UK Chancellor of the Exchequer Kwasi Kwarteng made an unprecedentedly dramatic early exit from an International Monetary Fund event in Washington on Friday, with many thinking it was to return to the UK to prepare his fiscal plan. Turns out, Kwarteng was being asked to leave his post by UK Prime Minister Liz Truss, who has replaced him with Jeremy Hunt. Markets are anticipating more U-turns from the Bank of England’s (BoE) mini-budget on 23 September, when the UK announced $48 billion in widely-criticised unfunded tax cuts. Kawrteng’s actions sent the pound surging to a week’s high. The UK government has come under pressure as the BoE struggles for financial stability in the country.
Tether Replaces All Paper Holdings with Treasuries
Stablecoin Tether has announced that it has replaced all its holdings of commercial paper, or unidentified, unsecured corporate notes with US Treasury notes amounting to roughly US$3.5 billion. At its last announcement on September 30, Treasury bills came in at 58.1% of its holdings, although Tether did not announce what its latest move puts that number at.
Elon Musk Tweets that SpaceX will Continue to Fund Starlink in Ukraine
SpaceX and Tesla founder Elon Musk has tweeted that his company will continue funding Starlink satellite internet terminals for the Ukrainian. Musk’s satellite internet has been instrumental in keeping Ukrainian forces online as the invading Russian army destroys an increasing amount of communications infrastructure. It is not clear whether Musk’s exact tweet, which read “even though Starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding Ukraine govt for free”, was sarcastic or serious.