Category: Business

U.S. Import and Export Price Indexes summary

COEUSA, May 13 - U.S. import prices were unchanged in April, after increasing 2.9 percent in March, the U.S. Bureau of Labor 
Statistics reported today. Higher nonfuel prices in April offset lower fuel prices. Prices for U.S. exports
advanced 0.6 percent in April following a 4.1-percent increase the previous month.


The price index for U.S. imports was unchanged in April, after rising 6.8 percent over the first quarter of
2022. U.S. import prices have not recorded a monthly decline since the index fell 0.4 percent in December
2021. Prices for U.S. imports advanced 12.0 percent for the year ended in April, down from the 13.0-percent
increase recorded last month. (See table 1.)

Fuel Imports: Import fuel prices declined 2.4 percent in April following a 39.2-percent increase from
December to March. The decrease in April was the first 1-month drop since the index fell 7.7 percent in
December 2021. Lower petroleum prices in April more than offset higher natural gas prices. Despite the
decrease in April, import fuel prices rose 64.3 percent over the past 12 months. Petroleum prices fell 2.9
percent in April, after advancing 19.4 percent the previous month. In contrast, natural gas prices increased
6.8 percent in April following a 9.5-percent decline in March. Petroleum and natural gas prices rose over the
past year, advancing 63.0 percent and 102.2 percent, respectively.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.4 percent in April following advances
of 1.2 percent, 0.9 percent, and 1.4 percent the 3 previous months. Nonfuel import prices have not recorded
a 1-month drop since the index decreased 0.2 percent in November 2020. Higher prices for nonfuel
industrial supplies and materials; capital goods; foods, feeds, and beverages; and automotive vehicles all
contributed to the April increase in nonfuel import prices. The price index for nonfuel imports rose on a 12-
month basis, advancing 7.2 percent.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.9 percent in April, after rising
0.4 percent in March. Prices for foods, feeds, and beverages have not recorded a monthly decline since the
index fell 0.1 percent in November 2021; the index advanced 12.1 percent for the year ended in April.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials rose 0.6
percent in April following a 4.6-percent advance in March. Higher prices in April for steelmaking materials,
fertilizer, and steel mill products more than offset lower prices for unfinished building materials and
precious metals.

Finished Goods: Prices for most of the major finished goods categories increased in April. Import capital
goods prices advanced 0.4 percent for the second consecutive month and the index increased 3.8 percent for
the year ended in April. The 12-month rise in capital goods prices was the largest over-the-year advance
since September 1992. The price index for automotive vehicles also increased in April, rising 0.3 percent
following a 0.1-percent advance in March. Prices for consumer goods were unchanged in April, the first
time the index has not recorded a monthly increase since February 2021.

U.S. export prices rose 0.6 percent in April following a 10.5-percent advance from December to March.
Higher prices for both agricultural and nonagricultural exports contributed to the overall increase in U.S.
export prices in April. The price index for U.S. exports rose 18.0 percent over the past year. (See table 2.)

Agricultural Exports: The price index for agricultural exports advanced 1.1 percent in April, after
increasing 4.3 percent the previous month. Agricultural export prices have not declined on a monthly basis
since September 2021. Higher prices in April for corn, cotton, meat, and nuts more than offset lower prices
for wheat and soybeans. Prices for agricultural exports rose 20.9 percent from April 2021 to April 2022, led
by higher prices for wheat, soybeans, corn, cotton, and meat.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.5 percent in April
following increases of 4.1 percent in March, 3.3 percent in February, and 2.8 percent in January. In April,
higher prices for capital goods; nonagricultural industrial supplies and materials; automotive vehicles; and
consumer goods all contributed to the rise in nonagricultural export prices. The price index for
nonagricultural exports advanced 17.6 percent for the year ended in April, led by higher nonagricultural
industrial supplies and materials prices.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices
increased 0.4 percent in April following a 20.7-percent advance from December to March. Higher prices for
chemicals and nonferrous metals more than offset a 1.3-percent drop in fuel prices. Despite the April
decline, export fuel prices rose 72.8 percent over the past year.

