Turkish dollar-denominated bonds and the lira have both fallen in recent days, with investors concerned about its credibility and the potential for U.S. sanctions over a...World Politicsread more
China may have signaled it's going more hard-line on trade, but it could be a good thing, former U.S. negotiator Clete Willems told CNBC.World Economyread more
As China's economic growth declines, some analysts say Beijing may have to spend more on infrastructure, adding to concerns about high debts.China Economyread more
After years of speculation, Neuralink, the brain-machine interface start-up co-founded by Elon Musk, started talking directly to the public on Tuesday.Technologyread more
United's Optum is launching a new partnership with John Muir Health aimed at helping the small northern California hospital operator become more competitive with its larger...Health and Scienceread more
"The charts, as interpreted by Carley Garner, suggest that the upside in the stock market has gotten more limited," Jim Cramer says.Mad Money with Jim Cramerread more
John Paul Stevens, who served on the Supreme Court for nearly 35 years and became its leading liberal, has died.Politicsread more
Aarti Borkar from IBM Security says artificial intelligence bias can exist at three levels: the program, the data and the people who design those AI systems.Cybersecurityread more
A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new...Real Estateread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Mikaila Ulmer may be just 14 years old, but the Me & the Bees Lemonade founder knows a thing or two about business.Young Successread more
The Federal Reserve stands ready to supply whatever cash demands are needed in Harvey-devastated areas of Texas like it did during Hurricane Katrina and other disasters, former Dallas Fed President Richard Fisher told CNBC on Tuesday.
Fisher explained that banks will send their armored vehicles to the Fed — either bringing currency back or taking currency out — and then circulate it through the system.
"It's about getting that lifeblood of cash into the economy, so you can fill ATMs and people can get to them so they can have it," Fisher, president of the Federal Reserve Bank of Dallas from 2005 to 2015, said in the interview on "Squawk Box. "
"This week, they've instructed banks in the region ... to withhold as much cash as possible to get it out so they can get their trucks eventually to the Houston Fed vaults, take that money out, or use the Dallas vaults, if they need to," he said.
Fisher said Texas has the largest vaults supplying as much as it can to the system.
"The two biggest vaults in the system here are in Dallas and in Houston," he said.
"Houston has the largest above-ground vault in the United States," he said. "Between the two of them, they're the two largest vaults in the Federal Reserve system. One hundred and twenty-seven billion passed through those vaults last year."
Also important to note, Fisher said, is this is leading up to the Labor Day holiday, so usually the state has a greater demand for cash in a very cash intensive society.
"The Fed is open in Houston. It's open here in Dallas," Fisher said.
The Harvey disaster is unfolding on an epic scale, with the nation's fourth-largest city mostly paralyzed by the storm that has parked itself over the Gulf Coast.
Rescuers continued to take people out of inundated neighborhoods. Houston Mayor Sylvester Turner put the number by police at more than 3,000. The Coast Guard said it also had rescued more than 3,000 by boat and air and was taking more than 1,000 calls per hour.
Regarding a Harvey-related economic impact, Fisher said it will be difficult to judge but added it will likely be temporary followed by a snapback.
— The Associated Press contributed to this report.