S&P Affirms US Credit Rating On Tariff Revenues, Strong Economy
S&P affirmed its AA+ long-term rating for the US, as well as its A-1+ short-term rating, in an announcement.
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Yahoo
15 minutes ago
- Yahoo
Bitcoin Sinks as Concerns Over Inflation, Economic Data Mount
Bitcoin sank below $113,000 for the first time since August 2, as investors, fretful about inflation, tariffs, and geopolitical unrest, shied away from cryptocurrencies and other risk-on assets. Bitcoin has been swooning since reaching a record high of $124,128 last Thursday. Ethereum, which neared its own all-time high less than a week ago, was changing hands at about $4,100, down 4.6% from Monday, while XRP and Solana fell 6.7% and 3.5%, respectively. The largest crypto by market value was recently trading at $113,200, down 2.5% over the past 24 hours. 'The pullback looks like a mix of macro jitters and positioning after the recent run-up,' Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote to Decrypt. 'Rising Treasury yields and some stronger-than-expected U.S. economic data have taken a bit of air out of risk assets broadly, and crypto is no exception.' Tuesday's drop dovetailed with wider declines in equities and other risk-on assets ahead of key jobs and economic reports that may influence the U.S. central bank's next decision on interest rates. The Trump Administration has been pressuring the Federal Reserve to lower interest rates. Still, a majority of bankers remained steadfast in keeping rates intact, with inflation ticking upward in recent months and amid worrying signs about the impact of the Trump Administration's trade war. Bitcoin Could Keep Surging to New Highs Into 2026, Says Bernstein On Wednesday, the Fed will release minutes from its last monetary policy meeting in which two directors dissented from the bank's decision to keep interest rates intact between 5.25% and 5.50%. The dissent was the first of its kind since 1993. Markets will be looking anxiously at unemployment claims and key manufacturing reports on Thursday and remarks by Fed Chair Jerome Powell on Friday at the annual Economic Policy Symposium in Jackson Hole, Wyoming, for encouraging signs that could precede a rate cut. Last Tuesday, the Consumer Price Index for July inched up to 2.7% on an annual basis, better than economists predicted, but still well above the U.S. central bank's long-stated 2% goal. Moreover, core prices, which strip out more volatile energy and food products, rose to 3.1%. Bitcoin, Ethereum, XRP Flat as 'Dry Powder' Builds in Stablecoins The bank has left rates untouched since a .50% hike last December, a departure from expectations at the beginning of the year. In comments following the decision, Federal Reserve Chair Jerome Powell said that current inflation readings were "little changed from the beginning of the year," but noted that despite the drop-off in services inflation, "increased tariffs are pushing up prices in some categories of goods.' Major stock indexes continued their downturn with the S&P 500 and tech-heavy Nasdaq declining 0.6% and 1.4%, respectively. In a message to Decrypt, Bitwise Investments Senior Investment Strategist Juan Leon wrote that profit taking from last week's all-time high was leading to 'cascading liquidations from leveraged trades.' Investors have closed $559 million in positions, including $487 million of longs, according to data provider CoinGlass. 'Additionally, equities and other risk assets sold off today, so Bitcoin is being pressured by macro risk off as well,' Leon added. It's testing short-term support levels, so we'll see if it bounces or momentum breaks down.' Sign in to access your portfolio
The Verge
17 minutes ago
- The Verge
The White House just joined TikTok
While it was President Joe Biden who signed the law that would force ByteDance to sell its stake in TikTok or face a ban, it's his successor, Donald Trump, who has yet to fulfill his promise of arranging a deal to keep TikTok running, legally, in the United States. The current deadline for a deal is September 17th. Still, it hasn't stopped Trump's administration from creating @WhiteHouse on TikTok, which published its first post on Tuesday night: a video celebrating Trump's accomplishments. The ban has only seen TikTok shut down in the US for one day, and its impact has been delayed three times. The first time was in January, when Trump took office and signed an executive order delaying enforcement of the ban for 75 days; then there was another delay in April, after a potential deal fell through due to Trump's harsh tariffs against China, and then in June, when he stated that he believed Chinese President Xi Jinping was open to a deal if a buyer emerged. While Trump tried to ban TikTok in 2020, his stance softened during his re-election campaign once his team learned how many supporters Trump had on the platform. In 2024, the Trump campaign launched its own official account, @TeamTrump, and quickly dominated the platform, getting more followers and views on their content than former Vice President Kamala Harris's now-dormant campaign account — 2.8 billion to 2.2 billion, according to journalist Kyle Tharp. A Republican digital operative close to the campaign heavily credited Trump, a former reality TV star, for his ability to generate attention-grabbing moments that could be transformed into viral content. 'TikTok is primarily an entertainment app,' he previously told The Verge, 'and our usage of it was just significantly more savvy than [the Democrats].' Although the legality of and ulterior motives behind a TikTok ban remain a serious question, the Trump administration, for now, appears to find utility in maintaining an account on the platform. 'Why would I want to get rid of TikTok?' Trump said on Truth Social in January, sharing a post about the billions of views his campaign account continued to rack up. White House press secretary Karoline Leavitt repeated this stance after the government account was launched. 'President Trump's message dominated TikTok during his presidential campaign,' she said in a statement to The Verge, 'and we're excited to build upon those successes and communicate in a way no other administration has before.' Posts from this author will be added to your daily email digest and your homepage feed. See All by Tina Nguyen Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Policy Posts from this topic will be added to your daily email digest and your homepage feed. See All Politics Posts from this topic will be added to your daily email digest and your homepage feed. See All Social Media Posts from this topic will be added to your daily email digest and your homepage feed. See All Tech
Wall Street Journal
17 minutes ago
- Wall Street Journal
Scotts Miracle-Gro Tried Playing Both Sides: Weed Killers, ‘Weed' Growers
A little more than a decade ago, Jim Hagedorn, the chief executive of Scotts Miracle-Gro, made a risky bet on a new line of business, hoping to reignite growth at his century-old lawn-and-garden company. About the only thing Hagedorn knew for sure about the venture was that he had to keep Scotts out of the name. He and his son, Chris Hagedorn, whom he tapped to run the new division, didn't want to scare off investors, bankers or customers by signaling too loudly that the American icon of lawn fertilizer and potting mix was branching out to cannabis growers.
