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The US economy’s strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the central bank’s rate hikes had reached an end.

“We are attentive to recent data showing the resilience of economic growth and demand for labor. Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” Powell said in remarks to the Economic Club of New York.

For inflation to durably return to the Fed’s 2% target, it “is likely to require a period of below-trend growth and some further softening in labor market conditions,” Powell said.

Since the Fed began raising interest rates in March of 2022 the unemployment rate has varied little from the current 3.8%, below the level most Fed officials feel is noninflationary, and overall economic growth has generally remained above the 1.8% annual growth rate Fed officials see as the economy’s underlying potential.

The Fed is “proceeding carefully” in evaluating the need for any further rate increases, Powell said, likely leaving intact current expectations that the Fed will leave its benchmark policy rate steady at the current 5.25% to 5.5% range at the upcoming Oct. 31-Nov. 1 meeting.

There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic.

Powell also noted a number of fresh “uncertainties and risks” that need to be accounted for as the Fed tries to balance the threat of allowing inflation to rekindle against the threat of leaning on the economy more than is necessary.

Those include new geopolitical risks to the economy from the “horrifying” attack on Israel by the Palestinian militant Hamas group, Powell said.

“Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain,” Powell said. “Speaking for myself, I found the attack on Israel horrifying, as is the prospect for more loss of innocent lives.”

He also noted recent market-driven increases in bond yields that have helped to “significantly” tighten overall financial conditions.

“Persistent changes in financial conditions can have implications for the path of monetary policy,” Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases.

But the Fed chair also voiced what has become a lingering theme at the central bank: That despite steady progress on lowering inflation, the battle isn’t over, with further rate increases still a possibility and the duration of tight monetary conditions still to be determined.

“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said, citing the progress made since inflation peaked last year but also noting that one of the Fed’s main measures of inflation remained at 3.7% through September, nearly twice the central bank’s target.

“We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters,” Powell said. “The path is likely to be bumpy and take some time…My colleagues and I are united in our commitment to bringing inflation down sustainably to 2%.”

The weeks since the Fed’s September meeting have been unusually turbulent, with worries about regional war in the Middle East rising and bond markets driving market interest rates higher, tightening the financial conditions faced by businesses and households somewhat independent of the Fed.

Data since the Fed’s last meeting also has shown US job growth reaccelerating unexpectedly, retail sales defying predictions of a slowdown and varying measures of prices offering inconsistent signals about whether inflation is on track to return to the Fed’s 2% target in a timely manner.

Powell’s appearance comes less than 48 hours before the beginning of the traditional quiet period ahead of the rate-setting Federal Open Market Committee’s meeting on Oct. 31-Nov. 1. While a handful of other Fed officials have appearances later on Thursday and Friday before blackout begins on Saturday, it is Powell’s remarks that will set the tone for policy expectations heading into that meeting.

Should they leave rates unchanged in two weeks as is now widely expected, it would mark the first back-to-back meetings with no rate increase since the Fed kicked off its hiking campaign in March 2022.

A Reuters poll of more than 100 economists published on Wednesday showed more than 80% expect no rate hike at the next meeting, and most also believe the Fed is done with rate hikes even though a majority of policymakers at their September meeting projected one more quarter-point increase was likely to be needed by year end.

Many in the poll offered the caveat that if progress on inflation stalls out or reverses, the Fed would not hesitate to resume raising rates.

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King leads nation in two-minute silence during Remembrance Sunday service at the Cenotaph

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King leads nation in two-minute silence during Remembrance Sunday service at the Cenotaph

The King has led the nation in a two-minute silence during a Remembrance Sunday service at the Cenotaph.

He was joined by other members of the Royal Family and senior politicians, who laid wreaths to the fallen.

The Queen and the Princess of Wales took their places on Foreign Office balconies overlooking Whitehall.

The Duke of Kent and the Duchess of Edinburgh were also on the balconies, along with the Duke and Duchess of Gloucester.

King Charles. Pic: PA
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King Charles. Pic: PA

The Prince of Wales. Pic: PA
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The Prince of Wales. Pic: PA

Three D-Day veterans were among those attending the ceremony.

In total, about 20 veterans who served in the Second World War were there, receiving applause as they took their positions close to the Cenotaph.

About a dozen people wearing military uniforms and poppies were pushed in wheelchairs.

The Princess of Wales. Pic: Reuters
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The Princess of Wales. Pic: Reuters

Queen Camilla. Pic: Reuters
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Queen Camilla. Pic: Reuters

Henry Rice, a former signalman who arrived off Juno Beach five days after D-Day, and Mervyn Kersh who arrived in Normandy aged 19, three days after the start of the D-Day invasion, were there.

