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FBI agents raided the Bethesda, Md., home of former national security adviser John Bolton on Friday morning, marking a new tension point in his difficult relationship with President Donald Trump. Agents also raided Bolton’s D.C. office.

The reason behind the raids was reportedly linked to a probe of allegations that Bolton sent classified documents to his family from a private email server while working at the White House, according to the New York Post. The Post cited a Trump administration official who said FBI Director Kash Patel ordered the raid.

The outlet also reported that yet-to-be-unsealed search warrants reference a controversy over his memoir to establish a pattern of behavior. However, a senior U.S. official told the Post the probe was a ‘clean break’ from the investigation regarding Bolton’s book.

Shortly after the raid began, Patel wrote on X that ‘no one is above the law… [FBI] agents on a mission.’

FBI Deputy Director Dan Bongino shared the post and wrote, ‘Public corruption will not be tolerated.’

Bolton, who served in Trump’s first administration, has not been arrested or taken into custody. Trump revoked his security clearance and Secret Service detail in January 2025.

Trump was asked about the raid on Friday and said he did not know about it ahead of time, claiming he saw it on television. The president then made clear his disdain for his former national security adviser.

‘I’m not a fan of John Bolton. He’s a real lowlife,’ Trump told reporters. He went on to call Bolton ‘not a smart guy’ and said ‘he could be very unpatriotic.’

The president also said Bolton was ‘a very quiet person except on television if he can say something bad about Trump.’

Vice President JD Vance told ‘Meet the Press’ on Friday that ‘we’re in the very early stages of an ongoing investigation into John Bolton.’ Vance denied Bolton was being targeted for criticizing Trump.

A source familiar with the Bolton raid and the evidence used to justify it told Fox News Digital that ‘Bolton really had some nerve to attack Trump over his handling of classified information,’ but would not give more details.

Bolton criticized Trump’s handling of classified documents after the FBI raided Mar-a-Lago in 2022. Trump was later indicted on 37 felony counts, which expanded to 40 before the case was dropped in July 2024.

During Trump’s first administration, a probe into classified documents was launched but later shut down by the Biden administration. The Justice Department argued that Bolton’s 2020 memoir, ‘The Room Where it Happened,’ contained classified material and attempted to block it from being published. 

The FBI and Bolton’s office declined to comment on the matter.

Reporting contributed by Axios and Fox News’ Michael Dorgan, David Spunt, Breanne Deppisch, Emma Woodhead and Brooke Singman.

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As the 11th member of former President Joe Biden’s administration appeared before the House Oversight Committee this week, Fox News Digital asked senators on Capitol Hill if former Vice President Kamala Harris should testify next. 

‘I think they should take her behind closed doors and figure out what she knows and what she’s willing to talk about,’ Sen. Roger Marshall, R-Kan., said. 

House Oversight Committee Chair James Comer, R-Ky., is leading the investigation into the alleged cover-up of Biden’s cognitive decline and use of the autopen during his tenure as president. 

Comer said on Fox News’ ‘The Ingraham Angle’ last month that the ‘odds’ of Harris getting a subpoena to appear before the House Oversight Committee are ‘very high.’ 

While Marshall told Fox News Digital that Harris should testify, he admitted, ‘I don’t think you need her testimony to show Americans what I knew as a physician a long time ago, that Joe Biden had a neurodegenerative disease of some sort.’

Marshall has a medical degree from the University of Kansas and practiced medicine for more than 25 years before running for public office. 

‘All you had to do is look at his very fixed, flat face,’ Marshall explained. ‘Look at his gait, the way he walked. He had a shuffled walk. He didn’t move his arms, hardly at all. When he talked, it was very monotone, a very soft voice. He had malingering thought processes. I don’t think it took much to figure that out.’

After listing the former president’s symptoms, the Kansas senator lamented that Biden ‘turned weakness into war,’ creating a national security threat. 

During Biden’s presidency, the United States’ withdrawal from Afghanistan resulted in the death of 13 U.S. soldiers, Russia invaded Ukraine and Hamas attacked Israel, triggering the ongoing war in Gaza.

But as Republicans demand transparency, Sen. Richard Blumenthal, D-Conn., told Fox News Digital he is far more worried about the ‘challenges we face right now,’ particularly on the economy, inflation and the effect of Trump’s tariff policies. 

Meanwhile, Sen. John Hoeven R-N.D., defended the accountability argument, telling Fox News Digital that Americans ‘always want more information and more transparency.’

