U.S. inflation at 3.1% November 2023

U.S. Inflation

Prices across a wide spectrum of goods and services moved slightly higher in November 2023 but were mostly in line with expectations, thus further easing pressure on the Federal Reserve.

The consumer price index, a closely watched inflation gauge, increased 0.1% in November, and was up 3.1% from a year ago, the U.S. Bureau of Labor Statistics reported Tuesday 12th December 2023.

While the monthly rate indicated a pickup from the flat CPI reading in October 2023, the annual rate showed another decline after hitting 3.2% a month earlier.

U.S. Bureau of Labour Statistics

EU agrees deal on AI regulation

AI rules

European Union officials have reached a provisional deal on the world’s first comprehensive laws to regulate the use of artificial intelligence (AI).

The EU agreed guidelines around AI in systems like ChatGPT and facial recognition.

The European Parliament will vote on the AI Act proposals early next year, but any legislation will not take effect until 2025 at the earliest. The U.S., UK and China are all rushing to publish their own guidelines.

Safeguards

The proposals include safeguards on the use of AI within the EU as well as limitations on its adoption into law.

European Commission President Ursula von der Leyen said the AI Act would help the development of technology that does not threaten people’s safety and rights. Consumers would have the right to launch complaints and fines could be imposed for violations.

Unique framework

In a social media post, she said it was a ‘unique legal framework for the development of AI you can trust’.

The European Parliament defines AI as software that can ‘for a given set of human-defined objectives, generate outputs such as content, predictions, recommendations or decisions influencing the environments they interact with.’

This is a significant step towards ensuring that AI development and deployment are aligned with ethical standards and respect for human rights.

Will the EU, UK, U.S., China and other countries AI rules conflict?

Bitcoin demonstrates its volatility after early December rally

Bitcoin

A $5000 fall in 24 hours.

Bitcoin fell 7% Monday 11th December 2023 after touching $45,000 demonstrating its aptitude for volatility. A $5000 fall in 24 hours.

The move comes after a 12% tear for Bitcoin in December 2023 as expectations grew that the U.S. could soon approve its first spot bitcoin ETF.

Bitcoin has been on a steady climb in recent weeks, following a long period of market apathy that witnessed the price trade in a narrow range for months.

Bitcoin price as of Tuesday 12th December 2023

Bitcoin is a volatile investment – be VERY careful.

The sudden pullback triggered a spike in liquidations. Bitcoin: $146 million in long liquidations on Monday, and Ether: $100 million.

Other Altcoins such as: ADA, XRP fell in unison.

Bitcoin’s volatility will likely see it climb back to the $45,000 level quite quickly.

NOTE: Bitcoin can damage your wealth. Do your research!

Remember: RESEARCH! RESEARCH! RESEARCH!