Sid Machin, one of six 101-year-olds registered to march was also present and is one of the last surviving “Chindit” soldiers from the Second World War Burma campaign.

As a young man of about 19, Mr Machin landed behind enemy lines in a glider at night in the jungle, as part of a special forces unit in Burma (now Myanmar), which wreaked havoc on Japanese supply lines and infrastructure.

Veterans on Whitehall. Pic: PA
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Veterans on Whitehall. Pic: PA

The Prince of Wales lays a wreath. Pic: PA
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The Prince of Wales lays a wreath. Pic: PA

The veterans' parade. Pic: Reuters
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The veterans’ parade. Pic: Reuters

Donald Poole, 101, was a Royal Army Ordnance Corps technician who handled defective explosives or enemy ammunition.

He was serving in India in 1945 when the surrender of Japan was announced.

“It is a great honour to be able to pay tribute to the poor souls who have died in all conflicts and I know how lucky I am to still be here thanks to all those who have fought and served, past and present,” he said.

“I also want to pay tribute to the civilian services who suffered during the Second World War, particularly the fire service, who saved so many lives during the Blitz – many of whom lost their own.”

An estimated 10,000 armed forces veterans are taking part in the Royal British Legion’s marchpast.

Members of the Royal Navy. Pic: PA
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Members of the Royal Navy. Pic: PA

The Band of the Royal Marines. Pic: PA
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The Band of the Royal Marines. Pic: PA

Former prime ministers Rishi Sunak and Boris Johnson. Pic: Reuters
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Former prime ministers Rishi Sunak and Boris Johnson. Pic: Reuters

Sir Ed Davey, Kemi Badenoch and Sir Keir Starmer. Pic: PA
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Sir Ed Davey, Kemi Badenoch and Sir Keir Starmer. Pic: PA

John Swinney, the first minister of Scotland, lays a wreath. Pic: PA
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John Swinney, the first minister of Scotland, lays a wreath. Pic: PA

Prime Minister Sir Keir Starmer said: “This Remembrance Sunday, we pause as a nation to honour all those who have served our country.

“We reflect on the extraordinary courage of our Armed Forces in the world wars and subsequent conflicts, whose service secured the freedoms we cherish today.”

Reflecting on the 80th anniversary of WWII, Sir Keir spoke of “a generation who stood against tyranny and shaped our future”.

He added: “Such sacrifice deserves more than silence, which is why this government remains committed to supporting veterans, their families and those who serve.

“Today, we remember, and we renew our promise to uphold the values they fought for.”

The two-minute silence began at 11am on Sunday, with the march starting at 11.25am.

Thousands of people were expected to line Whitehall to pay tribute.

Chief of the Defence Staff Air Chief Marshal Sir Richard Knighton said: “From the Cenotaph in London to memorials in towns and villages across the United Kingdom, and wherever our Armed Forces serve around the world, we pause to remember their courage, their sacrifice and their enduring legacy.

“We shall remember them.”

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King attends Festival of Remembrance

Last night, Sir Keir joined members of the Royal Family at the Royal British Legion’s Festival of Remembrance.

Sir Rod Stewart, Sam Ryder and Keala Settle were on the bill – along with performances by the Central Band of the RAF, the RAF Squadronaires and the Band of HM Royal Marines – during the event at London’s Royal Albert Hall.

Ted Lasso star Hannah Waddingham hosted the festival and sang We’ll Meet Again – telling the audience of the courage of her granddad, who is a veteran.

Harry Waddingham is 109 years old, and one of the oldest living men in the United Kingdom.

The Princess of Wales was seen wearing a black dress adorned with a handmade poppy created out of silk, glass and other natural materials, along with earrings belonging to the late Queen.

The Prince of Wales was absent as he travelled back from Brazil where he attended the COP30 climate summit.

Prince George attended for the first time – and watched intently as emotional videos of veterans speaking about their experiences were played.

The King was announced as a patron of the Royal British Legion last year.

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Science

China and NASA Coordinate to Avoid Satellite Collision for the First Time

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China’s CNSA made history by alerting NASA to a possible satellite collision—marking the first instance of Beijing warning Washington in orbit. With Earth’s orbits growing crowded from megaconstellations like Starlink and Guowang, the event signals a new phase of cooperation in global space traffic control and shared responsibility for orbital safety.

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Politics

Regulators must catch up to the new privacy paradigm

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Regulators must catch up to the new privacy paradigm

Opinion by: Agata Ferreira, assistant professor at the Warsaw University of Technology

A new consensus is forming across the Web3 world. For years, privacy was treated as a compliance problem, liability for developers and at best, a niche concern. Now it is becoming clear that privacy is actually what digital freedom is built on. 