‘If you’re involved in an administration, you [should] always be willing to come in and say what you did and why you did it, and you know what it’s all about. I mean, that’s how it works, and that’s what the American people want,’ he said. 

Fox News Digital reached out to Biden and Harris for comment but did not immediately receive a response. 

Fox News Digital’s Elizabeth Elkind contributed to this report. 

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On Saturday, Israeli tanks and troops began maneuvering ever closer to Gaza City’s outskirts in preparation for a full-scale offensive. Eyewitness accounts reported intensified shelling as Israel is moving toward what could be the defining battle of its war against Hamas terrorists: the capture of Gaza City.

Israel’s security cabinet approved the operation, known as Gideon’s Chariots B, and has deployed up to five IDF divisions toward the city’s outskirts—a highly significant mobilization. Thousands of reservists—some 60,000—have been called up.

John Spencer, chair of urban warfare studies at the Madison Policy Forum and executive director of the Urban Warfare Institute, told Fox News Digital the scale of this operation is unprecedented. ‘This will be a bigger challenge than anything the IDF has faced, arguably ever. It is the densest location in Gaza, the heart of Hamas’s stronghold. And you don’t really know what the tunnels are until you get into them.’

Spencer said that ‘Hamas built semi-circles of defenses oriented at Israel. But the IDF has shown creativity in maneuvering around obstacles.’ Israel plans to send more combat power into Gaza City than it has deployed across the entire Strip thus far. ‘If your goal is to clear Gaza City of Hamas’s military capabilities and search for hostages, you need that scale,’ he said.

Gadi Shamni, former commander of the Gaza Division and ex-head of IDF Central Command, told Fox News Digital, ‘It is a crowded city with refugee camps, dense neighborhoods, high-rises and a highly developed underground. People say the IDF controls above and below ground, but in the last campaign we saw that wasn’t always true. Even when you destroy tunnels, Hamas can rebuild them quickly. The longer you stay with more forces, the more opportunities you create for the other side to attack.’

A former senior Israeli security official, speaking on the condition of anonymity, told Fox News Digital, ‘The IDF can militarily conquer Gaza, but the costs will be immense on both sides. The IDF will fight with a method of ‘destroy everything first’—air force bombs, massive charges, detonating streets from afar, wiping out entire areas and advancing slowly.

‘The IDF has gained enormous experience over the past two years and will use those tactics in this battle. … You are strong, the enemy is weak, and you have patience. Even the weather is on Israel’s side, with winter not arriving until January.’

The tunnels remain the most formidable element of Hamas’s defense. Unlike ISIS terrorists in Mosul, Spencer said, Hamas has built an underground tunnel network that allows commanders and fighters to move between positions avoid strikes, and conceal hostages. ‘The IDF that will go into Gaza City is not the IDF of 2023,’ Spencer said, pointing to rapid adaptations in the use of drones, robots, and specialized units for tunnel warfare. ‘They’ve learned so much. But this will still be slow, very careful, and costly.’

To illustrate the scale, Spencer pointed to the 2004 battle for Fallujah in Iraq. ‘It took the Marine Corps about two weeks to clear Fallujah—every single home, building, shop. About 68,000 structures were cleared, as if somebody physically looked in them,’ he said. ‘If all five of these [IDF] divisions were doing that, absolutely, you could get it done in a few months. But the enemy always gets a vote. You can’t rush to failure.’

The former Israeli senior security official described the operation as ‘telescopic—very slow, with pistons working one by one. This pace also gives Hamas the chance at every stage to try to cut a deal.’

On the fate of hostages possibly held in Gaza City, the official was blunt: ‘Some of the hostages will die. I wouldn’t be surprised if more brigades are brought in—the IDF is using immense ground power to seize urban terrain.’

Shamni also warned Hamas may relocate hostages, 50 hostages, of whom 20 are still believed to be alive, into combat zones to deter strikes—a tactic he said the IDF would be reluctant to engage for fear of harming captives, a conflict between military necessity and core values.

Shamni highlighted a particularly fraught dilemma: evacuating civilians. ‘You don’t know who will leave, how many will leave, how they’ll react—or whether Hamas will even allow them to leave,’ he said. ‘I assume many will not evacuate, and then you face the hard dilemma of fighting in a place full of noncombatants.’

Spencer added that history shows around 10% of civilians stay behind. ‘Even 10% of a million is 100,000 people,’ he said.

Shamni forecast a protracted operation: ‘It could take months. Two months might seize the surface, but then you still have to clear tunnels. It will cost many lives—including civilians. The worst-case scenario is that no hostages are found alive or dead because of the destruction.’

