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The Fed’s Big Rate Cut
The Federal Reserve cut interest rates by 50 basis points today, signaling the start of anticipated rate reductions in 2024. This shift in monetary policy is driven by cooling inflation and a slowdown in economic growth. As a result, mortgage rates are projected to decline, with expectations that they could fall below 6% by the… Read more
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Global Rate Cuts Boost Dollar
According to a Goldman Sachs analyst, the US dollar is expected to remain strong despite upcoming Federal Reserve interest rate cuts, as other central banks are also easing their monetary policies in a synchronized global rate-cutting cycle. Read more
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US Trade Deficit at 2-Year High
The US trade deficit in goods has recently reached its highest level in two years, with figures showing a widening gap between imports and exports. According to reports from the U.S. Census Bureau, the deficit peaked at $100.62 billion in May 2024 before slightly narrowing to $96.84 billion in June, reflecting ongoing challenges in the… Read more
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New York Bans Algo-Feeds for Minors
New York has passed groundbreaking legislation to protect minors from the potential harms of algorithmically curated social media feeds. The Stop Addictive Feeds Exploitation (SAFE) for Kids Act prohibits platforms from delivering algorithm-based content to users under 18 without parental consent, aiming to address concerns about the impact of “addictive feeds” on children’s mental health. Read more
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Janet Yellen Is Worried About AI
Treasury Secretary Janet Yellen is set to warn about the “significant risks” posed by artificial intelligence (AI) in the financial sector, while also acknowledging its potential benefits. In an upcoming speech, Yellen will discuss how AI can improve efficiency and accessibility in finance, but also highlight concerns about the technology’s complexity, potential for bias, and… Read more
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World’s Largest Botnet Dismantled
The U.S. Department of Justice and FBI, in collaboration with international partners, have dismantled the world’s largest botnet known as “911 S5,” which was responsible for billions of dollars in losses from cybercrimes including COVID-19 relief fund theft, child exploitation, and ransomware attacks. Read more
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US senate proposes $32b spend on AI
A bipartisan group of U.S. senators, led by Senate Majority Leader Chuck Schumer, has proposed a comprehensive roadmap for artificial intelligence (AI) legislation, which includes a significant annual investment of $32 billion in non-defense AI research and development. Read more
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US Scrutiny of Tether Could Disrupt Crypto Ecosystem, Ripple CEO Warns
Ripple’s CEO, Brad Garlinghouse, has voiced concerns that the U.S. government’s scrutiny of Tether, the foremost issuer of stablecoins by market cap, could notably affect the cryptocurrency environment. Read more
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TikTok sues US government
TikTok, along with its Chinese parent company ByteDance, has initiated a legal battle against the U.S. government by filing a lawsuit over a new law that mandates the sale of the app or faces a nationwide ban. Read more
