As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
Check out the companies making headlines in midday trading.Market Insiderread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
Fans of "The Princess Bride" are screaming "inconceivable!" after the CEO of Sony Pictures Entertainment said pitches had been made by "very famous people" to remake the...Entertainmentread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
It's time for the world's central banks and regulators to get serious about digital currencies, according to the head of the International Monetary Fund.
Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system, according to IMF Managing Director Christine Lagarde.
"I think that we are about to see massive disruptions," Lagarde told CNBC in a Facebook Live interview on the sidelines of the IMF Annual Meetings in Washington D.C.
Asked whether she agreed with JPMorgan Chase CEO Jamie Dimon's comments that bitcoin is a "fraud," Lagarde said it's important to look at the broader implications of technologies like digital currencies.
"I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes," she said. "It's a lot more than that as well."
Lagarde didn't rule out that the IMF could at some point develop its own cryptocurrency. She pointed to the IMF's Special Drawing Right (SDR), a currency the IMF created to serve as an international reserve asset, that could incorporate technology similar to cryptocurrencies.
"What we will be looking into is how this currency, the special drawing right, can actually use the technology to be more efficient and less costly," she said.
Lagarde moderated a panel discussion on Thursday focused on fintech and the role of central banks, featuring central bank officials and executives from fintech companies. Lagarde told CNBC she expects the IMF will play a role in regulating the fintech industry going forward.
"My hope is that we can participate in that process because I see that as a very cross-border process," she said.
Fintech, Lagarde said, is already causing disruptions in the financial services industry as new technologies lower the cost of financial transactions. She pointed to distributed ledger technology like blockchain that can help make the banking system more inclusive.
"I think of women in some of the developing countries that have to carry cash around who are at risk of violence and all the rest of it," she said. "If they can use their cell phone and operate in a much more discreet and efficient way, it would be terrific."