Shamni, who also served as Israel’s military attaché in Washington, warned that the dual goals of defeating Hamas and returning hostages are contradictory, risking years of drawn-out fighting. 

Spencer, however, called the decision to press forward a ‘calculated risk,’ explaining that while military action carries dangers, ‘you weigh the risk of Hamas killing the hostages against the certainty that they’re being starved and tortured. Military pressure is the last resort. Without conquering Gaza City, Hamas will continue to hold a sanctuary.’

 

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Russia’s top nuclear official this week said Moscow is facing ‘colossal threats’ and needs to update its nuclear capabilities.

Without directly naming where Russia’s chief nuclear threat is coming from, Director General of the State Atomic Energy Corporation Rosatom Alexei Likhachev said, ‘the current geopolitical situation, is a time of colossal threats to the existence of our country.’

‘Therefore, the nuclear shield, which is also a sword, is a guarantee of our sovereignty,’ he added, according to Russian state news agency RIA. ‘We understand today that the nuclear shield must only be improved in the coming years.’

The comments came less than a week after Russian President Vladimir Putin and President Donald Trump convened for a face-to-face meeting that marked the first time a U.S. leader has met with the Kremlin chief since Russia invaded Ukraine in 2022. 

While Trump and Putin appeared positive following the talks, little seemed to have been concretely accomplished in the meeting and hope surrounding a Russia-Ukraine ceasefire appeared to decline as the week progressed. 

It is unclear why Likhachev issued comments regarding Russia’s nuclear program at this time, and he did not detail what sort of updates he would be looking to make to Moscow’s ‘shield’ program. 

Trump issued similar comments earlier this year when in May he announced his plans to develop the ‘Golden Dome’ missile defense system — inspired by Israel’s ‘Iron Dome’ defense system — and which is expected to cost at least $175 billion.

Though security experts have been sounding the alarm when it comes to China’s escalating nuclear development, together Russia and the U.S. continue to possess 90% of the world’s nuclear arsenal.

Moscow continues to hold nearly 4,400 nuclear warheads, over 1,500 of which are ‘strategically deployed’ while the U.S. possesses more than 3,700 warheads in its stockpiles with 1,400 deployed, according to the Arms Control Association. 

While nuclear disarmament was the standing international goal following the end of the Cold War, the trajectory of this policy remains dubious as relations between Washington and Moscow have once again turned precarious amid Putin’s war in Ukraine, and his burgeoning relationship with Chinese President Xi Jinping. 

The New Start Treaty remains the only bilateral nuclear arms control agreement between the U.S. and Russia, and though it was extended in 2021, it is set to expire in February 2026. The future of the treaty – first signed in 2010 – also remains unclear as Moscow paused its participation in the agreement in 2023.

Putin said that this suspension meant he would continue to abide by stockpile limits under the treaty, but he would not allow for continued U.S. inspections. 

Fox News Digital could not immediately reach the International Atomic Energy Agency (IAEA) for comment as nations increasingly look to expand their nuclear capabilities just six months ahead of when the New Start Treaty is set to expire. 

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EXCLUSIVE – New Republican National Committee (RNC) chair Joe Gruters outlined his mission as he took over steering the GOP’s national party committee.

‘The midterms are ahead, where we must expand our major majority in the House, in the Senate, and continue electing Republicans nationwide,’ Gruters said as he addressed committee members moments after being unanimously elected chair at the RNC’s summer meeting, held this year in Atlanta, Georgia.

Gruters, a state senator and RNC committee member from Florida, who, until his election as chair on Friday, briefly served as the national party committee’s treasurer, is a longtime ally of President Donald Trump. His move to the RNC chairmanship cements Trump’s dominance over the GOP as it prepares for midterm battles next year.

And a month ago, Trump endorsed Gruters to succeed now-former RNC chair Michael Whatley, who stepped down as he runs for the Senate in battleground North Carolina in the blockbuster race to succeed retiring GOP Sen. Thom Tillis.

The ascension of Gruters to RNC chair is the latest sign of Trump’s complete control over the national party committee.

‘This is the president’s party. This is the president’s vision, overall. The party fully embraces the president,’ Gruters said as he and Whatley stood for an exclusive interview with Fox News Digital.

Whatley, who Trump picked to steer the RNC a year and a half ago, noted that ‘we have transformed the RNC, basically the way that President Trump has transformed the Republican Party.’

