The index of everything
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 July 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Visa and Mastercard have left open key gateways between Binance and the financial system despite rising regulatory scrutiny of the cryptocurrency, the pace of US consumer price increases accelerated unexpectedly in June. Plus, the FT’s global finance correspondent, Robin Wigglesworth, explains why investors might be interested in an “everything index” and how close we are to getting one.
Visa and Mastercard stick with Binance as regulatory scrutiny rises
https://www.ft.com/content/8f2e2528-e289-4233-ba29-1bebf3b1dbdc
Sticker shock: what is driving US inflation higher? With Colby Smith, US economics editor
https://www.ft.com/content/aadaa577-b286-443f-b173-256dfc4af6a5
The quest for the investment Holy Grail — an index of everything with Robin Wigglesworth, global finance correspondent
https://www.ft.com/content/9a9056e1-b35e-4ea7-b9f7-7668c07469ed
Vanguard makes first acquisition with Just Invest deal
https://www.ft.com/content/fdcdeb98-d3d8-4f95-aa5a-32fb54daea53
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Wednesday, July 14th, and this is your FT news briefing. |
| 0:09.2 | Regulators have been cracking down on Binance, but that hasn't scared VISA and MasterCard away |
| 0:14.6 | from the cryptocurrency exchange, and Fed Chair Jay Powell faces US lawmakers today, |
| 0:19.6 | right after the latest inflation numbers show another big jump in consumer prices. |
| 0:24.5 | Plus, what if there was an index that could let you invest in everything? |
| 0:29.0 | Diversification is the only free lunch in finance. It is a cliche, but it's true. |
| 0:34.0 | We'll talk about the pursuit for the holy grail of indexing. I'm Mark Filipino, |
| 0:38.3 | and here's the news you need to start your day. |
| 0:45.0 | VISA and MasterCard will continue to allow consumers to use their payment cards on Binance.com. |
| 0:50.6 | That's the main Binance cryptocurrency exchange. Binance has been targeted by regulatory |
| 0:55.4 | crackdowns, most recently by the UK's financial watchdog. Some banks and payment companies |
| 1:00.4 | have cut ties with the cryptocurrency exchange, but the two big credit card companies are sticking |
| 1:05.0 | with Binance. They'll continue allowing customers to easily move conventional currencies to the |
| 1:09.9 | cryptocurrency exchange. Both VISA and MasterCard told the FT that they will continue to monitor the |
| 1:15.3 | situation. Federal Reserve Chair Jay Powell will face members of the US Congress today. |
| 1:25.6 | They'll likely grill him on the US government's latest inflation data. |
| 1:29.1 | It came out yesterday and shows that prices accelerated unexpectedly last month. |
| 1:33.6 | The consumer price index for June rose at the fastest pace since August 2008. |
| 1:38.8 | Our US economics editor Colby Smith said that in one way, the price rise is the same story we've |
| 1:44.1 | heard before. That price increases are in parts of the economy, most affected by the pandemic. |
| 1:50.4 | Travel-related expenses, thinking about hotels and airfares and car rental costs. |
| 1:57.2 | Those jumps have been most significant. At the same time, we're also seeing the prices of |
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