Cleveland Federal Reserve President Beth Hammack on Monday said that she thinks there will be a need for more than one interest rate hike to prevent inflation from becoming more entrenched across the economy.

Hammack made the comments in an interview with Yahoo Finance that followed her dissent from the Fed’s decision to leave interest rates unchanged. She and two other members of the central bank’s monetary policy panel voted in favor of raising interest rates by 25 basis points.

“I would say in general, one 25-basis-point move probably doesn’t do a whole lot for the economy,” she said. “So it’s probably some number of [movements]. But I don’t want to prejudge what that number is going to be.”

Hammack added that “I don’t know exactly where we will end,” adding that she thinks the current target range for the benchmark federal funds rate of 3.5% to 3.75% is not “meaningfully restricting” the economy amid stubborn inflation.

FED DISSENTERS WARN INFLATION COULD BECOME ENTRENCHED WITHOUT MONETARY POLICY TIGHTENING NOW

“When I’m talking to businesses, I’m not hearing that they’re sensing any restraint from investments in growth based on where interest rates are,” she said in the interview. “So to me that says that now is the time to act.”

Hammack said that the longer the central bank waits to address inflation through higher interest rates, the more difficult it will be to return inflation to the Fed’s 2% target.

Inflation has been running well above that target, with the consumer price index (CPI) up 3.5% through June, while the Fed’s preferred inflation gauge – the personal consumption expenditures (PCE) index – was 3.7% in June.

FED’S KASHKARI SAYS CENTRAL BANK SHOULD RAISE INTEREST RATES NOW TO AVOID ‘ENTRENCHED INFLATION PROBLEM’

Hammack said in the interview that raising rates is similar to gradually applying the brakes when approaching a stop sign so as to glide to a stop, rather than slamming the brakes with a more dramatic policy move to stop price growth.

“I think that now is the time for us to start acting, to start bringing more restraint into policy,” she said.

“Nothing would make me feel better than to be wrong, that we need to change the stance of policy to help bring inflation back to target. But from where I sit, I just don’t see it coming back on its own,” Hammack added.

US ECONOMY UNEXPECTEDLY SHED JOBS IN JULY

The Cleveland Fed president also discussed the July jobs report, which showed a loss of 23,000 jobs when economists expected a gain of around 80,000 jobs, but said in the interview that she is “still not seeing a problem” with the labor market given that the 4.1% unemployment rate is near her estimate of full employment.

Fed policymakers will hold their next meeting in mid-September, and they’ll have fresh inflation data to parse in the meantime with the July CPI data set to be released on Wednesday and the PCE reading for the month due in late August.

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NEW YORK — Bitcoin traded lower on Tuesday, hovering near $63,482 after declining about 0.67 percent, or roughly $429, as investors positioned ahead of a key U.S. inflation report and responded to renewed pressure from higher oil prices tied to Middle East developments.

The cryptocurrency spent much of the session testing levels just above $63,000 after failing repeatedly in recent days to sustain moves above $65,000. Trading remained cautious across digital assets, with ether also posting declines as risk appetite softened.

Market participants pointed to several overlapping factors. Optimism about a rapid resolution to disruptions in the Strait of Hormuz faded after signals that reopening the vital oil transit route was not imminent. That development helped push crude prices higher, including Brent futures moving above $89 a barrel in some sessions, raising concerns about renewed inflationary pressure.

Higher energy costs complicated the outlook for Federal Reserve policy just as traders prepared for the release of the Consumer Price Index data. Last week’s weaker-than-expected U.S. jobs figures had already reduced the perceived likelihood of a near-term rate increase, but the combination of rising oil and the approaching inflation print kept many investors on the sidelines.

U.S. spot Bitcoin exchange-traded funds recorded net outflows of approximately $144 million to $145 million on Monday, ending a multi-day streak of inflows that had provided steady institutional support. The shift removed one source of buying pressure at a time when broader trading volumes in cryptocurrencies sat near multi-year lows.