Gruters has been a major Trump supporter dating back to the president’s first campaign for the White House. Gruters served as Florida co-chair Trump’s 2016 campaign.

The Democratic National Committee, taking aim at Gruters following his election as chair, claimed that ‘Gruters and Trump will have a lot to bond over while they turn the Republican Party into even more of a personal propaganda machine for Trump.’

Republicans swept back to power last November, with Trump winning the White House, the GOP retaking control of the Senate and holding onto their fragile majority in the House.

But looking ahead to next year’s midterms, when the party in power traditionally faces political headwinds and loses House and Senate seats, the GOP will be defending their congressional majorities.

A key part of the RNC’s strategy going forward is Trump.

‘We’re gonna ride the president all the way to victory in the midterms, and we are going to win big,’ Gruters emphasized.

Asked about the top three items on his to-do list as he takes over as RNC chair, Gruters said, ‘number one, it’s still election integrity. That’s the most important thing, protecting the vote. And it’s about winning the midterms.’

‘It’s about going back to the fundamentals of registering voters and turning our voters out,’ the new chair added.

Gruters also highlighted Trump’s sweeping GOP-crafted domestic policy bill, which the Republican majorities in Congress passed this summer along near-party lines.

‘It’s our agenda,’ Whatley said in a Fox News Digital interview last month, as he pointed to the massive tax cuts and spending bill that Trump signed into law on July 4.

The measure is stuffed full of Trump’s 2024 campaign trail promises and second-term priorities on tax cuts, immigration, defense, energy and the debt limit. 

It includes extending the president’s signature 2017 tax cuts and eliminating taxes on tips and overtime pay. 

By making his first-term tax rates permanent – they were set to expire later this year – the bill will cut taxes by nearly $4.4 trillion over the next decade, according to analysis by the Congressional Budget Office and the Committee for a Responsible Federal Budget. 

The measure also provides billions for border security and codifies the president’s controversial immigration crackdown.

And the new law also restructures Medicaid – the almost 60-year-old federal program that provides health coverage to roughly 71 million low-income Americans. 

The changes to Medicaid, as well as cuts to food stamps, another one of the nation’s major safety net programs, were drafted in part as an offset to pay for extending Trump’s tax cuts. The measure includes a slew of new rules and regulations, including work requirements for many of those seeking Medicaid coverage.

Democrats, for months, have repeatedly blasted Republicans over the social safety net changes. And they’ve spotlighted a slew of national polls conducted both  before and after the measure was passed into law, that indicate the bill’s popularity in negative territory.

But Gruters sees the new law as campaign ammunition.

‘Every single Democrat in Congress voted for a tax increase on average everyday Americans,’ Gruters argued. ‘And that big, beautiful bill has something for every single American, whether you’re working class, whether you’re a small business owner, everybody benefits, and we’re going to be able to ride that bill all the way to victory.’

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ROCHESTER, Minnesota, Aug 22 (Reuters) – U.S. farmers will harvest a record corn crop in 2025 after ideal weather across much of the Midwest this summer, but the bounty will fall short of the U.S. government’s lofty outlook as pockets of plant disease and heat stress dented yields in spots across the farm belt, crop consultancy Pro Farmer said on Friday.

Growers are also expected to reap a bumper soybean crop, although dry conditions in parts of the eastern Midwest and pockets of disease pressure in Iowa may limit yield potential, Pro Farmer said after its annual four-day tour across seven top-producing states this week.

The United States is the world’s top corn exporter and No. 2 soybean exporter, and favorable weather in most of the main growing states supported crops but pushed futures prices to recent multi-year lows.

The warm and wet conditions that fueled crop growth also fostered fungal diseases such as tar spot, southern rust and northern blight in corn, and sudden death syndrome in soybeans.

“Each day we’ve noted the disease pressure in corn. Tar spot, southern rust more widespread than we’ve ever seen before. Those are going to be some real yield robbers,” said Lane Akre, Pro Farmer economist and one of the leaders of the tour’s eastern leg.

Pro Farmer projected 2025 U.S. corn production at a record 16.204 billion bushels, with an average yield of 182.7 bushels per acre, and soybean production at 4.246 billion bushels, with an average yield of 53.0 bpa.

The outlook is below the U.S. Department of Agriculture’s latest forecast for corn production at a record 16.742 billion bushels with yields averaging 188.8 bpa, and soybean production at 4.292 billion bushels with record average yields of 53.6 bpa.

