Tag Archives: Federal

The Federal Reserve, FDIC, and the Office of the Comptroller of the Currency (OCC) issued a joint statement on Tuesday warning about “significant” risks crypto assets may pose to the broader banking system. “It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the agencies said in a joint statement. “Given the significant risks highlighted by recent failures of several large crypto-asset companies, the… Source link

New Orleanians stranded on a roof in the aftermath of Hurricane Katrina, Aug. 30, 2005. (Vincent Laforet/Pool/AFP via Getty Images) A recent report from ProPublica, a nonprofit news organization, reveals data showing that some of the hardest-hit victims of Hurricane Katrina were shortchanged tens of thousands of dollars on average by a federal program meant to help residents to rebuild. ProPublica, in partnership with New Orleans media outlets the Times-Picayune, the Advocate and WWL-TV, Source link

The Federal Reserve raised short-term interest rates Wednesday by a half percentage point, slowing down its pace of rate hikes from this summer’s torrid clip. The rate hike brings the Fed’s benchmark policy rate, the federal funds rate, to a new range of 4.25%-4.5%, the highest level since December 2007. Wednesday’s 50 basis point rate hike comes after the Fed raised rates by 75 basis points at each of the past four policy meetings — its most aggressive stretch since the 1980s. “Recent… Source link

WASHINGTON (Reuters) – Alphabet Inc’s Google asked a federal court late on Monday to toss out the U.S. Justice Department’s 2020 lawsuit against it, which alleged that the search giant violated antitrust law to maintain dominance in its search business. Documents laying out Google’s reasoning for the summary judgment request were sealed. When it was filed, the company said the lawsuit was “deeply flawed” and “relies on dubious antitrust arguments.” It argued that its overwhelming market… Source link

Illustration: Shoshana Gordon/Axios Google is squaring off again against familiar competitors like Microsoft and Amazon — but this time it’s for lucrative contracts with the federal government. Why it matters: Google sees an opening to chip away at Microsoft’s dominance in federal government contracting, to keep making more money off its Cloud service and to nip at the heels of its other main competitor, Amazon Web Services. Google is already battling Microsoft on a number of fronts over… Source link

If there needs to be a U.S. recession to bring down inflation to appropriate levels, the Fed would be cool with that, says one Wall Street pro. “Unfortunately, yes [the Fed would be OK with a recession]. I’m going to say yes,” BMO senior economist Jennifer Lee said on Yahoo Finance Live. “And the Fed has sort of softened its tone a little bit over the past two months. They used to say that they could probably do this and achieve a softish [economic] landing. But now they’ve already said that… Source link

Brett Favre’s Mississippi welfare scandal keeps getting bigger. (Photo by Patrick McDermott/Getty Images) Throughout his Mississippi welfare fund scandal, Brett Favre has pleaded innocence or, at worst, ignorance. No, he didn’t just take the $1.1 million and run, he actually did record ads for the nonprofit involved. No, he had no idea that money came from a program intended to help needy families. No, he really did pay back the money (with no interest). A new report from Mississippi Today… Source link

The program, as described in a proposal from attorneys from Google, would allow emails from federal campaigns and committees in the program “that meet objective security criteria” and do not otherwise break Gmail’s terms of service to “not be affected by forms of spam detection to which they would otherwise be subject” and automatically land in a user’s inbox. These political senders’ emails would continue to be directly routed to users’ inboxes, unless or until a user opts… Source link

The Federal Reserve on Wednesday raised interest rates by 0.75% as the central bank attempts to avoid a deep recession. The decision to move by 0.75% matched the magnitude of the Fed’s last move in June, which was its largest single-meeting rate increase since 1994. Wednesday’s decision was unanimously agreed upon by voting members of the Federal Open Market Committee. The Fed has now moved in four consecutive meetings to increase borrowing costs in America, extending its effort to dampen… Source link

Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Google is backing efforts to improve the security of open source software, building on the Cyber Safety Review Board’s analysis of the Log4j vulnerability… Source link