The Ethereum Foundation’s announcement of the Privacy Cluster — a cross-team effort focused on private reads and writes, confidential identities and zero-knowledge proofs — is a sign of a philosophical redefinition of what trust, consensus and truth mean in the digital age and a more profound realization that privacy must be built into infrastructure.

Regulators should pay attention. Privacy-preserving designs are no longer just experimental; they are now a standard approach. They are becoming the way forward for decentralized systems. The question is whether law and regulation will adopt this shift or remain stuck in an outdated logic that equates visibility with safety.

From shared observation to shared verification

For a long time, digital governance has been built on a logic of visibility. Systems were trustworthy because they could be observed by regulators, auditors or the public. This “shared observation” model is behind everything from financial reporting to blockchain explorers. Transparency was the means of ensuring integrity.

In cryptographic systems, however, a more powerful paradigm is emerging: shared verification. Instead of every actor seeing everything, zero-knowledge proofs and privacy-preserving designs enable verifying that a rule was followed without revealing the underlying data. Truth becomes something you can prove, not something you must expose.

This shift might seem technical, but it has profound consequences. It means we no longer need to pick between privacy and accountability. Both can coexist, embedded directly into the systems we rely on. Regulators, too, must adapt to this logic rather than battle against it.

Privacy as infrastructure

The industry is realizing the same thing: Privacy is not a niche. It’s infrastructure. Without it, the Web3 openness becomes its weakness, and transparency collapses into surveillance.

Emerging architectures across ecosystems demonstrate that privacy and modularity are finally converging. Ethereum’s Privacy Cluster focuses on confidential computation and selective disclosure at the smart-contract level. 

Others are going deeper, integrating privacy into the network consensus itself: sender-unlinkable messaging, validator anonymity, private proof-of-stake and self-healing data persistence. These designs are rebuilding the digital stack from the ground up, aligning privacy, verifiability and decentralization as mutually reinforcing properties.

This is not an incremental improvement. It is a new way of thinking about freedom in the digital network age.

Policy is lagging behind the technology

Current regulatory approaches still reflect the logic of shared observation. Privacy-preserving technologies are scrutinized or restricted, while visibility is mistaken for safety and compliance. Developers of privacy protocols face regulatory pressure, and policymakers continue to think that encryption is an obstacle to observability.

This perspective is outdated and dangerous. In a world where everyone is being watched, and where data is harvested on an unprecedented scale, bought, sold, leaked and exploited, the absence of privacy is the actual systemic risk. It undermines trust, puts people at risk and makes democracies weaker. By contrast, privacy-preserving designs make integrity provable and enable accountability without exposure. 

Lawmakers must begin to view privacy as an ally, not an adversary — a tool for enforcing fundamental rights and restoring confidence in digital environments.

Stewardship, not just scrutiny

The next phase of digital regulation must move from scrutiny to support. Legal and policy frameworks should protect privacy-preserving open source systems as critical public goods. Stewardship stance is a duty, not a policy choice.

Related: Compliance isn’t supposed to cost you your privacy

It means providing legal clarity for developers and distinguishing between acts and architecture. Laws should punish misconduct, not the existence of technologies that enable privacy. The right to maintain private digital communication, association and economic exchange must be treated as a fundamental right, enforced by both law and infrastructure.

Such an approach would demonstrate regulatory maturity, recognizing that resilient democracies and legitimate governance rely on privacy-preserving infrastructure.

The architecture of freedom

The Ethereum Foundation’s privacy initiative and other new privacy-first network designs share the idea that freedom in the digital age is an architectural principle. It cannot depend solely on promises of good governance or oversight; it must be built into protocols that shape our lives.

These new systems, private rollups, state-separated architectures and sovereign zones represent the practical synthesis of privacy and modularity. They enable communities to build independently while remaining verifiably connected, thereby combining autonomy with accountability.

Policymakers should view this as an opportunity to support the direct embedding of fundamental rights into the technical foundation of the internet. Privacy-by-design should be embraced as legality-by-design, a way to enforce fundamental rights through code, not just through constitutions, charters and conventions.

The blockchain industry is redefining what “consensus” and “truth” mean, replacing shared observation with shared verification, visibility with verifiability, and surveillance with sovereignty. As this new dawn for privacy takes shape, regulators face a choice: Limit it under the old frameworks of control, or support it as the foundation of digital freedom and a more resilient digital order.

The tech is getting ready. The laws need to catch up.

Opinion by: Agata Ferreira, assistant professor at the Warsaw University of Technology.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.