Finished Goods: Prices for each of the major finished goods categories advanced in April. Capital goods
prices increased 0.9 percent following consecutive 0.4-percent advances in March and February and a 0.9-
percent rise in January. Prices for export capital goods increased 5.1 percent for the year ended in April, the
largest 12-month advance since September 1982. The price index for automotive vehicles rose 0.8 percent
in April and consumer goods prices advanced 0.5 percent for the same period.

More information for the major import and export price indexes can be found at

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: The price index for imports from China advanced 0.2 percent in April
following a 0.5-percent increase in March. The April rise was driven by higher prices for fabricated metal
products manufacturing. Prices for imports from China rose 4.6 percent over the past year. Import prices
from Japan advanced 0.3 percent in April, after increasing 0.5 percent the previous month. Prices for
imports from Japan rose 1.9 percent from April 2021 to April 2022. The price indexes for imports from the
European Union and Mexico also increased in April, advancing 0.2 percent and 0.6 percent, respectively. In
contrast, the price index for imports from Canada declined 1.4 percent, after rising 20.1 percent from
December to March. (See table 7.)

Exports by Locality of Destination: Export prices to China decreased 0.3 percent in April, the first
monthly drop since a 1.0-percent decline in December 2021. The decrease in April followed a 10.4-percent
rise from December to March. Despite the April drop, prices for exports to China advanced 14.5 percent
over the past 12 months. The price index for exports to Japan rose 0.7 percent in April following a 4.8-
percent increase in March. Export prices to Japan advanced 18.7 percent for the year ended in April, the
largest 12 month increase since May 2021. Prices for exports to the European Union fell 0.6 percent in
April, after rising 4.5 percent the previous month. The price index for exports to Canada increased 1.3
percent in April and export prices to Mexico rose 1.4 percent over the same period. (See table 8.)

Terms of Trade Indexes: Terms of trade indexes are based on country, region, or grouping and measure
the change in the purchasing power of exports relative to imports. U.S. terms of trade with China declined
0.5 percent in April, after rising 9.0 percent from December to March. Higher import prices from China and
decreasing export prices to China each contributed to the April drop in the U.S. terms of trade. Despite the
April decline, the index for U.S. terms of trade with China rose 9.4 percent from April 2021 to April 2022.
U.S. terms of trade with Japan advanced 0.4 percent in April following a 4.2-percent increase in March.
U.S. terms of trade with Japan rose 16.5 percent for the year ended in April, the largest over-the-year
advance since a 17.1-percent increase in May 2021. U.S. terms of trade with the European Union decreased
0.8 percent in April, after rising 3.1 percent the previous month. The index for U.S. terms of trade with
Canada advanced 2.8 percent in April and U.S. terms of trade with Mexico increased 0.8 percent over the
same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares advanced 3.6 percent in April following an 8.6-percent rise in March
and a 6.1-percent increase in February. In April, higher Asian, Latin American/Caribbean, and European
fares all contributed to the overall advance. Import air passenger fares rose 14.2 percent over the past year,
the largest 12-month increase since September 2021. Prices for import air freight declined 4.6 percent in
April, after increasing 2.7 percent the previous month. Import air freight prices advanced 6.5 percent from
April 2021 to April 2022. (See table 10.)

Exports: The index for export air passenger fares ticked up 0.1 percent in April following a 7.0-percent
advance in March. Higher Latin American/Caribbean fares in April offset declining Asian and European
fares. Export air passenger fares rose 9.7 percent for the year ended in April. Export air freight prices were
unchanged in April, after advances of 4.6 percent and 6.3 percent the previous 2 months. Prices for export
air freight have not recorded a 1-month decline since July 2021 and rose 23.3 percent over the past year.
The April 12-month advance was the largest over-the-year increase since the index rose 23.7 percent in
August 2008.

