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Federal Reserve Governor Christopher Waller said Tuesday stablecoins are effectively “synthetic” dollars that can bring benefits to the financial system. Waller said these digital assets linked to the dollar “could have a lot of potential benefits” and “eliminate” inefficiencies in the financial system, as part of comments before The Clearing House Annual Conference 2024, held in New York.

NEW YORK (Reuters) -Federal Reserve Governor Christopher Waller said on Tuesday that he believes the private sector should take the lead when it comes to payment sector innovations. "What is the fundamental market inefficiency that would be solved by government intervention and can only be solved by government intervention?" Waller asked, noting that "if there isn't a satisfactory answer, then I believe government shouldn't intervene in private markets." Waller did not comment on the monetary policy and economic outlook in his prepared remarks, which centered on the role the Fed plays in the payment system.

Wall Street was steady at the open on Tuesday as focus shifted from the U.S. election to key inflation data later in the week for more signals on the country's economic and monetary policy outlook. The Dow Jones Industrial Average rose 66.1 points, or 0.15%, at the open to 44,359.21. The S&P 500 rose 2.3 points, or 0.04%, at the open to 6,003.6​, while the Nasdaq Composite dropped 8.9 points, or 0.05%, to 19,289.814 at the opening bell.

Rents ticked down in October from the prior month as the supply of apartments coming onto the market outpaces demand.