Reserve Financial News

Federal Reserve is to launch a new payment service that could allow Americans to send and receive money in seconds. The new service, called 'FedNow', will initially launch with 41 banks and 15 service providers, including community banks and large lenders such as JPMorgan Chase, Bank of New York Mellon and US Bancorp, with plans to add more banks and credit unions later this year. The Federal Reserve has been working on the service since 2019, but it was initially opposed by the big banks, who argued it was redundant, but later agreed to participate as they believe FedNow will expand the services they can offer their customers.

Investing.com — U.S. crude inventories fell by just a third of expected levels last week despite an end to drawdowns from the national oil reserve, government data showed Wednesday.

Mumbai may also get a reserved compartment in Mumbai local. In response to a public interest litigation filed in 2022, Indian Railways reportedly said that it is considering the reservation of one luggage compartment specifically for senior citizens in local trains. As per ToI, the PIL highlighted that approximately 50,000 elderly commuters travel daily on suburban trains in Mumbai, facing difficulties in finding seats, as the limited 14 seats dedicated to seniors in the second class are often occupied by younger passengers during peak hours.

Over the weekend, India and the UAE signed pacts to allow settlement of bilateral trade in local currencies and also interlink our Unified Payments Interface (UPI) with the UAE’s Instant Payment Platform (IPP). They also agreed to link payment card switches. Linking UPI with IPP will make transfers of money across the Arabian Sea far easier, a matter of a few keystrokes on a phone.

Axis Bank has revised the terms and conditions applicable to Axis Bank Reserve Credit Card customers. The revised rules will be applicable from 13th August 2023, as per information available on the Axis Bank website. Following are details of the changes announced by Axis Bank.

Investing.com — President Joe Biden will likely see to it that America’s heavily-drawn oil reserve is refilled although he might require another term of office to finish the task, Energy Secretary Jennifer Granholm said Wednesday.

Golteum (GLTM) adopting Proof-of-Reserve mechanisms. That would further explain why crypto investors are picking interest in the OKB and GLTM, which are the utility tokens of these platforms.  >>> BUY GLTM TOKENS NOW<<< Centralized Crypto Exchange OKX, which happens to be the issuer of OKB, has made waves in the Web3 space with the services it provides to its users and its role in onboarding new players into the Web3 space.  Furthermore, the crypto exchange helps eliminate the technicalities associated with the space as it has an excellent interface that makes it easy for users to navigate while accessing DeFi features.  However, there is still a sense of skepticism among crypto investors despite the proof-of-reserve mechanism implemented by the crypto exchange.  The fall of fellow centralized crypto exchange FTX has dampened the morale of some investors regarding these exchanges, and they are looking to invest in more secure tokens than OKX’s OKB token.

The U.S. has scored a $4 billion windfall on sales from the Strategic Petroleum Reserve (SPR).

The American central bank’s emergency fund for embattled banks has seen its highest level of distressed asset redemptions since its inception three months ago.

All 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday.

Stablecoin protocol Reserve is investing $20 million into the governance tokens of yield farming apps Curve (CRV), Convex (CVX) and Stake DAO (SDT), according to a June 20 announcement. The investment is intended to increase the liquidity of Reserve’s stablecoins, called RTokens. It will also increase Reserve's voting power within these apps’ governance systems.

According to a post on social media by Nick Timiraos, a Wall Street Journal reporter, Federal Reserve officials has agreed to keep interest rates unchanged following 10 consecutive hikes. However, the Federal Reserve hinted that they may consider a rate hike next month if the economy and inflation don't show further signs of cooling down.

On the heels of a 10-meeting streak of raising interest rates, the Federal Reserve on Wednesday is expected to take a break and let the U.S. economy catch its breath.

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A Trust Reserve stablecoin team was detained by police in China on May 29, according to PANews. 

The legislation that could oblige exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” made it one step closer to reality in the state of Texas. The bill passed through a Senate vote and now awaits only the state governor's signature. 

United States President Joe Biden has announced his nomination of two people for key positions on the Federal Reserve, including a new Fed governor and economist Philip Jefferson as vice chair.

The Federal Reserve’s forthcoming instant payment service FedNow will be integrated with Metal Blockchain, according to a May 11 announcement from the Metal Blockchain team. The announcement said that the integration will allow Metal users to instantly convert funds to stablecoin and back again using FedNow’s “send/receive” function.

WASHINGTON—Federal Reserve officials signaled they might be done raising interest rates for now after approving another increase at their meeting that concluded Wednesday.

WASHINGTON—Federal Reserve officials signaled they might be done raising interest rates for now after approving another increase at their meeting that concluded Wednesday.

There won't be a lot of mystery surrounding what the Federal Reserve is going to do Wednesday with interest rates. Where the intrigue comes in is how the central bank proceeds from here.