U.S. Import and Export Price Index data for May 2022 are scheduled for release on Wednesday, June 15, 2022
at 8:30 a.m. (ET).

New Foreign Direct Investment in the United States, 2020

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $120.7 billion (preliminary) in 2020. Expenditures were down 45.4 percent from $221.2 billion (revised) in 2019 and below the annual average of $314.4 billion for 2014-2019. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures.

In 2020, expenditures for acquisitions were $116.3 billion, expenditures to establish new U.S. businesses were $1.9 billion, and expenditures to expand existing foreign-owned businesses were $2.4 billion. Planned total expenditures, which include both first-year and planned future expenditures, were $135.8 billion.

Expenditures by industry, country, and state in 2020

By industry, expenditures for new direct investment were largest in manufacturing, at $63.3 billion, accounting for 52.4 percent of total expenditures. Within manufacturing, expenditures were largest in chemical manufacturing ($26.9 billion) and computers and electronic products ($14.8 billion). There were also notable expenditures in information ($17.4 billion), primarily telecommunications.

By country of ultimate beneficial owner (UBO), the largest investing country was Germany, with expenditures of $20.5 billion. Canada ($15.2 billion) was the second largest country, followed by Switzerland ($13.8 billion). By region, Europe contributed two-thirds of new investment in 2020.

By U.S. state, Texas received the largest investment, with expenditures of $18.6 billion, followed by California ($17.8 billion) and New Jersey ($14.1 billion).

Greenfield expenditures

Greenfield investment expenditures—expenditures to either establish a new U.S. business or to expand an existing foreign-owned U.S. business—were $4.4 billion in 2020. Total planned expenditures until completion for greenfield investment initiated in 2020, which include both first-year and future expenditures, were $19.5 billion.

By U.S. industry, greenfield expenditures in 2020 were largest in manufacturing ($1.3 billion) and utilities ($1.1 billion). By region of UBO, Europe ($2.2 billion) and Asia and Pacific ($1.7 billion) had the largest expenditures. By U.S. state, Texas received the highest level of greenfield investment ($1.0 billion).

Employment by newly acquired, established, or expanded foreign-owned businesses

In 2020, employment at newly acquired, established, or expanded foreign-owned businesses in the United States was 197,500 employees. Current employment of acquired enterprises was 194,000. Total planned employment, which includes the current employment of acquired enterprises, the planned employment of newly established business enterprises when fully operational, and the planned employment associated with expansions, was 206,500.

By industry, retail trade accounted for the largest number of employees (between 50,000 and 100,000)1followed by manufacturing (30,900), primarily chemical manufacturing. By country of UBO, Canada accounted for the largest number of employees (112,400), followed by the United Kingdom (10,100) and the United Kingdom Islands in the Caribbean, which include the British Virgin Islands and Cayman Islands (7,400).

By U.S. state, Texas had the largest employment (between 50,000 and 100,000), followed by California (21,000) and Arizona (9,300). Employment for an acquired entity that operated in multiple states is attributed to the state in which it had the greatest number of employees.

Gina M. Raimondo Call with Minister of Commerce Wang Wentao of China

U.S. Commerce Secretary Gina M. Raimondo held an introductory call today with the Minister of Commerce of the People’s Republic of China, Wang Wentao. Secretary Raimondo discussed the Biden-Harris Administration’s focus on economic policies benefiting American workers and expressed U.S. concerns, including China’s unfair and market-distorting industrial policies, the need to level the playing field for U.S. companies in China, and the importance of protecting U.S. technology from unauthorized users. Secretary Raimondo noted that she looks forward to future discussions with Minister Wang on these issues.

