Already, several banks are fighting the FED, which some lawmakers have joined, including Democratic Senators Elizabeth Warren and Chris Van Hollen.
Federal funds futures implied traders were fully positioned for the US central bank to cut rates at its September 17-18 policy meeting, with a 28% chance it might lower them by half a point, according to CME Group's FedWatch program.
The Fed slashed its interest rate last week for the first time in more than a decade, and Trump wants that trend to continue so the USA economy will be supercharged by cheap access to money. While the new project has shocked some in the crypto community, the Ripple community seems to be thrilled about the new settlement service. The new service is expected to be available in banks by 2024, and will help both consumers and small businesses avoid expensive check cashing services, high-cost borrowing and other fees.
In 2018, the board requested public comment on potential services that could be developed by the Federal Reserve to support faster payments.
The Federal Reserve wants to make paying bills and transferring money easier and faster.
He points out that the Fed has traditionally provided payment and settlement services as part of its core function.
"Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community", says Federal Reserve Board governor Lael Brainard.
The organization has more good news incoming, as the payments company MoneyGram recently revealed that it was piloting Ripple's xCurrent network and XRP for cross-border transactions.
"We believe every bank in the country and their customers will benefit from a seamless and ubiquitous system", American Bankers Association CEO Rob Nichols said in the statement. The move will require an infrastructure upgrade to provide instantaneous payments and settlements, rivaling that of the private sector.
In this July 31, 2019, photo, Federal Reserve Chairman Jerome Powell speaks during a news conference following a two-day Federal Open Market Committee meeting in Washington. "This decision is a giant step forward, and history will look back at today's announcement as the generation's true payment milestone". All big tech firms which have pushed into offering Fintech services to varying degrees.
What's more, Ripple published a blog post in July 2017 regarding the Fed Task Force action plan for faster payments.
Despite deadly shootings, Walmart won't stop gun sales
Outdoor goods chains including Bass Pro Shops, Gander Outdoors and Academy Sports continue to sell assault-style rifles. The company's founder Sam Walton loved guns so much so that he named a hunting rifle after him.
US futures rebound after Wall Street's worst day of 2019
The S&P 500 dropped 2.9 percent which means it is headed for a six-day losing streak and potentially its worst day of the year. China, meanwhile, said it could impose additional tariffs on "newly purchased U.S.agricultural products after August 3".