Fed's Waller: Fed researching tokenization, smart contracts, and AI in payments
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Bloomberg
38 minutes ago
- Bloomberg
Fed's Cook Defies Trump Pressure, Possible UK Home Tax, Vape Ban Failings
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Federal Reserve Governor Lisa Cook signaled her intention to remain at the central bank, defying calls for her resignation by President Donald Trump over allegations of mortgage fraud. (2) Most Federal Reserve officials highlighted inflation risks as outweighing concerns over the labor market at their meeting last month, as tariffs fueled a growing divide within the central bank's rate-setting committee. (3) The NASDAQ declined for the second straight day yesterday, with MAG 7 stocks on their longest losing streak since April. Futures are currently pointing higher for the tech-heavy index, but this week's dip has raised questions if the rally in the sector has gone too far, too fast. (4) UK Chancellor of the Exchequer Rachel Reeves is considering taxing high-value family homes at the point of sale as she looks for ways to plug a multibillion-pound hole in the upcoming budget. (5) European leaders are discussing a security guarantee for Ukraine that would commit Kyiv's allies to decide within 24 hours whether to provide military support to the country if it's again attacked by Russia. (6) A UK ban on disposable vapes is failing to stop users treating refillable devices as if they are still throwaway products, new research shows.
Yahoo
an hour ago
- Yahoo
Trump demands the resignation of a key Fed official as he broadens his attacks on the central bank
President Donald Trump is targeting another high-profile member of the Fed. He said that Lisa Cook should resign after the head of the FHFA called for an investigation into mortgage activity. Her resignation would give Trump a chance to nominate a replacement. Jerome Powell isn't Donald Trump's only target at the Federal Reserve anymore. In a post on Truth Social on Wednesday, the president said that Fed Governor Lisa Cook should resign immediately, due to recent allegations made against her by Federal Housing Finance Agency director Bill Plute. Pulte submitted a letter to Attorney General Pam Bondi and Department of Justice official Ed Martin on August 15, alleging that Cook had committed illicit activity related to two mortgage loans. Bloomberg reported that the letter said she had " falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute." This comes after Pulte made similar accusations against New York Attorney General Letitia James in April and, more recently, against Senator Adam Schiff. While Cook is not politically active and doesn't seem to have made any statements against Trump, she is the first African-American woman to sit on the central bank's board of directors and was nominated by President Joe Biden. Trump's demand that Cook resign expands his attacks on central bank officials, which have mainly focused on Fed Chair Powell until now. Cook's resignation would give Trump another opportunity to appoint another top Fed official after Adriana Kugler announced her resignation at the beginning of August. Trump has repeatedly attacked Powell when he has refused to lower interest rates, including accusing him of mismanaging the renovation of the Fed's headquarters. Powell is set to deliver remarks from Jackson Hole this Friday, with markets on edge over whether he'll strike a more dovish or hawkish tone. It has not been confirmed if Bondi will proceed with legal action against Cook, who has issued no statement on the allegations. No charges have been filed, and the Federal Reserve and the DOJ have not commented. Read the original article on Business Insider
Business Insider
an hour ago
- Business Insider
Meeting Minutes Show the Federal Reserve Is Worried About Tariffs and Inflation
Officials at the U.S. Federal Reserve remain worried about the labor market, inflation, and the impacts of tariffs, according to minutes from the central bank's July meeting. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Perhaps most important, Fed officials agreed at their most recent meeting that it is too soon to lower U.S. interest rates. That said, the minutes show that two Federal Reserve governors dissented from the majority consensus and argued in favor of cutting interest rates in July. 'Participants generally pointed to risks to both sides of the Committee's dual mandate, emphasizing upside risk to inflation and downside risk to employment,' read the meeting minutes. While 'a majority of participants judged the upside risk to inflation as the greater of these two risks,' a couple saw 'downside risk to employment as the more salient risk.' Dissenters Federal Reserve Governors Christopher Waller and Michelle Bowman voted against the decision to hold interest rates steady, preferring instead that the central bank begin cutting its key Federal Funds Rate. That rate, which is used as a benchmark for consumer interest rates, has been in its current target range of 4.25% to 4.50% since December 2024. The July meeting marked the first time that multiple Fed governors voted against a consensus decision on interest rates in more than 30 years. Tariffs, and their impact on the U.S. economy, remain a main concern of the Federal Reserve. 'Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored,' read the minutes. The meeting notes were released two days before Fed Chair Jerome Powell delivers a keynote address at the central bank's symposium in Jackson Hole, Wyoming. Powell is widely expected to use the speech to indicate the short-term direction for the Fed regarding interest rates. The minutes are also being released as U.S. President Donald Trump steps up his attacks on the central bank and demands rate cuts. Is the SPDR S&P 500 ETF Trust a Buy? The SPDR S&P 500 exchange-traded fund (SPY) currently has a consensus Moderate Buy rating among 504 Wall Street analysts. That rating is based on 425 Buy, 73 Hold, and six Sell recommendations issued in the last three months. The average SPY price target of $718.24 implies 13.47% upside from current levels.
