"The hardest thing that the Fed ever has to do is get the timing right at moments of transition,” Goolsbee said on NBC News’ “Here’s the Scoop” podcast.

Federal Reserve Bank of Chicago President Austan Goolsbee said the Fed is not tied to Wall Street or political interests and that independence is necessary to prevent inflation.

A key measure of consumer prices in July posted the biggest increase in six months, suggesting inflation is showing some upward pressure from tariffs but perhaps not enough to deter the Federal Reserve from cutting interest rates soon.

Crypto Remains in the Spotlight: Investors continue to buy all things crypto. Bullish (BLSH) went public in an IPO yesterday, with its stock soaring from its offer price of $37 to $68 – an 84% gain – but shares had been as high as $118, a 219% rise. BLSH is up another 13% in premarket trading.

Global stocks edged lower on Thursday, with equities on Wall Street ending flat, while U.S. Treasury yields rose after market expectations for Federal Reserve interest rate cuts were shaken by surprisingly strong inflation data.