The Federal Reserve's Beige Book report indicates that overall economic activity has changed little since the previous report, with three districts reporting slight to moderate growth, five reporting no change, and four reporting a slight slowdown. Overall consumer spending, particularly on retail goods, has declined slightly in recent weeks, though strong demand for electric vehicles boosted auto sales in some districts ahead of the expiration of federal tax credits at the end of September. International tourist demand for leisure and hospitality services declined further during the reporting period, while domestic consumer demand remained largely unchanged. Despite this, high-income households continued to spend strongly on luxury travel and accommodations. Several reports highlighted that middle- and low-income households continued to seek discounts and promotions in the face of rising prices and heightened economic uncertainty. Manufacturing activity varied across regions, with most reports citing challenging conditions due to increased tariffs and weakening overall demand. Agricultural, energy, and transportation activity declined across the reporting regions. The financial services sector and other interest-sensitive sectors, such as residential and commercial real estate, showed mixed results; some reports noted an improvement in business lending in recent weeks due to lower interest rates, while others continued to highlight sluggish activity. The outlook for future economic growth varied across regions and sectors. Sentiment improved in some regions, with some anticipating an increase in demand over the next six to 12 months. However, many other regions continued to expect heightened uncertainty to weigh on economic activity. One report highlighted the downside risks to growth posed by a prolonged government shutdown. (Jinshi)
According to the Federal Reserve's Beige Book, economic activity has generally changed little since the last report, with three districts reporting slight to moderate growth, five districts reporting no change, and four districts noting a slight slowdown in economic activity.
Odaily Planet Daily News: The Federal Reserve Beige Book: A regional report emphasized that a prolonged government shutdown poses downside risks to economic growth. (Jinshi)
According to Odaily Planet Daily, the three major U.S. stock indices partially turned positive, with the S&P 500 up 0.2%, the Nasdaq up 0.4%, and the Dow Jones Industrial Average flat. (Jinshi)
According to Odaily Planet Daily, Federal Reserve Governor Milan said he believes there is no need to cut interest rates by more than 50 basis points, and there is no evidence in the data that tariffs are pushing up inflation; the opposite view is based on previous trends. (Jinshi)
According to Odaily Planet Daily, Federal Reserve Board Governor Milan said that the differences in policy views with his colleagues are more based on the pace of interest rate cuts rather than the ultimate goal of the cuts. The current Fed policy is tighter than people think because the neutral interest rate has fallen. (Jinshi)
Odaily Planet Daily News: Coinbase announced that it will include BNB in its coin listing roadmap.
Odaily Planet Daily News: Sony Bank subsidiary Connectia Trust has applied for a U.S. national banking license to issue stablecoins pegged to the U.S. dollar, maintain reserve assets, and provide digital asset custody and management services.
According to Odaily Planet Daily, U.S. Treasury Secretary Benson said that quantitative easing reform is an important consideration in the selection of the next Federal Reserve Chairman, and he does not advocate that the Fed reduce its balance sheet or abandon the ample reserve system. (Jinshi)
Odaily Planet Daily News: Coinbase announced the launch of Blue Carpet, a coin listing support service designed to empower asset issuers and integrate previously fragmented coin listing services into a unified, cohesive bundle that can be used by anyone who wants to list assets on Coinbase, providing a strategic advantage for developers who want to start and develop projects on the chain.
Odaily Planet Daily News: Coinbase announced that spot trading of Yield Basis (YB) will be launched on October 15, 2025. If liquidity conditions are met, the YB-USD trading pair will be available in supported regions later today.
Coinbase announced that trading in Omni Network perpetual futures contracts will be suspended at approximately 10:30 AM UTC on October 21, 2025. Trading in OMNI-PERP on Coinbase Advanced and Coinbase International Exchange platforms will also be suspended. The final settlement price will be calculated based on the average index price for the 60 minutes prior to the suspension. The funding rate for the last funding period before final settlement will be set to zero, and any remaining open positions will be automatically settled at the time of the suspension. Coinbase reserves the right to suspend trading at any time and adjust the final settlement price to a reasonable level.
Coinbase announced that spot trading for DoubleZero (2Z) will launch on October 16, 2025. The 2Z-USD trading pair will be available in supported regions starting at or after 9:00 AM Pacific Time, provided liquidity conditions are met.
Typus Finance announced on the X platform that its TLP contracts were exploited due to an oracle vulnerability, specifically due to a lack of permission checking mechanisms. To protect user assets, Typus Finance has immediately suspended all smart contracts.
Typus Finance is currently actively investigating the matter.
Odaily Planet Daily reported that according to market news: Polymarket launched a rising and falling stock prediction market, allowing users to bet on stock prices.
According to Odaily Planet Daily, Ethereum treasury company SharpLink disclosed on the X platform that its holdings have increased to 840,124 ETH, of which 488 ETH came from staking rewards last week. Since the launch of its financial strategy, the total amount of staking rewards has reached 5,211 ETH, worth approximately US$20 million.