Additional selling emerged from other channels. Reports indicated that Strategy, a major corporate holder of Bitcoin, had sold 1,690 BTC between early and mid-August at an average price near $64,262. Liquidations of leveraged long positions, totaling more than $47 million in some tallies, amplified the downside once price rejected the $65,000 area.

Bitcoin has largely traded in a range between roughly $64,000 and $67,000 in recent weeks. Analysts described the repeated failures to hold above $65,000 as notable for the lack of aggressive follow-through selling, suggesting short positioning rather than widespread profit-taking by longer-term holders. Some market observers identified the $63,900 to $63,600 zone as an important near-term support area. A sustained break below that region, they said, could open the door to further declines.

Gold, by contrast, attracted safe-haven flows and climbed to nine-week highs near $4,435 an ounce as investors sought traditional defensive assets. The divergence highlighted a temporary preference for established stores of value amid macroeconomic and geopolitical uncertainty.

The broader crypto market mirrored Bitcoin’s weakness. Major tokens including ether and XRP posted losses exceeding 2 percent in some 24-hour periods. Open interest and order-book data showed clusters of liquidations and institutional orders around key technical levels, contributing to the choppy price action.

Looking ahead, Wednesday’s inflation figures are expected to serve as the next major catalyst. A softer-than-expected reading could revive expectations for easier monetary policy and support a rebound attempt toward $65,000 or higher. A hotter print, particularly if oil prices remain elevated, risks reinforcing inflation concerns and pressuring risk assets further.

Bitcoin’s longer-term context remains one of significant volatility following its all-time high above $128,000 in late 2025. The current consolidation reflects a market digesting mixed signals from institutional flows, corporate activity, leveraged trading and macroeconomic data. Volumes have stayed subdued relative to earlier periods of stronger momentum, limiting the force of both rallies and sell-offs.

Traders continue to monitor developments on the energy front closely. Any concrete progress toward restoring oil flows through the Strait of Hormuz could ease inflation fears and improve sentiment for Bitcoin and other risk assets. Conversely, prolonged uncertainty tends to favor defensive positioning.

Technical indicators offered a mixed picture. Daily relative strength readings hovered near neutral levels, while price action remained below certain longer-term moving averages that had previously acted as resistance. The 50-month exponential moving average near $65,800 was cited by some chart watchers as a meaningful overhead barrier.

Despite the near-term pressure, institutional interest through regulated products has not disappeared entirely. Earlier inflow streaks into spot Bitcoin ETFs demonstrated ongoing demand from traditional finance channels even as day-to-day flows fluctuate. Corporate treasury strategies and other large holders continue to shape supply dynamics in the market.

As the inflation report approaches, Bitcoin’s ability to defend the $63,500 to $64,000 region will be closely watched. A successful hold could set the stage for renewed attempts at higher levels once clarity on the data emerges. A decisive break lower would likely shift focus to deeper support zones and raise questions about the durability of the recent range.

The session on Tuesday illustrated the sensitivity of cryptocurrency markets to both traditional macroeconomic signals and geopolitical developments that affect energy prices and broader risk appetite. With trading volumes relatively light and positioning cautious, even modest shifts in sentiment produced visible price moves.

Bitcoin closed the period under review near $63,482, reflecting a modest decline that fit within a broader pattern of consolidation. Market participants now turn their attention to the inflation numbers and any further signals from the oil market for the next directional cue.

This article was written by

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LONDON — British media regulator Ofcom has ruled that Radio Caroline breached broadcasting rules after the station mistakenly aired pre-recorded announcements declaring the death of King Charles III during a May programme.

The incident occurred on May 19 during The Barry Marsh Show. A staff member performing routine maintenance on a studio computer accessed audio files prepared for use in the event of the monarch’s death and played them out of curiosity. The action interrupted the remote presenter’s stream and put the false announcements on air.