President Biden to Join Secretary Raimondo at the 2021 SelectUSA Investment Summit

U.S. Secretary of Commerce Gina M. Raimondo today announced that President Joseph R. Biden, Jr. will provide prerecorded remarks at the 2021 SelectUSA Investment Summit, to be held virtually June 7-11. President Biden will join Cabinet Secretaries, Governors, CEOs, and other public and private sector leaders eager to strike global business investment deals for the United States and share insights on the latest innovations and trends in an effort to support and create jobs.

“Since taking office, President Biden has made our economic recovery a top priority – and growing U.S. trade and foreign direct investment are an important component of that,” said Secretary Raimondo. “I am proud to stand alongside him in making a powerful case to the world that the U.S. is the best place for any nation to do business.”

In addition to President Biden, Secretary of State Antony Blinken and Secretary of Transportation Pete Buttigieg will now participate in the SelectUSA Investment Summit. They join Treasury Secretary Janet Yellen, Labor Secretary Marty Walsh, Energy Secretary Jennifer Granholm, Agriculture Secretary Tom Vilsack, Small Business Administration Administrator Isabel Guzman, Governors, top CEOs, and small business leaders for the highest-profile event dedicated to promoting foreign direct investment in the United States.

For nine years in a row, the United States has been ranked by A.T. Kearney as the top place for foreign business investment. Many important investment deals are conducted at the SelectUSA Investment Summit, and since inception it has generated more than $48.4 billion in foreign direct investment, supporting more than 45,000 jobs in the United States.

The Investment Summit provides opportunities to spotlight America’s innovative climate, diversity of resources and robust workforce which can contribute to global success for foreign investors. The event will promote four pillars to increase American competitiveness: 1) Revitalizing U.S. manufacturing and developing advanced industries; 2) Building a 21st century workforce; 3) Maintaining leadership in global innovation; and 4) Promoting America, at home and abroad. Biden-Harris Administration priorities will also be discussed, such as the American Jobs Plan, the American Rescue Plan implementation, other COVID-19 economic recovery efforts, job creation, building back better and more inclusivity.

Housed within the U.S. Department of Commerce, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps investors find the information they need to make decisions; connect to the right people at the local level; navigate the federal regulatory system; and find solutions to issues related to the federal government.

Trump said tariffs on Chinese goods will increase to 25% on Friday

President Trump said on Sunday the U.S. tariffs imposed on $200 billion of Chinese goods will increase to 25 percent on Friday, attributing the payments on those products to the “great economic results.”

The U.S. already imposes a 10 percent tariff on $200 billion of goods and a 25 percent tariff on $50 billion of tech products. Trump also threatened to slap an additional 25 percent tariff on $325 billion of goods.
White House officials have stressed that both sides are eager to wrap up talks; last week, Treasury Secretary Steven Mnuchin told FOX Business that although they still had “more work to do,” enforcement mechanisms were “close to done.”

“If we get to a completed agreement it will have real enforcement provisions,” he said at the time. Trump, however, warned that although talks were continuing, they were progressing too slowly as Beijing tries to renegotiate.

“The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump wrote.

Politico reported on Wednesday that the two countries are close to a deal, which could come as soon as the end of this week.

Trump has made a priority of shaking up American trade policy.

As a candidate for the presidency, Trump raged repeatedly about alleged Chinese perfidy — so much so that a video mashup of him spitting out the word “China” went viral and collected more than 15 million views on

Trump charged that previous administrations, gullible and weak, had let China get away with abusive trade practices, accepting empty promises from Beijing and allowing the U.S.-China economic relationship to grow ever more lopsided. As evidence, he pointed to America’s vast U.S. trade deficit with China — $379 billion last year, by far the biggest with any country in the world.

Once he took office, Trump’s relationship with his Chinese counterpart, Xi Jinping, seemed to get off to a good start. The two men shared chocolate cake and amiable conversation at Trump’s resort in Mar-a-Lago, Florida, in April 2017. A few weeks later, China agreed to open its market U.S. beef, cooked chicken, and natural gas in what Commerce Secretary Wilbur Ross called a “herculean accomplishment.”