Crop scouts on the Pro Farmer tour saw more disease-hit fields than normal across the Midwest farm belt this week, although it is not yet clear whether these diseases will blow up into significant yield loss.

At one stop in northwest Illinois, the corn field appeared healthy and green from the roadside, but 30 to 40 steps in, leaves were streaked with rust, leaving crop scouts covered in color. Overhead, bright yellow crop dusters banked low as they sprayed wide white plumes of fungicide.

Jake Guse, a Minnesota row crop farmer and crop scout on the eastern leg of the tour, said disease levels were the worst and most widespread that many crop scouts had ever seen on the tour.

“As we traveled across Indiana, we started seeing more (disease). In Illinois, started getting bad — and it was all over Iowa,” Guse said of three of the largest producing states.

However, crop scouts also found exceptional yield prospects that could help cushion any disease-related yield decline.

The strong production prospects may not be welcome news to farmers, who are facing a third straight year of declining corn prices due to excess supplies and only a modest improvement in soybean prices, according to USDA data.

Production costs remain high while trade tensions with key markets like China, the top soybean importer, have left demand uncertain.

While the USDA is forecasting that the nation’s farm economy will improve in 2025, that boost will largely come from a massive influx of federal funding the Trump administration plans to send to rural America, according to USDA data.

Corn and soybean futures on the Chicago Board of Trade firmed this week as reports from the crop tour suggested that recent USDA harvest forecasts may be too high.

The benchmark CBOT December corn contract CZ25 ended the week up 1.5%, its first weekly gain in a week in five weeks, while November soybeans SX25 also rose 1.5% and hit a one-month high.

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Easement to Facilitate Near-Term Exploration Logistics for New Amalga Gold Project & Secure Road Route Spanning One-Third of Distance from Public Highway to Project Site

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) (‘Grande Portage’ or the ‘Company’) is pleased to announce that it has applied for a State of Alaska easement related to its New Amalga Gold project in southeast Alaska. This easement application incorporates a proposal for development of approximately 1.3 miles (2 km) of gravel road along with two equipment staging areas.

Extending from Glacier Highway across State of Alaska property, development of this road segment will greatly facilitate the Company’s helicopter-supported exploration efforts by establishing an equipment staging area much closer to the project site. The helicopter shuttle distance for transporting drilling equipment and supplies would be reduced by over 60% for each cycle compared to the previous staging area located in the Juneau Mendenhall Valley suburbs.

Ian Klassen, President and CEO comments: ‘The submission of this easement application is an important step for the project. The proposed road development and equipment staging areas will not only enhance the efficiency of our exploration efforts but will also reduce the impact of helicopter noise on residential areas of the Mendenhall Valley. Furthermore, this road segment will comprise a significant proportion of the overall road development required to ultimately establish surface access to the project site.’

This initial road segment would span approximately one-third of the total distance from Glacier Highway to the project site, ending at the boundary between State of Alaska and US Forest Service land. Further road development will require separate federal environmental review and permitting. Baseline environmental studies are ongoing in order to support future federal submissions.

The future facilities at the project site are envisioned to include a small-footprint underground mining operation without an ore processing plant or tailings disposal landfill. Due to the resource location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig. 1), the Company considers off-site processing by a third party to be the most favorable configuration for the project.

Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.

About Grande Portage:

Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.

The Company’s updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.

ON BEHALF OF THE BOARD

‘Ian Klassen’
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Source

Click here to connect with Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) to receive an Investor Presentation

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Citing a shifting economic situation in the US, Federal Reserve Chair Jerome Powell indicated that the central bank is ready to adjust interest rates during his speech at the Jackson Hole Economic Policy Symposium.

Powell indicated that the Fed’s dual mandate goal is essentially in balance, saying the labor market remains close to maximum employment and that inflation has eased from post-pandemic highs, although it remain elevated.

However, the Fed head also noted that “the balance of risks appears to be shifting,” with significant uncertainty in the economy as a result of higher tariffs, tighter immigration and a slowdown in the pace of growth in the labor market.

“Over the longer run, changes in tax, spending, and regulatory policies may also have important implications for economic growth and productivity,” Powell added in his Friday (August 22) address.

The biggest challenge for the Fed is maintaining its dual mandate of ensuring too much slack doesn’t enter the labor market, which Powell said could happen quickly, while also attempting to ease inflation to the target 2 percent.

“A material slowing in employment growth may not be a signal that the economy is entering a downturn, but a symptom of structural shifts in the economy. For this reason, Powell and others in the Federal Open Market Committee (FOMC) have pointed to the unemployment rate as a more useful indicator of the health of the labor market,” she said.