Listeners heard three messages. One stated: “This is Radio Caroline; we have suspended our normal programmes until further notice as a mark of respect following the passing of His Majesty King Charles III.” Another said the news media had confirmed the King’s death. The national anthem followed, after which the station’s DAB+ feed carried approximately 16 minutes of silence. AM listeners heard backup music instead.

Ofcom said that once the staff member realized what had happened, the person stopped the files, “panicked and left the premises.” A correction and apology were not broadcast until about 30 minutes after the inaccurate announcements first aired. The presenter told listeners: “I’ve just been informed that we’ve played in error some information a little earlier; I didn’t hear this myself, but it is incorrect, it’s a technical issue, and of course we apologise.”

In its ruling published on August 10, Ofcom found the station in breach of two sections of the Broadcasting Code. Rule 5.1 requires that news be reported with due accuracy. Rule 5.2 requires that significant mistakes be acknowledged and corrected quickly on air. The regulator described the false announcement as a “very significant inaccuracy” concerning a matter of “very high public interest.”

Ofcom received two complaints about the broadcast. The regulator noted that the files were accompanied by strict instructions for presenters and managers, yet they were still played. Radio Caroline has since reprimanded the staff member involved and permanently removed the sensitive files from the studio computer. The station has stated that correct procedures are now in place.

The error highlighted vulnerabilities in remote broadcasting setups used by some smaller stations. Because the show was being streamed remotely, the presenter did not immediately realize the local feed had been overridden. Radio Caroline acknowledged that a remote presenter would not know the programme had gone off air unless monitoring output through an internet feed.

At the time of the broadcast, King Charles was alive and carrying out official duties. He and Queen Camilla were beginning a three-day visit to Northern Ireland that included public engagements in Belfast. Images of the King meeting members of the public later helped confirm the radio reports were false.

Radio Caroline, originally a pirate station launched in the 1960s, now operates as a licensed service playing mostly rock music and is available on DAB+, AM and online. The station has previously broadcast royal Christmas messages and expressed hope of continuing to do so.

The Ofcom decision has prompted wider discussion within the radio industry about access controls for highly sensitive material and the reliability of remote and automated systems. Stations across the United Kingdom maintain pre-prepared protocols and audio files for the death of a senior royal, intended for immediate use only when the event is confirmed through official channels. The Caroline case has raised questions about how securely those materials are stored and who can access them during routine technical work.

Ofcom’s assessment focused on both the gravity of the inaccuracy and the delay in issuing a clear on-air correction. The regulator concluded that the combination of the false report on a subject of major national importance and the roughly half-hour gap before an apology constituted breaches of the code.

Radio Caroline’s response included the staff reprimand, removal of the files and an insistence that procedures have been tightened. The station had already issued an apology in May shortly after the incident, expressing regret to the King and to listeners for any distress caused.

The ruling does not involve a fine but serves as a formal finding that can be taken into account in any future regulatory action. For a community-oriented station with a long history, the case has drawn attention to the practical challenges of maintaining professional standards with limited on-site staffing and increasing reliance on remote presenters.

Broadcasting protocols for royal events are designed to ensure accuracy and appropriate tone during moments of national significance. The accidental activation of those protocols outside their intended context produced the opposite effect, leaving some listeners briefly under the impression that the country had entered a period of mourning.

Industry observers note that similar sensitive files exist at many stations. The Caroline incident has therefore prompted internal reviews elsewhere of password protection, file location, staff training and monitoring arrangements for remote broadcasts. Ensuring that curiosity or simple human error cannot place such material on air is now seen as a basic requirement of operational security.

The May broadcast and the subsequent Ofcom finding illustrate how a single unauthorized action in a technical environment can create a significant accuracy failure. While the station acted to stop the incorrect material and later apologized, the regulator determined that the initial error and the time taken to correct it fell short of required standards.

King Charles continues his public duties. The episode remains a notable example of the challenges independent radio stations face in balancing operational flexibility with the safeguards necessary for content of high public sensitivity.

