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U.S. Treasury Secretary: Will Begin the Selection Process for the New Federal Reserve Chair this Fall

7 hours ago

July 4th. U.S. Treasury Secretary Yellen declared that there are a great many excellent candidates for the position of Federal Reserve Chairmanship, and the work regarding this will commence in the autumn. Previously, according to a report on June 25th by The Wall Street Journal, U.S. President Trump is contemplating nominating the next Federal Reserve Chairman in an early manner in order to weaken the current Chairman Powell's influence. Powell still has 11 months left in his term as Federal Reserve Chairman. Sources disclosed that Trump is considering choosing and announcing Powell's successor before September or October. "And Trump's resentment towards Powell may lead him to make the announcement earlier this summer." Trump is considering former Federal Reserve Governor Kevin Warsh and the White House National Economic Council Director Kevin Hassett. In addition, sources revealed that some have suggested Treasury Secretary Yellen as a potential candidate; other competitors include former World Bank President Malpass and Federal Reserve Governor Christopher Wall. (FX678)
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Tether Issues 1 Billion USDT on Ethereum Network

On July 4th, as monitored by Whale Alert, Tether minted 1 billion USDT on the Ethereum network just 3 minutes ago.

3 hours ago

BIS Chief Denies US Dollar Decline Threatens Its Status as World's Primary Reserve Currency

On July 4th, U.S. Treasury Secretary Benson refuted the idea that the recent depreciation of the U.S. dollar would have an impact on its status as the world's primary reserve currency. Benson said this week, "The price of the dollar has no relation to a strong dollar policy. The essence of a strong dollar policy lies in whether we are taking steps in the long term to ensure that the dollar remains the global reserve currency." He believes that the Trump administration is indeed taking such steps. The U.S. Dollar Index declined by nearly 11% in the first half of the year, representing its worst first-half performance since 1973. This depreciation took place against the backdrop of concerns regarding the policies of the Trump administration, especially the potential impact of tariff hikes on economic growth and the administration's tough diplomatic stance towards long-standing allies who have historically invested in the United States. Benson stated that the Republican tax bill "created

3 hours ago

Trump to Sign "Beautiful Act" at 5 AM on Saturday

On July 4th, the White House announced that U.S. President Trump is going to sign the "Beautiful Act" on Friday at 5 p.m. (5 a.m. Beijing time the next day).

3 hours ago

Trump's Tax Cuts and Spending Bill Passes in the House

July 4th: As per market reports, the tax cuts and spending bill of Trump has been passed in the House of Representatives.

3 hours ago

IMF Warning: Trump Tax Law Could Worsen US Fiscal Deficit and Debt Burden

On July 4th, the International Monetary Fund (IMF) cautioned that the forthcoming Trump tax legislation might complicate the task of reducing the fiscal deficit and debt burden in the coming years. IMF spokesperson Julie Kozack mentioned that the US needs to gradually decrease public borrowing in order to start significantly reducing the debt-to-GDP ratio, which is also a crucial measure of debt sustainability. Kozack stated: "The bill appears to be contrary to the goal of reducing debt in the medium term." The IMF generally defines "medium term" as three to five years. According to Congressional Budget Office data, the bill will lead to an increase in the deficit by $3.3 trillion. (FXStreet)

3 hours ago

US Treasury Secretary: Market Signaling Fed Rate Cut

July 4th: U.S. Treasury Secretary Yellen declared that the market is indicating a Fed rate cut. Thereafter, when asked by President Trump about his demand for a specific rate cut from the Fed, U.S. Treasury Secretary Yellen refrained from providing a definite response. (FXStreet)

3 hours ago

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