The romance faded. In March 2018, the Office of the U.S. Trade Representative issued a report accusing China of using predatory tactics to strengthen its tech companies.

Last July, the Trump administration gradually began slapping import taxes on Chinese goods to pressure Beijing into changing its policies. It now has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion. The Chinese have retaliated by targeting $110 billion in U.S. imports.

The fight between the world’s two biggest economies is raising worries about global economic growth. The International Monetary Fund, the World Bank, and others have downgraded their forecasts for the world economy, saying the U.S.-China standoff is reducing world trade and creating uncertainty for companies trying to decide where to buy supplies, build factories, and make investments.

Trump has portrayed his tariffs as a moneymaker for the United States and a benefit to the U.S. economy.

But a March study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump’s tariffs — including taxes on steel, aluminum, solar panels, and Chinese imports — falls entirely on U.S. consumers and businesses who buy imported products. By the end of last year, the study found, they were paying $3 billion a month in higher taxes and absorbing $1.4 billion a month in lost efficiency.

Nonetheless, the overall U.S. economy has remained healthy. On Friday, the government reported that the U.S. unemployment rate had fallen to the lowest level in half a century.

Stocks making the biggest moves midday: Netflix, Boeing, Tesla, Eli Lilly & more

Check out the companies making headlines midday Friday this week:

Netflix — Shares of the video-streaming giant fell 4 percent after issuing weaker-than-expected guidance for the first quarter of 2019. The company also posted lighter-than-expected revenue for the fourth quarter of 2018.

Schlumberger — Schlumberger’s stock rose more than 8 percent and posted its biggest one-day gain since 2011. The jump came after the company issued upbeat guidance for 2019. CEO Paal Kibsgaard said in a statement Schlumberger expects “expect a more positive supply- and demand-balance sentiment to lead to a gradual recovery in the price of oil over the course of the year.”

American Express — The Dow component fell on the back of disappointing quarterly results before recovering. American Express reported adjusted fourth quarter earnings of $1.74 per share and revenue of $10.47 billion. Analysts polled by Refinitv expected a profit of $1.80 per share and sales of $10.56 billion.

Boeing, Caterpillar — Shares of Boeing and Caterpillar rose 1.6 percent and 2.2 percent, respectively. The rise came after sources told CNBC that China has offered to boost U.S. imports for six years during ongoing trade talks.

Pilgrim’s Pride, Sanderson Farms —The chicken producers rose more than 6.5 percent each. An analyst at Mizuho Securities cited the recent thawing in U.S.-China trade talks, noting: “The long-awaited reopening of the China market would be unquestionably good news for US producers as China is by far the largest (and virtually only) market for chicken byproducts (paws and wing tips).”

V.F. Corp. — Shares of V.F. Corp. shot up more than 12 percent after the apparel company posted better-than-expected earnings. The company posted earnings per share of $1.16 percent, topping a $1.10 estimate.

Eli Lilly — Eli Lilly’s stock fell 2.2 percent in midday trading after the company announced that a phase 3 study of Lartruvo failed. Lartruvo is a drug that aims to treat cancer.

U.S. Concrete, Vulcan Materials, Eagle Materials, Summit Materials — Construction stocks rose broadly after Reuters reported that President Donald Trump is trying to revive support for an infrastructure plan that would last up to 13 years.

Tesla —The electric car maker’s stock dropped nearly 13 percent after the company announced it would cut 7 percent of its workforce. CEO Elon Musk said in an email that Tesla faces a “very difficult” road ahead.

Jack Bogle feared this one thing most and it drove him to revolutionize investing with Vanguard

The CNBC says, Former Vanguard Group Chairman and CEO F. William McNabb told CNBC that his first meeting with Jack Bogle, and the one that made a lasting impression on him, was his interview for a product manager position at the fund company in 1986.

