Fed Independence Trump’s Pressure on the Fed: A Threat to Independence? For decades, the independence of the Federal Reserve has been considered a cornerstone of U.S. financial stability. The last major challenge to this independence dates back to the early 1970s when President Richard Nixon pressured Fed Chair Arthur Burns to cut interest…
American investment bank Citi and asset manager Fidelity have teamed up to develop a blockchain-based investment fund that can power real-time settlements. In a statement, Citi and Fidelity International introduce the proof-of-concept of an on-chain money market fund (MMF) with digital foreign exchange (FX) swap that can execute programmable multi-asset transactions on-chain, which is not…
Mumbai: The weighted average call rate, which indicates banks’ overnight cost of borrowing, closed at 6.68% on Monday, 18 basis points higher than the Reserve Bank of India’s current repo rate of 6.50%, despite surplus liquidity conditions in the banking system, money market dealers said. The WACR, which is the operating target of the RBI‘s…