News

BlockBeats News, May 11th. The Federal Reserve will see a major personnel change this week, as Chair-designate Kevin Wash is expected to be confirmed by the Senate on Monday and will officially take over the reins from Powell on May 15th. Once confirmed, Wash may embark on a sweeping reform. During last week's hearing, he called for the abolition of the "dot plot" and a reassessment of the forward guidance mechanism, signaling a fundamental overhaul of the core framework that has underpinned global asset pricing for the past 15 years. The pricing logic of the stock, bond, and foreign exchange markets may undergo a comprehensive restructuring. Wash is a staunch and consistent AI optimist. At the end of 2025, he explicitly stated that AI is a powerful structural force for "de-inflation." In his view, the surge in productivity brought about by AI can allow the economy to maintain rapid growth without necessarily pushing up inflation. He also speaks highly of blockchain, calling it the "latest and most disruptive foundational software" and believes that the United States must maintain its leadership in this area to sustain long-term competitiveness. Note: The Federal Reserve's basic responsibilities are to issue currency, regulate the money supply, and implement monetary policy. Its primary functions are to maintain financial stability in the United States and support economic growth through the implementation of monetary policy. The Federal Reserve Chair and Vice Chair are elected from the current 7 Board of Governors members, nominated by the President, and must be confirmed by a two-thirds vote in the U.S. Senate to take office. Each term is 4 years and can be reappointed.

1. On Monday during the Asian session, international gold prices declined, with spot gold once falling by 0.695% to $4,670.35 per ounce. Due to a lack of progress in US-Iran peace talks and rising oil prices, the market is concerned that persistent high inflation may force interest rates to remain elevated for a prolonged period, putting pressure on gold prices.2. The strengthening US dollar has also increased the cost of purchasing gold for investors holding other currencies.3. US President Trump rejected Iran’s response to the US proposal for peace talks, dashing hopes for a swift end to the war. Oil prices rose by more than $3 on Monday, with the Strait of Hormuz virtually closed and global energy supplies remaining tight.4. The Federal Reserve's semiannual report pointed out that the conflict with Iran and its impact on oil prices have risen to the top of its financial stability concern list. Chicago Fed President Goolsbee stated that future monetary policy may include rate hikes.5. China’s domestic raw gold production fell by 7.08% year-on-year in the first quarter. Gold demand in India remained weak as the rebound in prices led buyers to postpone purchases; however, supported by safe-haven demand, China’s gold premium remained stable. For the week ending May 5, net long speculative positions in gold increased to 95,664 contracts.6. Spot gold has now rebounded above the $4,700 level, trading near $4,702 per ounce, while the decline has narrowed to 0.25%.

Deus X Capital CEO Tim Grant stated that crypto and DeFi should focus on developing products that meet user needs, rather than just selling existing products. He expressed this view at the CoinDesk Live event during Consensus 2026. (CoinDesk)