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Flags fly in front of the European Central Bank building, in Frankfurt, Germany, on July 21. WOLFGANG RATTAY/Reuters European Central Bank policy-makers feared that inflation may be getting entrenched at their last policy gathering so rates would need to rise further, the accounts of the Oct. 26-27 meeting showed on Thursday. The ECB raised rates by 75 basis points to 1.5 per cent at the meeting to fight sky high inflation, bringing its total hikes to 200 basis points since July for its fastest policy tightening on record. Policy-makers also put the reduction of the bank’s €9-trillion balance sheet on the agenda – inching closer to unwinding a decade worth of government debt purchases aimed at rekindling inflation that had been undershooting the ECB’s objective. “It was also clear that rates would need to be raised further to reach a level that would deliver on the ECB’s 2 per cent medium-term target,” the accounts of the meeting showed. The ECB added that some policy-makers even exp...

Cryptocurrency exchange Kraken said on Wednesday it would cut its global work force by 30 per cent, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year. Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors dump risky assets, with recent bankruptcies adding to the uncertainty. “Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets,” the company said. Kraken said the reduction will take its total head count to where it was 12 months ago, and that it has seen a drop in trading volumes and fewer client sign-ups. The implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world’s biggest crypto exchanges. https://www.tausiinsider.com/cryptocurrency-exchange-kraken-to-cut-about-1100-jobs-from-its-global-work-force/?feed_id=331782&_unique_id=6457e7e637489