Mumbai: Retail investors slowed equity purchases by nearly 15% in July, putting in ₹24,697 crore into mutual funds, compared with ₹28,973 crore of fresh commitments in June. Purchases of debt instruments, which experts attributed to seasonality, helped expand the total industry size. Growth in systematic investment plans (SIP) continued to be steady with investors allocating ₹31,961 crore, compared with ₹31,781 in the previous month.

Being the first month of the quarter, debt funds saw inflows of ₹1.88 lakh crore, inflows largely into liquid, overnight and money market funds. Due to this, assets under management (AUM) of the industry rose to ₹85.59 lakh crore from ₹82.22 lakh crore in the previous month.

Read more: IPO lock-in expiry could bring shares worth $7.6 billion to D-Street

Debt funds saw inflows of ₹1.88 lakh crore, compared with outflows of ₹1.09 lakh crore in the previous month. “The sharp reversal needs to be viewed in the context of the seasonal pattern in debt-fund flows, which typically see sizeable redemptions around the June quarter-end and tax-payment period before seeing flows return in the subsequent months,” says Kartik Jain, MD & CEO, Shriram AMC.

Liquid and overnight funds saw inflows of ₹1.49 lakh crore as corporate treasuries parked money in these low risk schemes being the first month of the quarter.
Money market funds too saw inflows of ₹21,180 crore, while ultra short duration funds saw investors add ₹8,039 crore.Small- and Mid-caps

Investors continued to allocate more money to mid- and small-cap categories, putting in ₹13.960 crore, or 56% of the total equity flows. That compares with ₹11,692 crore, or 40% of the flows, in the previous month. “There is a cautious stance on equity oriented MF given lower returns over past two year period,” says Akhil Chaturvedi, executive director and chief business officer, Motilal Oswal Asset Management.

Multicap schemes saw an increase in net inflows to Rs 3,227 crore from Rs 3,070 crore in the previous month. However, large cap funds saw outflows of Rs 1,322 crores, their first outflow in 30 months, as investors reduced their exposure to large cap positioning, given the low returns in the last couple of years.

Flows into Flexi Cap funds moderated to Rs 4,709 crores,lower than the previous month’s Rs 5,231 crore. Value/Contra Funds also saw outflows of Rs 145 crores, compared to Rs 687 crore in the previous month, while inflows into Sectoral/Thematic funds eased to Rs 1,328 crores, compared to Rs 1,469 crore in June.

Among hybrid strategies, aggressive hybrid funds which invest about 65-80% in equities and 20-35% in fixed income saw investors added Rs 1,986 crore slightly lower than Rs 2,121 crore in June. Other categories like multi asset allocation funds also added Rs 3,753 crore compared to Rs 4,811 crore in the previous month, while arbitrage funds added Rs 6,502 crore higher than June’s Rs 5,799 crore.

Gold ETFs saw lower flows of Rs 1,559 crore compared to Rs 3,443 crore in the previous month as investors preferred to stay on
the sidelines after the strong rally in precious metals over the last one year.

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DETROIT — Fiat has begun taking U.S. orders for the Topolino, a compact electric two-seater priced at $13,995 before a mandatory $990 destination fee, bringing the starting out-the-door figure to $14,985 before taxes. The vehicle is currently restricted to private property but is positioned to become street-legal later this year with a free conversion kit.

The Topolino measures roughly 8 feet 3 inches long, about the size of a full-size pickup truck bed, and weighs just over 1,070 pounds. It is powered by a single 8-horsepower electric motor and a lithium-ion battery of approximately 5 to 5.4 kilowatt-hours that Fiat rates for up to 46 miles of range. A full charge from a standard household outlet takes about five hours. There is no DC fast-charging capability.

In its initial configuration the top speed is limited to 19 mph. That restriction keeps the vehicle outside the federal definition of a Low-Speed Vehicle, which requires a maximum speed between 20 and 25 mph. As a result, early U.S. examples are approved only for private roads, gated communities, resorts, country clubs, beach towns and similar controlled environments.