Bogle, the founder of Vanguard who is credited with revolutionizing the investment business, had his feet propped up during the interview because of “doctor’s orders” while he recovered from a heart attack. “It’s the only concession I’ll make to be in the office,” McNabb recalled Bogle saying.

At the time, McNabb was working on Wall Street after graduating from the University of Pennsylvania’s Wharton School, but Bogle didn’t ask McNabb one question about his resume. Instead, they talked about values, education and books.

It was emblematic of the type of company Bogle had built and of his legacy, McNabb told CNBC. Bogle died Wednesday at age 89.

This ‘90s Jack Bogle interview shows how little his famous investing strategy changed over the years.

Bogle believed that culture trumped strategy every time and that Vanguard would be a place where everyone’s contribution was valued and respected, McNabb told CNBC on Friday. The culture Bogle fostered at Vanguard was one of hard work, treating everyone with respect, always doing the right thing and putting clients’ interests first, McNabb said.

Bogle feared complacency. He was inspired by the writings of American revolutionary Thomas Paine, who was often quoted in Bogle’s books, and the economist Joseph Schumpeter, who popularized the term “creative destruction.” What other industry executives found disruptive, Bogle thought necessary to remain relevant.

“When you look at Vanguard today, we are a result of a lot of those steps,” said McNabb.

In its first year, Vanguard managed $1.7 billion of customer assets, and when Bogle stepped down as CEO, Vanguard had reached $250 billion assets under management. The company now manages $5.1 trillion, largely because of the popularity of Bogle’s industry-changing idea: index mutual funds.

McNabb became CEO of Vanguard two weeks before the fall of Lehman Brothers in 2008. Amidst the turmoil of the financial crisis, he asked himself, “what would Jack do?,” and recalls Bogle’s favorite phrase: Press on, regardless.




美联储主席杰罗姆•鲍威尔(Jerome Powell)上周表示,低通胀让政策制定者在监控经济数据和金融市场以寻找增长风险的同时,“有能力保持耐心,耐心而仔细地观察”。美国中央银行预测今年将有两次加息。





但联邦政府持续的部分停摆,推迟了美国经济分析局(Bureau of Economic Analysis)和人口普查局(Census Bureau)的数据发布,这使得人们很难对经济有一个好的解读,并可能使政策决策复杂化。

12月22日,政府部分关闭,原因是美国总统唐纳德·特朗普(Donald Trump)要求美国国会今年给他57亿美元,帮助他在美墨边境修建一堵墙。美国政府历史上最长时间的关门时间推迟了原定于周三公布的12月零售销售和11月企业库存数据。








CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange

Washington, DC — December 1, the Chicago Mercantile Exchange Inc. (CME) and the CBOE Futures Exchange (CFE) self-certified new contracts for bitcoin futures products, and the Cantor Exchange (Cantor) self-certified a new contract for bitcoin binary options.

“Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” said CFTC Chairman J. Christopher Giancarlo. “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. In working with the Commission, CME, CFE and Cantor have set an appropriate standard for oversight over these bitcoin contracts given the CFTC’s limited statutory ability to oversee the cash market for bitcoin.”

“Market participants should take note that the relatively nascent underlying cash markets and exchanges for bitcoin remain largely unregulated markets over which the CFTC has limited statutory authority. There are concerns about the price volatility and trading practices of participants in these markets. We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts’ price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes and trading outages. Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.”

Commission staff held rigorous discussions with CME over the course of six weeks, CFE over the course of four months, and had numerous calls with Cantor. CME, CFE and Cantor agreed to significant enhancements to contract design and settlement, and CME to margining, at the request of Commission staff, as well as more information sharing with the underlying cash bitcoin exchanges to assist CME, CFE, Cantor and the CFTC in surveillance. The Commission, CME, CFE and Cantor will also coordinate to the extent possible in any surveillance activities, including providing the CFTC with additional surveillance information.