Although tariffs are likely to take some months to work their way through the economy, with Powell suggesting there is still high uncertainty, he also indicated that “the shifting balance of risks may warrant adjusting our policy stance.”

His remarks are in line with analysts’ expectations of a 25 basis point cut to the benchmark rate in September.

In 2024, the Fed made three cuts: a 50 basis point cut in September, followed by two 25 basis point cuts in October and November. So far, it has not made reductions in 2025; however, it faced dissent from two committee members at its July meeting, the first time more than one member has voted against the committee since December 1993.

The gold price jumped following Powell’s remarks on Friday, gaining nearly 1 percent in morning trading, reaching US$3,370 per ounce by 1:00 p.m. EDT. Silver rose more than 2 percent to hit US$38.94 per ounce.

Equity markets were also in positive territory during morning trading.

The S&P 500 (INDEXSP:INX) climbed 1.49 percent to 6,465 points, and the Nasdaq 100 (INDEXNASDAQ:NDX) rose 1.48 percent to 23,485 points. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) surged 2 percent to trade in record territory at 45,687 points.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

By Darren Brady Nelson

One of former President Ronald Reagan’s most famous quotes is “trust, but verify.” He made that remark on December 8, 1987, to then-Soviet General Secretary Mikhail Gorbachev as the audience gathered on that historic day for a nuclear arms treaty.

In the wake of US President Donald Trump’s April “Liberation Day” tariffs, it is time once again to “trust, but verify.” That is, that the economy is still on track for a new “golden age of America.” And that we will continue in a “golden age,” pun intended, for investing in gold.

Source: the White House.

Tariffs are not inflation

Trump’s tariffs have added to uncertainty, but they are not inflationary per se. The famous Nobel Prize-winning monetary economist, Milton Friedman, summarized what he had learned from the most comprehensive empirical study ever undertaken on inflation in the following quote:

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. A steady rate of monetary growth at a moderate level [may allow] little inflation and much growth.”

Another monetary economist of the 20th century, but not quite as famous as Friedman, was Ludwig von Mises. He agreed with the first half of the quote above, but not the second. He also supported a gold standard, as seen below, as protection from inflation and accompanying boom-bust cycles:

“All economic activity is based upon an uncertain future. It is therefore bound up with risk.” Thus: “There is no such thing as a safe investment.” But: “The…gold standard alone is a truly effective check on the power of the government to inflate the currency.”

Tariffs are just taxes

A student of Mises was Murray Rothbard. The latter wrote in Power and Market that the burden of a sales tax falls entirely on the supplier and supply chain, not the consumers, yet tariffs inexplicably do the opposite. The former is closer to the truth, depending on elasticities.

Media pundits often claim that businesses pass forward tax increases, like tariffs, to consumers. This is a half-truth. The other half of this half-truth is that businesses take a hit, so that they invest and hire less. This means foreign businesses, more than American consumers.

And rather than just a 50/50 split between supply and demand, as per the graph below, economics and history show it is more like an 80/20 situation. That 80 includes a pass backward in the supply chain. This means foreign supply chains, more than American supply chains.

Source: SlidePlayer.

Rationale for Trump’s tariffs

Trump’s tariffs have created extra uncertainty, but not nearly as much as the neoliberals, on the left or right, would suggest by their outrage and alarm. Firstly, imports and import elasticities are relatively low in the US.

Secondly, Trump’s strategy is consistent with the same three exceptions to free trade, and in the same order, as did the classical liberal, and godfather of free trade economics, Adam Smith.

The first exception is not only about directly decoupling from communist China, for targeted defense purposes, but also indirectly, for broader strategic purposes, by weakening the Communist Party of China to the point of regime change, as Reagan did to the USSR.

The second and third exceptions, of reciprocity and retaliation, are part of the “art of the deal.” This three-pronged strategy, despite the outcry as being anti-free trade, is not only trying to put America first, but also to restore genuine free trade. It is a well-calculated risk.

Impact of these tariffs

According to the US Bureau of Labor Statistics (BLS) in its press release of July 17: “Import prices ticked up 0.1% in June, following a decrease of 0.4% in May, and an advance of 0.1% in April.”

The BLS added that: “Prices for US imports fell 0.2% from June 2024 to June 2025, matching the 12- month decline for the year ended May 2025. Those were the largest annual decreases since the index fell 0.9% for the year ended February 2024.”