Fiat plans to offer a free conversion kit by the end of summer or early fall 2026. The kit raises the governed top speed to 25 mph and adds a rearview mirror, backup camera and pedestrian-alert system. Once installed, the Topolino qualifies as a federally recognized Low-Speed Vehicle that can operate on public roads posted at 35 mph or lower in most states. Highways remain off-limits by design. The company has said it will absorb both the parts and dealer installation costs so owners incur no additional expense.

Two body styles are offered at the same price: a hardtop with a panoramic sunroof and the open-air Dolce Vita version that features rope-style door openings. At launch the U.S. market receives limited color choices, with Verde Vita green prominent among available options. Standard equipment includes LED lighting, seat belts and side mirrors.

The Topolino shares its fundamental platform, motor and battery architecture with the Citroën Ami and Opel Rocks Electric, both produced at the same Stellantis plant in Morocco. The Ami has been on sale in Europe since 2020, with more than 75,000 units delivered across the related models. In several European markets these vehicles are classified as quadricycles and can be driven by younger operators under simplified licensing rules. U.S. regulations do not provide an equivalent pathway; a full driver’s license remains required once the Low-Speed Vehicle conversion is completed.

Fiat brand chief Olivier Francois described the model as bringing “a feeling, a lifestyle, a reminder that mobility can be joyful, expressive and beautifully simple.” Company statements also position the Topolino as a new chapter for the brand in the United States, defined by purpose as much as by size.

Fiat’s overall U.S. volume has declined sharply over the past decade, falling from nearly 44,000 vehicles in 2012 to roughly 1,300 units in the most recent full year reported. The Topolino represents the brand’s first dedicated entry into the American micromobility segment. Initial shipments are limited; one company executive indicated the first batch numbered around 300 units as Stellantis tests market response before considering higher volumes.

Buyers place a $2,500 deposit through Fiat’s website or select dealers. Deliveries are expected to begin in the coming months. The vehicle is marketed for short, low-speed trips rather than as a primary household car. Reviewers who have driven European versions often praise its charm, ease of parking and practicality in dense urban settings, while noting that at nearly $15,000 it functions more as a stylish lifestyle accessory or secondary vehicle than as a direct substitute for a conventional automobile.

The Low-Speed Vehicle category itself is already established in the United States through golf carts and similar neighborhood electric vehicles. Federal rules for the class waive many passenger-car crash standards and airbag requirements while imposing the 20-to-25 mph speed band and basic lighting, signaling and visibility equipment. Once converted, the Topolino will operate under those same constraints.

Whether the combination of retro Italian styling, low purchase price and eventual street-legal capability generates meaningful sales remains an open question. The vehicle undercuts the cheapest new conventional cars by more than $2,000 and costs less than many high-end bicycles, yet its restricted performance and limited range confine it to specialized use cases. Fiat appears to be treating the launch as an experiment in how far American buyers are willing to go toward smaller, slower forms of personal mobility.

For now the Topolino is available to order as a private-property vehicle with a clear pathway to limited public-road use later this year. Its arrival adds a distinctive, ultra-compact electric option at the bottom of the new-vehicle price ladder while testing consumer appetite for micromobility solutions that sit between traditional cars and golf carts.

WASHINGTON — A bipartisan group of U.S. senators led by Oregon’s Jeff Merkley has formally urged the Commodity Futures Trading Commission to restrict or prohibit prediction market platforms from offering contracts that allow betting on wildfires, citing risks to public safety and the potential for arson.

In a letter to CFTC Chair Michael Selig, the lawmakers warned that such markets could create perverse incentives during an already severe fire season. “Offering bets on destructive wildfires threatens to minimize communities’ suffering all so the rich and powerful can profit,” the senators wrote. “There’s also the heightened risk—according to state and local fire officials—that individuals could be tempted to commit arson in order to make sure their bets are successful. By offering contracts on fires, prediction market sites run the risk of encouraging people to influence fires that have already started, creating additional concerns around public safety and insider trading.”

