 | LexRegPulse |
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No Noise. Only Signal.
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| MARKETS — as of Nov 10, 6:24 AM ET |
Equity futures Rates Credit & risk
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Waller urges further rate hikes to return inflation to 2 percent Federal Reserve Governor Christopher Waller wants rates higher soon, telling a London audience that further tightening will be needed to return inflation to 2 percent. In his speech at King's College London, Waller said he backed holding the policy rate steady at the last Federal Open Market Committee (FOMC) meeting because markets had already priced in some tightening. The promised increases, he said, now need to be carried out within a reasonable period. American Banker said even a surprisingly low consumer price index (CPI) reading would not stop him from voting for a hike next month. October CPI arrives today. | ▸ | How large a move: According to the Financial Times, Waller said policymakers should weigh a 50-basis-point increase, the largest since 2022, if inflation fails to slow. In the speech he described output growing strongly and a labor market where employers are hiring little and firing little; inflation, he said, remains too high. Unemployment was 4.1 percent in October. |
| ▸ | Other Fed voices: Chicago Fed President Austan Goolsbee said AI spending resembles a demand shock. In American Banker's account, investment in the technology is outpacing the economy's capacity and creating a frothy environment the Fed may answer with more rate increases. Richmond Fed President Tom Barkin took a gentler line; he said the direction of policy is clear, but the Fed should move with care on pace. |
| ▸ | Households hold steady, with strain: The New York Fed's October Survey of Consumer Expectations, released November 9, showed inflation expectations unchanged at the short, medium and long horizons. Respondents put a higher probability on missing a minimum debt payment in the next three months, and they grew more worried about future joblessness. |
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30-day trend
Nov 10, 6:00 AM ET
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REGULATORY DEVELOPMENTS Community bankers objected formally to Coinbase's new trust bank as more detail on the approval emerged. Separately, the Financial Crimes Enforcement Network (FinCEN) gathered banks and crypto firms to work on overseas scam centers. | ▸ | Community bankers object to Coinbase's charter: The Independent Community Bankers of America (ICBA) said it opposes the Office of the Comptroller of the Currency's (OCC) approval of Coinbase's national trust bank application, adding to its October 2 lawsuit against the OCC, which is still pending. Coinbase's release, as described by The Paypers, dates the final approval to November 6, for Coinbase National Trust Company. |
| ▸ | Scam-center information sharing: FinCEN hosted a FinCEN Exchange on transnational scam centers with financial institutions, digital asset firms, law enforcement and other government partners. The readout sets no new requirement. It links to a FinCEN alert citing FBI figures that put US losses to digital asset investment scams at $907 million in 2021 and $7.2 billion in 2025. A linked trend analysis counted 33,904 Bank Secrecy Act (BSA) reports filed between September 8, 2023 and December 31, 2025, covering about $12.7 billion in suspected scam activity. Money services businesses and depository institutions filed 96 percent of those reports. |
INDUSTRY AND AI SIGNALS | ▸ | Markets before CPI: Reuters' Morning Bid put the oil retreat down to President Trump's signal that further Iran escalation is not on the table. Crude fell about 1.5 percent to near $85.70 a barrel in pre-market trading, and Nasdaq futures slipped about 0.5 percent. Bloomberg said all three major indexes gained more than 2 percent on Monday after last week's selloff. Trump said the FBI is looking into Nvidia chief executive Jensen Huang's relationship with a suspected Chinese spy. The 2-year Treasury yield rose 6 basis points to 4.61 percent, and the 10-year rose 3 to 4.89 percent. |