The BLS also provided an interactive chart of the Import Price Index (IPI). Highlights from the Trump 47 era for “all imports” include: IPI increased, but at a declining rate, by 1.7 percent in February, 0.8 percent in March and 0.1 percent in April; then decreased by -0.2 percent in May and -0.2 percent in June.

“Consumer goods” are also illuminating: IPI dropped from 1.2 percent in November 2024 to -0.8 percent in March 2025; then sunk further to -1.2 percent in May before rising to -0.6 percent in June, but still negative.

The story with “industrial supplies and materials” was that: IPI grew at 5.7 percent in February, then plunged to 1.9 percent in March; followed by shrinking down into negative territory of -2 percent in April, -3.6 percent in May and -3.2 percent in June.

Source: BLS.

Conclusion

Many Main Street investors, and even those on Wall Street, are aware that gold is a great hedge against both inflation and uncertainty; and it is. But few on either streets also know that it is a great investment that outperforms the S&P Index; and it does.

Gold is very rare indeed, and not just in terms of its physical scarcity, but in its unique ability to be both a safe-haven investment and a performance investment as well. The two charts at the end demonstrate gold’s protection and gold’s growth over the decades.

Therefore, for American investors it is still the right time to “trust” in gold growth to come, “but verify” through gold protection in the meantime. Thus, when one has gold, “heads” you win and “tails” you don’t lose.

Sources: FRED (CPI) (GDP) (M3); Shiller Data (S&P); World Bank (gold).

About Darren Brady Nelson

Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.

Read the rest of the series: Goldenomics 101: Follow the Money, Goldenomics 102: The Shadow Price of Gold, Goldenomics 103: Gold Protects and Performs.

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Here’s a quick recap of the crypto landscape for Friday (August 22) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$116,546, a 3.9 percent increase in 24 hours. Its lowest valuation of the day was US$112,019, and its highest was US$117,310.

Bitcoin price performance, August 22, 2025.

Chart via TradingView.

The crypto market rallied after US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium offered clues that the Fed may be preparing to lower interest rates in September.

Bitcoin jumped from US$112,000 to US$116,000 in just over an hour. The current situation with inflation and the labor market, Powell said, “may warrant adjusting” the Fed’s monetary policy stance.

Powell cited a “curious balance” in the labor market, with reduced worker supply and demand increasing employment risks, while also noting that tariffs’ visible impact on consumer prices is likely to be short-lived.

However, he signaled that the central bank remains cautious of potential lasting inflation, emphasizing the need to balance its dual mandates when goals conflict.

The Fed also revised its monetary policy, stating that low unemployment alone will not trigger rate hikes. They removed language suggesting tolerance for inflation above 2 percent to offset past undershoots and no longer described low interest rates as a “defining feature” of the economy, offering greater flexibility in a volatile post-pandemic economy.

According to the CME Group Fedwatch tool, the probability of an interest rate cut at the September 17 FOMC meeting has surged to over 83 percent, up from 75 percent just yesterday.

Likewise, Ether (ETH) gained over 10 percent following Powell’s remarks, rising above the week-long US$4,600 resistance and forming a bull flag pattern, with analysts projecting potential highs around US$6,000.

ETH was priced at US$4,843.61, up by 14.5 percent over the past 24 hours, and its highest valuation of the day. Its lowest valuation was US$4,254.24.

Altcoin price update

  • Solana (SOL) was priced at US$199.01, up by 10.5 percent over 24 hours to its highest valuation of the day. Its lowest was US$178.52.
  • XRP was trading for US$3.09, up by 7.9 percent in the past 24 hours, and its highest valuation of the day. Its lowest was US$282.
  • Sui (SUI) was trading at US$3.74, up by 9.5 percent over the past 24 hours, following market trends by reaching its highest valuation as the markets wrapped. Its lowest valuation of the day was US$3.33.
  • Cardano (ADA) was also trading at its highest valuation on Friday at US$0.9334, up by 9.5 percent over 24 hours. Its lowest valuation for the day was US$0.8332.

Today’s crypto news to know

Coinbase approves Trump-backed stablecoin

Coinbase Global (NASDAQ:COIN) has listed USD1, a stablecoin issued by World Liberty Financial, the crypto project linked to US President Donald Trump and his sons. The exchange announced the move on Thursday (August 21), while Eric Trump reposted the news on X and hinted that additional updates on the project are coming soon.

With the addition, Coinbase now offers US users a wide range of stablecoins, including USDT, USDC, PYUSD, DAI and others. World Liberty launched USD1 earlier this year as part of its push into decentralized finance, positioning the token for use in a forthcoming platform built on Ethereum with Aave technology.

