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JPMorgan's Dimon to stay for 5 more years; Circle to launch dollar-based token

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JPMorgan's Dimon to stay for 5 more years; Circle to launch dollar-based token

Federal Reserve Governor Lael Brainard said there is "no compelling demonstrated need" for the central bank to issue its own digital currency. In her speech in San Francisco yesterday, Brainard stressed the Fed-issued digital currency would attract cyberattacks and that its widespread adoption could lead to drastic fall in deposits for banks. She, however, said central banks should continue studying the evolving technologies and how they could prove valuable.

Circle Internet Financial Inc., a Goldman Sachs Group Inc.-backed mobile payments company, plans to launch a cryptocurrency pegged to the U.S. dollar. Circle believes the move can help drive adoption of blockchain technology for payments as well as support maturation in financial contracts built on smart contract platforms.The company also raised $110 million in an investment round led by Chinese bitcoin miner Bitmain Technologies Ltd.

JPMorgan Chase & Co. CEO Jamie Dimon said during a shareholders meeting yesterday that he would stay at the bank's helm for five more years. Lee Raymond, chairman of the JPMorgan board's compensation committee, said the company "has in place highly capable successors to Jamie and other members of the operating committee." He noted that Co-Presidents and Co-COOs Daniel Pinto and Gordon Smith were being groomed to potentially replace Dimon.

And in the regulatory space, the House Financial Services Committee's Subcommittee on Capital Markets, Securities and Investment will conduct a hearing titled, "Oversight of the SEC's Division of Enforcement" at 10 a.m ET today. At 2 p.m. ET, the Subcommittee on Terrorism and Illicit Finance will hold a hearing titled, "Implementation of FinCEN's Customer Due Diligence Rule."

In other parts of the world

Asia Pacific: Société Générale eyes China securities JV; Indian bank removes CEO amid scandal

Europe: Ageas, BayernLB post Q1 results; CYBG says loss won't affect Virgin Money plans

Middle East & Africa: US sanctions Iran central bank head; Abraaj moves to reassure creditors

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng fell 0.13% to 31,110.20, and the Nikkei 225 was down 0.44% to 22,717.23.

In Europe, as of midday, the FTSE 100 was up 0.13% to 7,732.64, and the Euronext 100 had fallen 0.09% to 1,070.51.

On the macro front

The MBA mortgage applications report, the Housing Starts report, the Industrial Production report, the Atlanta Fed's business inflation expectations survey and the EIA petroleum status report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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