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Bitcoin Tags $70,000 for the First Time Since June 2 — The Three Forces Behind the Break
Bitcoin briefly surpassed $70,000 for the first time since June 2, driven by political developments and a Treasury Department bond buyback operation. President Donald Trump's support for the Digital Asset Market Clarity Act and a scheduled procedural vote in September are seen as positive catalysts, while increased liquidity from Treasury operations also contributed. However, concerns about potential interest rate hikes from the Federal Reserve and ongoing disagreements over crypto legislation could impact future price movements.
Traders slash September Fed hike bets as July payrolls turn negative
Traders have significantly reduced bets on a September interest rate hike by the Federal Reserve following a negative July jobs report. The U.S. economy lost jobs, leading markets to price in a higher probability of the central bank holding rates steady. However, upcoming inflation data will be crucial in determining the Fed's next move, with potential hikes still considered for later in the year.
Fed Governor Lisa Cook Warns She’ll Back Rate Hikes If Inflation Stays Hot
Federal Reserve Governor Lisa Cook stated she is prepared to support raising interest rates if inflation does not show signs of improvement, citing concerns that persistently high inflation could become entrenched. While acknowledging a recent dip in energy prices, she cautioned against overreacting to single data points and highlighted ongoing pressures from tariffs, energy supply shocks, and AI buildouts. Cook indicated that the central bank does not have the luxury of waiting if disinflationary trends do not continue.
Xbox leader Asha Sharma has joined a US government task force for employment, days after announcing restructuring that has left thousands of people without jobs
Xbox CEO Asha Sharma has joined a US Federal Reserve task force focused on productivity and employment, days after announcing a significant restructuring at Xbox that led to 3200 job losses. Sharma, who has a background in AI and previously worked at Meta, will advise on the impact of artificial intelligence on the workforce.
Xbox layoff hatchetwoman & CEO tapped by Federal Reserve for 'jobs & productivity' task force
Asha Sharma, who recently oversaw layoffs of approximately 3,200 employees at Xbox, has been appointed as an advisor to a new Federal Reserve task force focused on jobs and productivity. Sharma, who has a background in artificial intelligence at Microsoft, will join other prominent figures to assess the economic impact of new technologies like AI.
Asha Sharma joins Federal Reserve advisory task force days after laying off thousands at Xbox
Xbox CEO Asha Sharma has been appointed to a new US Federal Reserve task force focused on productivity and jobs, specifically examining the economic impact of artificial intelligence. This appointment follows Xbox's announcement of significant layoffs affecting thousands of employees and several game studios, including Double Fine and Ninja Theory.
US Federal Reserve taps Xbox CEO Asha Sharma, who just laid off 3,200 employees, to lead task force on jobs
The Federal Reserve has appointed Xbox CEO Asha Sharma to lead a task force on employment and productivity. Sharma, who recently oversaw significant layoffs at Xbox, will work alongside other experts to assess the economic impact of new technologies like artificial intelligence. This appointment comes shortly after a major reorganization within Xbox, affecting studios like Mojang and King.