As trading on these DCMs evolves, the Commission will continue to assess whether further changes are required to the contract design and settlement processes and work with the DCMs to effect any changes.
Once the contracts are launched, Commission staff will engage in a variety of risk-monitoring activities. These activities include monitoring and analyzing the size and development of the market, positions and changes in positions over time, open interest, initial margin requirements, and variation margin payments, as well as stress testing positions. Commission staff will additionally conduct reviews of designated contract markets, derivatives clearing organizations (DCOs), clearing firms and individual traders involved in trading and clearing bitcoin futures.

The CFTC will also work closely with the National Futures Association (NFA). NFA has issued an investor advisory on this topic to its members, including futures commission merchants and introducing brokers that are involved in the trading of any virtual currency futures product, and will closely monitor its member firms trading this product. If the Commission determines that the margin the DCOs hold against bitcoin futures positions is inadequate, it can take measures to require that the margin held at the DCOs be increased, including requiring that they use a longer margin period of risk to generate margin requirements.

As with all contracts offered through Commission-regulated exchanges and cleared through Commission-regulated clearinghouses, the completion of the processes described above is not a Commission approval. It does not constitute a Commission endorsement of the use or value of virtual currency products or derivatives. It is incumbent on market participants to conduct appropriate due diligence to determine the particular appropriateness of these products, which at times have exhibited extreme volatility and unique risks.

The Commission, pursuant to its statutory mission, will continue to foster open, transparent, competitive and financially sound markets. The CFTC will monitor markets and work closely with the exchanges to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices related to products that are subject to the Commodity Exchange Act.

Last Updated: December 1, 2017

2017 Collegiate Inventors Competition Winners Announced

Winners of the 2017 Collegiate Inventors Competition held November 3, 2017 at the U.S. Patent and Trademark Office (USPTO) in Alexandria, VA.

The future of American innovation was on display November 3rd at the 2017 Collegiate Inventors Competition held at the U.S. Patent and Trademark Office (USPTO) in Alexandria, VA.

Cutting-edge inventions created by the nation’s brightest young innovators from colleges and universities across the country – solving challenges from water decontamination to wearable power generation – were showcased at the competition’s public expo, providing the students a forum to answer questions and discuss their inventions with USPTO patent examiners, patent attorneys, trademark examiners and senior officials; corporate sponsors; members of the intellectual property community; and the public.

During the competition, the 29 undergraduate and graduate students from 12 teams all had the opportunity to interact one-on-one with inductees of the National Inventors Hall of Fame (NIHF). These legendary innovators – who have invented many tools, processes, or devices that are now commonplace in our lives (optical fiber, implantable defibrillator, Post-it® Notes, digital camera) — served as judges for the competition, and provided advice and inspiration for the students. USPTO officials also served as judges.

The winner in the undergraduate category was a team from University of Iowa, Abraham Espinoza and Matthew Rooda. Their invention, SwineTech, is an audio processing technology that determines if piglets are in distress, allowing farmers to provide a higher quality of life to their livestock.

The graduate winner was Ning Mao from Boston University for Engineered Probiotics. Her priobiotic solution is an affordable and convenient way to provide early detection of cholera and help further contain the spread of the disease.

The top undergraduate and graduate winning teams each received $10,000. Second- and third-place finishers also were awarded cash and prizes. Read more about all the 2017 CIC finalists and winners and hear what they love about inventing.

Through this competition, the skills that these students gained through the process of invention and by learning about intellectual property will be assets to them as they continue with their research or commercialize their inventions.

The Collegiate Inventors Competition is one of several important programs that the USPTO and NIHF offer to young inventors. Others include Invention Playground for preschool children, Camp Invention and Club Invention for elementary school children, and Invention Project for middle school students. Since 1990, NIHF’s education programs have served more than 1.25 million children, and 125,000 teachers and leadership interns — promoting a better understanding of the vital role intellectual property and innovation play in our lives and our economy and helping build entrepreneurial skills for the next generation of inventors.