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  • Feb 10, 2025

Oil climbs on supply worries, Trump tariffs check gains

Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats despite worries that escalating trade tariffs could dampen global economic growth. Brent crude futures were up $1.20, or 1.6%, at $77.06 a barrel by 1409 GMT while U.S. West Texas Intermediate crude rose $1.11, or 1.5%, to $73.43. Shipping of Russian oil to leading importers China and India has been significantly disrupted by U.S. sanctions targeting tankers, producers and insurers.

  • Feb 10, 2025

Dollar holds onto losses as Fed's Powell stays patient on rate cuts

(Reuters) -The U.S. dollar held onto earlier losses on Tuesday after Federal Reserve Chair Jerome Powell said the U.S. central bank was in no rush to cut its short-term interest rate again. Powell said in testimony before the Senate Banking, Housing and Urban Affairs Committee that the view on rates reflected the U.S. economy being "strong overall," with low unemployment and inflation that remains above the Fed's 2% target. Powell will also testify before the House Financial Services Committee on Wednesday.

  • Feb 10, 2025

Fed to wait for months on next rate cut as tariffs risk inflation flare up- Reuters poll

Faced with the threat of rising inflation, the U.S. Federal Reserve will wait until next quarter before cutting rates again, according to a majority of economists in a Reuters poll who previously expected a March cut. Economists have raised their inflation forecasts since U.S. President Donald Trump was elected, based on concerns his policies, particularly on tariffs, could re-ignite price pressures in the economy. After cutting rates by a cumulative 100 basis points between September and December, Fed officials, including Chair Jerome Powell, have recently said they are "not in a hurry" to lower rates further.

  • Feb 10, 2025

Man pleads guilty to role in SEC social media account hack that led the price of bitcoin to spike

An Alabama man admitted Monday to taking part in a January 2024 hack of a U.S. Securities and Exchange Commission social media account designed to manipulate the price of bitcoin. Eric Council Jr., 25, pleaded guilty to an identity theft charge in U.S. District Court in Washington, court records show. Council was arrested in October and charged with helping to break into the SEC’s account on X, formerly known as Twitter, allowing unnamed co-conspirators to falsely announce the approval of long-awaited bitcoin exchange-traded funds, prosecutors said.

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