator (HFC) event \u2014 is concerned, the current status of Cardano ecosystem readiness is looking very healthy, as IOG explained in a Twitter thread, and suggests that within the next one or two weeks IOG will be announcing the date for triggering the Vasil HFC on the Cardano mainnet:<\/p>\n![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2022\/09\/Screenshot-2022-09-01-at-10.27.32-1.png\")
<\/p>\nThree Reasons to Be Excited for Cardano ($ADA) in September<\/h2>\n
Image Credit<\/h2>\n