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Titan’s Daily Informative News

 IMF cuts forecast: The International Monetary Fund cut its 2023 global growth forecast, citing externalities, including inflation, war, and China, as drivers of the slowdown. The forecast predicts the global economy will grow 2.7% in 2023, down from 3.2% this year and 6% in 2021. The IMF projects that growth in one-third of global economies will decline in 2023. 

Titan’s Takeaway: While it may not be the starkest rate hike (Volcker in ’79), we are currently enmeshed in a period of the broadest monetary tightening in history. With central banks across the world all raising benchmark interest rates at the same time, there may be no precedent for such global monetary contraction and disinflation. 

Google permits cloud payments in crypto: Google will allow customers to pay for cloud services with digital currencies through Coinbase beginning next year. In turn, Coinbase will move from Amazon’s Web Services Cloud to Google’s data-related applications. For Alphabet, where advertising accounts for 9% of revenue, the move aims to shore up its cloud services business line and entice innovative companies to use Google’s services in an increasingly competitive cloud landscape.

 Titan’s Takeaway: While the use case for crypto in everyday transactions is still in the early days, this Coinbase and Google partnership, at its core, seems like a quid pro quo: we pave the way for institutional adoption of digital assets, you give us your cloud business.