The Polkadot community approved WFC (Wish For Change) 1139, which sets the number of DOT tokens added each year at 120 million. Of this, 15% will go to the treasury and 85% will be used as a pledge reward. After the implementation, the inflation rate of DOT will be reduced from 10% to 8% and gradually reduced in the future.
Wells Fargo (WFC. N) fell more than 3 percent in premarket trading.
Wells Fargo (WFC. N) plunged in intraday trading, widening its decline to 6%.
JPMorgan Chase (JPM. N) fell 3.1%, Wells Fargo (WFC. N) fell 1.6%, Goldman Sachs (GS. N) fell 1.6%, Morgan Stanley (MS. N) fell 3.7%, Citigroup (C. N) fell 4.5% and Bank of America (BAC. N) fell 4.4%.
Jim Smigiel, chief investment officer at SEI, said expectations that the Fed would cut rates three times this year appeared too high. "We don't expect to see that happen," he said in a note. A 25 basis point cut in September appeared likely, he said, while further cuts in December "remain on the table".