Bitcoin rockets to a record high, just shy of $112,000. Here's why
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NDTV
an hour ago
- NDTV
Trump Raises Pressure, Calls For Federal Reserve Governor To Resign
US President Donald Trump called Wednesday for Federal Reserve Governor Lisa Cook to step down, expanding pressure on the central bank after recent criticism of Federal Chair Jerome Powell for not lowering interest rates sooner. "Cook must resign, now!!!" Trump wrote on his Truth Social platform, while sharing a Bloomberg news report on how the Federal Housing Finance Agency's director has called for greater scrutiny of Cook over a pair of mortgages. FHFA director Bill Pulte -- a staunch ally of Trump's -- had reportedly written a letter to the US Attorney General calling for an investigation of Cook while suggesting that she might have committed a criminal offense. It was not immediately clear if such a probe will take place. The Trump administration has pursued allegations of mortgage fraud against high-profile Democrats who are seen as political adversaries of the president. The US leader's targeting of Cook, who sits on the central bank's rate-setting committee, comes after his repeated broadsides against Powell while the Fed kept the benchmark lending rate unchanged this year. Cook took office as a Fed governor in May 2022 and was reappointed to the board in September 2023. She was sworn in later that same month for a term ending in 2038. Cook has previously served on the Council of Economic Advisers under former president Barack Obama. In recent months, Trump has called Powell a "numbskull" and "moron" as the central bank held rates steady to monitor the effects of US tariffs on inflation. Trump had also previously suggested that what he said is an overly costly renovation of the Fed's headquarters could be a reason to oust Powell, before backing off the threat. Powell's term as Federal chair ends in May 2026.
NDTV
an hour ago
- NDTV
India Panel Cites US Tariffs As Growth Risk, Sees Mild Inflation
Mumbai: India's monetary policy committee members flagged evolving risks from global trade tensions and tariffs as a key drag on growth but said the economy remains resilient with the inflation outlook benign, minutes of the August meeting showed on Wednesday. The Reserve Bank of India held its key repo rate steady at 5.50% earlier this month, after cutting rates by 100 basis points so far in 2025. The six-member Monetary Policy Committee voted unanimously to retain a "neutral" stance, citing the need for flexibility amid domestic and global uncertainties. "Growth projected at 6.5% is resilient," RBI Governor Sanjay Malhotra wrote in the minutes, but added the projection was "certainly lower than what we can achieve." He warned that uncertainty in external demand, driven by tariffs and geopolitical tensions, remained a major drag on growth. India faces as much as 50% tariff on exports to the United States starting August 27 after US President Donald Trump imposed an additional 25% tariff earlier in the month citing New Delhi's continued imports of Russian oil. Malhotra said the moderation in food inflation since the June meeting was larger than expected, but cautioned that the uncertainties around tariffs were still evolving. He added that the neutral stance would provide the necessary flexibility to respond to changing conditions. India's retail inflation rate dropped to its lowest level in eight years in July, as falling food prices, especially vegetables and pulses, squeezed farmers' incomes. Deputy Governor Poonam Gupta said the moderation in inflation was not broad-based and was primarily driven by food prices falling. "Core inflation is likely to remain above 4% in the near to medium term, barring any major negative shock to input prices," she wrote. MPC member Ram Singh said the average CPI inflation outlook for 2025–26 had become "very benign," though core inflation was expected to stay above the target range. He flagged sustained growth in construction, trade and services, but warned of high uncertainty on both inflation and growth fronts. External member Nagesh Kumar said the case for stimulating private investments and urban demand remains strong while the benign inflation outlook also provides policy space. But considering trade policy uncertainties, it is better to wait and watch before looking at any policy decisions at the October meeting, he said. External member Saugata Bhattacharya said monetary policy has to address multiple, often conflicting, objectives and optimise the consequent trade-offs. He highlighted the trade-off between loan and deposit rates as one of the key considerations. The central bank has a 4% inflation target, with a tolerance band between 2% and 6%. India reports GDP growth data on Friday.
Time of India
an hour ago
- Time of India
Cryptocurrency Live News & Updates : Fed Officials Indicate Interest Rates at Neutral Level
20 Aug 2025 | 11:55:12 PM IST Federal Reserve meeting minutes suggest that many officials believe the current federal funds rate target range is approaching a neutral level, with a consensus on maintaining rates between 4.25% and 4.50%. Recent updates from the Federal Reserve indicate a consensus among officials that the current federal funds rate, set between 4.25% and 4.50%, is nearing a neutral level, which could have implications for economic growth and inflation. Meanwhile, Binance is set to adjust the tick size for several USDⓈ-M Perpetual Futures Contracts on August 25, 2025, aiming to enhance market liquidity and improve user experience. This change will not affect existing orders, but traders are encouraged to review the updated Trading Rules. In the cryptocurrency market, BNB has seen a slight decline, trading at 829.85 USDT, reflecting a 1.92% drop in the last 24 hours. On a more optimistic note, on-chain analyst Willy Woo reports that investor liquidity in Bitcoin is recovering, despite recent volatility. He highlights a declining Market Capitalization-to-Realized Value (MCR) risk signal, suggesting that long-term investor positioning remains strong, potentially paving the way for future price increases in Bitcoin. These developments underscore the dynamic nature of both traditional finance and the cryptocurrency market. Show more
