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The Latest Breaking News from US Federal Reserve

‘Intelligence too cheap to meter’ is AI’s next frontier, Sam Altman says

“There are cases where entire classes of jobs will go away,” Altman said on a panel at the Federal Reserve, while predicting “entirely new classes of jobs that will come.”

Fortune

Ripple, Circle Push For Fed Access As $5.7 Trillion Stablecoin Surge Fuels Ambitions To Replace SWIFT, Says Industry Observer

Major digital asset firms and issuers of stablecoins, Circle Internet Group Inc. (NYSE:CRCL) and Ripple (CRYPTO: XRP) are aiming to become integral players in the banking system to show how crypto can now be used in banking, as highlighted by Anthony Agoshkov, co-founder of Marvel Capital.

Benzinga

Federal Reserve Rates 'Justified' Despite Being Highest Among G-10 Peers, Says LPL Economist As Trump Pressures Jerome Powell To Exit

Despite holding the highest policy rate among G-10 nations, Jeffrey Roach, the Chief Economist at LPL Financial, emphasizes that while the administration’s lobbying for lower rates is not new, the Federal Reserve‘s independence in pursuing its mandate remains paramount.

Benzinga

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The Fed is listening to Trump but will likely make him wait anyway

Although Trump thinks Powell is “the Worst Federal Reserve Chairman in History,” the Fed chair and his colleagues probably are listening to the president’s arguments in favor of a lower rate.

Fortune

Court blocks Trump’s ‘unconstitutional’ attempt to end birthright citizenship – as it happened

The 2-1 ruling from the ninth US circuit court of appeals brings issue one step closer to coming back before supreme court. This blog is now closed.

The Guardian - US

US Stocks Likely To Open Higher As Trump Seals Japan Trade Deal — Tesla, AT&T, Texas Instruments Earnings On Deck

U.S. stock futures rose on Wednesday after ending on a mixed note on Tuesday. Futures of major benchmark indices were higher.

Benzinga

Polymarket Crypto Bettors See 50% Chance Of Fed Rate Cut In September Meet Amid Escalating Trump-Jerome Powell Clash

Cryptocurrency bettors are pricing in a 50% chance that the Federal Reserve will enact the first interest rate cut of 2025 during the upcoming September meeting.

Benzinga

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Here's how the Fed's renovation budget ballooned to $2.5 billion

Key invisible costs have propelled criticism of Fed Chair Jerome Powell by President Trump and his allies.

Fortune

Bill Pulte Is 'Crushing It' And Would Be An 'Exceptional Pick,' Says Chamath Palihapitiya — Backs Trump Ally As Jerome Powell Replacement

Chamath Palihapitiya has endorsed William "Bill" Pulte as the next chair of the Federal Reserve, calling him an ideal candidate with deep expertise in housing and strong alignment with the Donald Trump administration.

Benzinga

OpenAI CEO tells Federal Reserve confab that entire job categories will disappear due to AI

Sam Altman also said AI could already diagnose better than doctors, as his company expands into Washington

The Guardian - US

Police deny wrongdoing in death of Alabama man, dispute family's account

An Alabama police department denies any wrongdoing in the death of Phillip Reeder, who died while handcuffed in August 2024

The Independent UK

Dollar Falls due to Lower T-note Yields

The dollar index (DXY00 ) on Tuesday fell by -0.47% and posted a 1.5-week low. The dollar was under pressure Tuesday from lower T-note yields. Losses in the dollar accelerated after the US July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. The dollar found some underlying support...

Barchart

Republican Sen. Reportedly Posts And Then Deletes Fake Resignation Letter From Fed Chair Powell

Republican Sen. Mike Lee reportedly posted and then deleted what he believed to be a resignation letter from Federal Reserve Chair Jerome Powell

Latin Times

Fed chair Jerome Powell resignation letter fake appears to dupe Trump-boosting Republican senator

Mike Lee, a Utah MAGA loyalist, posted and then deleted a tweet celebrating Powell’s supposed resignation on Tuesday with a copy of the fake letter

The Independent UK

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Barchart

Has the Dollar Index Found a Bottom?

The U.S. dollar index has declined steadily from the January 2025 high of over 110 to the July 2025 low of 96. The index is currently near its recent low in a bearish trend, with U.S. interest rate and tariff policy weighing on the world’s reserve currency.

The Independent UK

OpenAI CEO Sam Altman warns of AI being used for voice fraud in banking

OpenAI CEO Sam Altman warns of a looming fraud crisis in the financial industry due to AI's ability to mimic voices

Benzinga

El-Erian Says Powell Should Resign—To Save The Fed Itself

Escalating political attacks on the Federal Reserve have prompted economist Mohamed El-Erian to say Fed Chair Jerome Powell should resign—not for missteps, but to actually protect the central bank's independence.

Barchart

Stocks Slip on Weakness in Chip Makers and Disappointing Earnings

The S&P 500 Index ($SPX ) (SPY ) today is down -0.10%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.04%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.47%. September E-mini S&P futures (ESU25 ) are down -0.14%, and September E-mini Nasdaq futures...

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Roll Call

Feisty Trump deflects, but cannot shake boiling Epstein documents scandal - Roll Call

A fired-up President Trump claimed no knowledge of his team's next steps in the Epstein drama and made allegations about Barack Obama.

International Business Times

US Treasury Chief Says No Reason For Fed Chair To Step Down

US Treasury Secretary Scott Bessent said Tuesday that he did not see a reason for Federal Reserve Chair Jerome Powell to resign immediately, a day after calling for a sweeping review of the Fed.

Fortune

Jerome Powell should resign, top economist Mohamed El-Erian says, citing a scandal Trump hasn't even mentioned

Remember the insider trading scandal at the Fed? El-Erian does, along with what he considers a series of missteps on inflation.

GOBankingRates

Here’s What Could Happen to Cryptocurrency if Trump Fires Jerome Powell

Here's what crypto investors need to know if President Donald Trump fires Fed Chair Jerome Powell.

Benzinga

Mohamed El-Erian Says Jerome Powell 'Should Resign' To Protect Fed's Independence As Trump Escalates Attacks Over 'Mission Creep'

Noted economist Mohamed El-Erian suggested that Chairman Jerome Powell‘s resignation could be a strategic move to maintain the operational autonomy of the Federal Reserve.

Fortune

‘Goldilocks’ is ignoring the three bears, Wall Street says

“Another week, another tariff salvo, and another market shrug,” Barclays analyst Christian Keller told clients.

Barchart

S&P Futures Muted With Focus on Earnings and Trade Deals

September S&P 500 E-Mini futures (ESU25) are trending down -0.04% this morning as investors brace for a raft of corporate earnings reports and continue to keep a close eye on any trade developments between the U.S. and key trading partners as the August 1st deadline approaches.

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