The platform is not yet live, but the company has said it will eventually support lending and borrowing services.

The listing comes as the US stablecoin sector gains momentum following the passage of the GENIUS Act, which set national standards for stablecoin issuance and trading.

Still, World Liberty’s political connections remain controversial, especially after reports linked USD1 to a multibillion-dollar investment in Binance from an Abu Dhabi sovereign fund.

House moves to prohibit Fed from issuing CBDC

The US House of Representatives has added a provision to a defense policy bill for the 2026 fiscal year that would ban the Fed from issuing a central bank digital currency (CBDC). On Thursday, the House Rules Committee released a revised version of HR 3838, the House’s rendition of a bill enacting the National Defense Authorization Act.

It incorporates extensive wording that prohibits the Fed from researching or developing digital currency.

In July, the House narrowly passed the Republican-backed Anti-CBDC Surveillance State Act, which aims to prevent the Fed from issuing a digital currency, with a vote of 219 to 210. Its fate in the Senate remains uncertain.

The National Defense Authorization Act and its associated appropriations bills are considered essential national security legislation. They detail the military’s funding and budget allocation. Adding this provision from the anti-CBDC bill is a strategic maneuver by supporters of the CBDC ban to increase the likelihood of it passing into law.

CFTC seeks public input on spot crypto trading regulations

Caroline D. Pham, acting chair of the Commodity Futures Trading Commission (CFTC), is calling for public input from crypto market participants on how the agency can better regulate spot crypto trading.

“The public feedback will assist the CFTC in carefully considering relevant issues for leveraged, margined or financed retail trading on a CFTC-registered exchange as we implement the President’s directive,” Pham said on Thursday.

Comments may be submitted via the commission’s website until October 20.

This marks the second leg of the CFTC’s “crypto sprint,” an initiative to fast track the implementation of a new regulatory framework for cryptocurrencies and other digital assets in the US. Last month, the agency announced that it would explore enabling the trading of spot crypto asset contracts on CFTC-registered futures exchanges.

Ripple, SBI to bring RLUSD to Japan

Ripple and SBI Holdings (TSE:8473) unveiled plans on Thursday to bring Ripple USD (RLUSD) to Japan.

Their aim is to launch the stablecoin in early 2026. The rollout will be handled by SBI VCTrade, a licensed digital payments provider, under Japan’s new regulatory framework for stablecoins.

RLUSD, first introduced in December 2024, is backed by dollar deposits, short-term US treasuries and cash equivalents, with monthly attestations from an independent firm. Ripple says this design ensures regulatory clarity and sets the coin apart as an institutional-grade product. SBI executives described the partnership as a milestone for Japan’s financial system, stressing that the stablecoin will enhance trust and convenience for users.

Ripple officials framed RLUSD as a bridge between traditional finance and decentralized networks, particularly just days after Japan approved its first yen-based stablecoin.

ECB explores public blockchains for digital euro

The European Central Bank (ECB) is reportedly exploring major public blockchain networks, including Ethereum and Solana, in connection with its digital euro design.

Sources familiar with the matter told the Financial Times that EU officials are accelerating plans for a digital euro after the passage of the GENIUS Act deepened concerns regarding the competitive viability of a European digital currency.

Sources familiar with the matter told the news outlet that while a private blockchain was widely expected for the digital euro, a public option is now being considered more seriously.

Meanwhile, the ECB informed the Financial Times that it is exploring both centralized and decentralized technologies, including distributed ledger technologies, in the lead up to a final decision.

Austrac directs Binance to appoint external auditor

Binance is facing renewed scrutiny in Australia after the country’s financial watchdog directed it to appoint an external auditor. AUSTRAC said the exchange has failed to meet standards for anti-money laundering and counter-terrorism financing controls, citing gaps in oversight and risk management. The agency also pointed to Binance’s high staff turnover and limited senior management presence in Australia as red flags.

AUSTRAC Chief Brendan Thomas warned that global crypto exchanges must adapt to local compliance requirements, regardless of their size. The action adds to a growing list of regulatory challenges for Binance worldwide, including a record US$4.3 billion fine in the US last year for failing to block illicit users.

The company’s founder, Changpeng Zhao, is serving a four month prison sentence related to those violations. Meanwhile, in Nigeria, Binance is still battling tax evasion and illegal foreign exchange allegations, with a court trial pushed back to October.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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