| ▸ | Anthropic's new models, then its IPO: Anthropic on November 9 released Claude Fable 5.2 and Claude Mythos 5.2, its first frontier models since chief executive Dario Amodei called in September for a slower pace of AI development, CNBC reported. Fable 5.2 is available to all users with most cybersecurity and biology tasks blocked; Mythos 5.2 goes only to vetted organizations. The company is preparing to begin formal marketing of its initial public offering, and Semafor and Bloomberg both flagged an imminent debut. Separately, The Information reported that the company sent banks the wrong documents before the launch. For lenders financing the build-out, Goldman Sachs CEO David Solomon told CNBC that AI financing remains strong despite the market jitters. The listing has not priced. |
| ▸ | PNC's stablecoin rail: PNC Bank said November 9 that its corporate and institutional clients can now receive payments in USDC on the Ethereum blockchain, using Coinbase's payments products. The service extends the bank's existing Coinbase partnership. It covers incoming payments only. |
| ▸ | Morgan Stanley's transfer-agent deal: Morgan Stanley agreed to buy Vinyl Equity, a digital-first, Securities and Exchange Commission (SEC)-registered transfer agent and shareholder recordkeeping platform. Banking Dive said the purchase gives the bank an in-house transfer agent for share transfers around IPOs. Terms were not disclosed. |
POLITICAL & LEGISLATIVE | ▸ | Warren's Banking Committee agenda: Sen. Elizabeth Warren, set to chair the Senate Banking Committee in January, plans to pursue a cap on credit card interest rates, tighter export controls on AI chips to China, and rules for prediction markets, CNBC reported, citing an aide. Warren has said she is ready to work with President Trump on a 10 percent cap, which he called for in January, Newsweek reported. The aide also described an aggressive oversight agenda. Warren has urged tech CEOs, administration officials and Wall Street executives to preserve their documents. |
| ▸ | Cook removal hearing reset: A Trump administration committee investigating the possible removal of Federal Reserve Governor Lisa Cook will hold a closed hearing on December 14. According to press reports, the hearing was postponed from December 5 because of scheduling conflicts. No removal decision has been announced. |
WHAT'S COMING | ▸ | MEXC transfer ban: FinCEN's final rule imposing a special measure that prohibits transmittals of funds involving MEXC Global is set for Federal Register publication today. VitalLaw said the prohibition starts December 10, and banks must stop processing those transfers from that date. |
ALSO NOTED | ▸ | The Federal Reserve announced approval of two applications by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc. | | ▸ | The Commodity Futures Trading Commission (CFTC) settled orders against eight individuals on November 9 for acting as unregistered associated persons of unregistered foreign introducing brokers. | | ▸ | Prosecutors allege a fake-CEO scheme took $2.7 million from a Rhode Island bank, American Banker said. | | ▸ | San Francisco appears poised to approve a measure creating a governance structure for a public bank, American Banker said. |
WHAT IT MEANS | ▸ | Waller's case for a hike reaches consumer lenders already under strain. As our November 6 brief reported, the American Financial Services Association's index of consumer lending conditions fell to -39.5 in the third quarter, the lowest since the survey began. Rising funding costs and stress among subprime borrowers drove that drop. October CPI, due today, is the next reading Waller says will not change his vote. |
Dates That Matter NOV 18
8d | Comments close: Further Definition of “Swap”-Inclusions [CFTC] · Further Definition of “Swap” To Exclude Casino-Style Gambling Products [CFTC] | NOV 20
10d | Comments close: Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments [SEC] · Proxy Solicitation Modernization [SEC] | NOV 20
10d | Watch: D. Or. 3:26-cv-01672-SI: ruling expected on the OCC's Oct 5, 2026 motion to dismiss [Watch] | NOV 23
13d | Comments close: State Bank Parity [FDIC] · Merger Transactions [FDIC] · List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act [SEC] |
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30-Day Document Volume
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Today's inputs
| 52 docs | 20 high priority | 35 social | 406 news |
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Monitoring 115+ sources across federal agencies, state regulators, expert newsletters, social media, and news wires · Methodology |
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Lex
LexRegPulse Analyst
Primary-source research · AI-drafted · human‑reviewed
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From LexRegPulse
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