The letter was signed by Merkley and fellow Oregon Sen. Ron Wyden, along with Sens. Alex Padilla and Adam Schiff of California, Jeanne Shaheen of New Hampshire, Jacky Rosen and Catherine Cortez Masto of Nevada, Martin Heinrich of New Mexico, and Amy Klobuchar of Minnesota. It requests answers from the commission by Aug. 14 on several points, including whether the agency is considering a ban on wildfire-related event contracts as part of ongoing rulemaking, how it plans to address both domestic and offshore platforms, whether contracts tracking a fire’s duration, growth or destruction serve the public interest, and what enforcement guidance exists.

The senators pointed to reports that Polymarket, described as the world’s largest prediction market platform, accepted more than $1.2 million in wagers related to the Palisades and Eaton fires that struck Southern California in January 2025. Those blazes killed 31 people and destroyed more than 16,000 structures. The letter also referenced a newer platform that offers simulated bets focused exclusively on California wildfires under the slogan “You can’t predict fire, but you can trade on it.”

Prediction markets allow users to buy and sell contracts based on the outcome of future events, ranging from elections and sports to natural disasters. Supporters argue the platforms can aggregate information and improve forecasting. Critics, including the senators and some fire officials, contend that attaching financial stakes to active or potential wildfires commodifies human suffering and could encourage interference with firefighting efforts or the deliberate starting of fires.

The timing of the letter coincides with another intense wildfire season across the western United States. Oregon has seen extensive burning, with more than a million acres affected in some tallies for the year, alongside major fires in neighboring states that have prompted evacuations and strained response resources. Lawmakers from fire-prone states have framed the issue as one of basic public safety rather than abstract market regulation.

The CFTC oversees designated contract markets and has authority over certain event contracts. Prediction markets have faced increasing regulatory scrutiny in recent years as their volume and range of topics have expanded. Some platforms operate offshore, complicating enforcement, while others seek registration under U.S. rules. The senators argued that without clear guardrails, domestic platforms could follow the example of offshore sites in listing wildfire contracts.

Fire service officials have previously expressed concern that financial incentives tied to fire outcomes could undermine trust in emergency response systems and create opportunities for insider activity by those with access to operational information. The letter emphasizes that contracts on the scale of destruction or the speed of containment raise particularly acute ethical and practical problems.

Merkley’s office and the other signatories presented the request as a call for common-sense limits rather than a broad attack on all prediction markets. They asked the commission to evaluate wildfire contracts specifically against the public interest standard that guides CFTC decisions on event products. The Aug. 14 deadline was set to prompt a formal response as the current fire season continues.

Polymarket has previously faced regulatory action, including a fine for operating without proper licensing in the United States. A spokesperson for the platform has indicated in other contexts that it does not currently list wildfire markets and has not done so for some time, though the senators’ letter focused on the earlier activity and the broader trend.

As climate-driven fire seasons grow longer and more destructive in the West, the intersection of financial speculation and disaster response has drawn heightened attention from lawmakers representing affected states. The letter frames unrestricted betting on wildfires as incompatible with the need to protect communities, support firefighters and maintain public confidence in emergency management.

The CFTC has not yet issued a public response to the specific questions posed. Any rulemaking or guidance on event contracts related to natural disasters would likely involve input from stakeholders across the prediction market industry, state regulators and emergency response agencies. For now, the senators’ intervention places the issue of wildfire betting firmly on the regulatory agenda at a moment when active fires continue to threaten lives and property across multiple states.

The debate reflects larger tensions over the rapid growth of prediction markets and the types of events considered appropriate for financial wagering. While some contracts on economic indicators or elections have become more established, those tied to loss of life and property destruction remain far more contentious. The Oregon-led effort seeks to draw a clear line around wildfire-related products before they become more widespread on both domestic and international platforms.