JACKSON HOLE, Wyo. — Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.

In a high-profile speech that will be closely watched at the White House and on Wall Street, Powell said that there are risks of both rising unemployment and stubbornly higher inflation. That puts the Fed in a tough spot, because it would typically cut its short-term rate to boost hiring, while keeping it high — or raising it — to fight inflation.

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“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in prepared remarks. That suggests the Fed will continue to evaluate jobs and inflation data as it decides whether to cut rates, including at its next meeting Sept. 16-17.

“Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he added, a more direct sign that Powell is considering a rate cut than he has made in previous comments.

Still, Powell’s remarks suggest the Fed will still proceed carefully in the coming months and will make its rate decisions based on how inflation and unemployment evolve in the coming months. That may frustrate financial markets, which have hoped for clearer signals of the Fed’s next moves, and President Donald Trump, who has castigated Powell for not lowering rates sooner.

Powell spoke at the Fed’s annual economic symposium in Jackson Hole, Wyoming, a conference with about 100 academics, economists, and central bank officials from around the world.

Powell spoke as markets largely expect a rate cut in September, according to futures pricing, though those odds have slipped this week. Trump has repeatedly called for rate cuts, arguing there is “no inflation” and saying that a cut would lower the government’s interest payments on its $37 trillion in debt.

Trump and his allies have ramped up attacks on the Fed, including this week by calling on a Fed governor, Lisa Cook, to resign, after a Trump official alleged she may have committed mortgage fraud.

By KATHERINE ROTH

NEW YORK (AP) — Summer can be a time of big transitions for kids. It’s often the season for moving to a new home or preparing for a different school. And that brings worry and stress.

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Parents and families can help make things feel more manageable. If kids feel supported, they might even look forward to some of the changes and gain confidence, experts say.

“When routines, familiar places and even knowing where things are in the house are suddenly gone, it forces youth to relearn their daily lives from scratch,” which can be stressful, says Victoria Kress, a professional counselor and president of the American Counseling Association.

At the same time, “this can invite exciting opportunities for growth,” she says.

Author Nadine Haruni’s book “Freeda the Frog is on the Move” aims to help school-age kids deal with moving. Haruni, who guided her own family through moves and changes, tells the story of a mother frog who helps her little tadpoles adjust as they leave their hometown and settle in a new one.

“It’s really important to recognize that transitions take time and that is totally normal. It’s OK to feel nervous and sad and anxious and maybe all of those things all at once, and even adults feel that way sometimes,” says Haruni.

“If you listen, you might be surprised. What matters to a child is not always what you might think it is,” she says.

Moves can be especially difficult if accompanied by other significant changes, such as a death, divorce or loss of family income.

Haruni’s book was inspired by her family’s big, multifaceted transition. She was moving from Manhattan to New Jersey with her then-5-year-old daughter and 8-year-old son, and getting married all in the same week, a big transition for her kids and three teenage stepdaughters. In addition, the kids were starting at a new school the following week.

“The kids were very sad and worried at first. Life is about change, and it’s really hard to address that sometimes. Luckily, the kids discovered that they loved having more space and, like the tadpoles in the book, they happily adapted,” she says.

Here are some tips to reduce the stress of a move or other big transition for kids:

Talk it out

“Communicating and listening can alleviate a lot of anxiety,” Haruni says. “Let kids share their feelings and know that they are being heard, so they know that they matter. That really helps them feel like they have some control.”

Explain why a move is necessary, and preview what’s ahead. Discuss the destination ahead of time, especially its good points. Familiarity can help kids feel more confident, the experts say.

Even sharing some photos or a map is helpful in easing jitters.

“Can they meet a few kids in the new neighborhood ahead of time?” Haruni asks.

Involve kids in the move itself

“Involving children in age-appropriate moving tasks — such as packing their own belongings or helping to choose new room decorations — can give them a sense of control and security during an uncertain time,” says Kress.

Kids can help plan meals, organize their space or continue family traditions.

“Frame it as an adventure,” says Haruni. “Let them help choose things for their new room if they are moving, but also bring a few items that feel familiar and comforting.”

Keep up daily routines

Sticking to some daily routines creates structure when things feel new and scary.

“The thing with moves is they disrupt everyone’s life. Too much change at once discombobulates everybody, so keeping meals at the same time and bedtime rituals the same can really help a lot,” says George M. Kapalka, a clinical psychologist and professor at the California School of Professional Psychology.

Arrange common areas similarly to how they were before the move, says Kress. Place favorite toys, blankets or pictures where your child expects to find them.

Consider getting help from a professional

Adapting to change takes time, and patience. Let kids know that’s normal, that they will get through it, and that they are being heard and have some control over things, says Haruni.

And know when to seek help.

“Some sadness, worry, or adjustment difficulties are normal after a move. But if symptoms persist for more than a few weeks, worsen over time, or disrupt daily life, then counseling is advisable,” says Kress.

By James Royal, Ph.D., Bankrate.com

The cryptocurrency industry has lately begun to heavily promote tokenized stocks, but what exactly are they? More importantly, what advantages do tokenized stocks offer — especially when investors already have safe, no-cost fractional share trading at many brokers?

A tokenized stock is a fancy way of saying that ownership of a stock can be transferred via blockchain, the technology behind cryptocurrency. Tokenizing, or digitizing, assets such as stocks, ETFs and other securities allows them to be traded on a specialized digital exchange and potentially directly between investors without the need for an exchange. These tokens are held in a digital wallet, much as crypto coins are, similar to a traditional brokerage account.

“The news cycle for crypto is all about representing traditional financial assets on a blockchain,” says Hilary Allen, professor, American University Washington College of Law. But Allen points out that investors and financial markets will endure major costs for doing so: “There are a lot of protections that are given up by this move.”

In order to establish a tokenized stock, these steps are needed:

— Taking custody of the asset: The asset that will be tokenized needs to be held in custody by a custodian, whose job is to safeguard it on behalf of the token creator.

— Creating the token: A financial institution such as an investment bank or fintech company then creates the digitized token, which corresponds to the asset in custody.

— Setting up smart contracts: Each token is programmed with self-executing smart contracts that give the token’s owner the same rights as stock ownership, including dividend distributions and voting rights, among others.

Once the stock is tokenized, traders can exchange it among themselves on crypto platforms, other decentralized finance platforms or even potentially a traditional stock brokerage. For example, crypto exchange Kraken has created tokenized stocks that it calls xStocks, and now allows trading in 60 major stocks. Meanwhile, brokerage Robinhood launched token trading in the European Union in June, offering access to more than 200 U.S. stock and ETF tokens.

Asset managers BlackRock and Franklin Templeton already offer tokenized money market funds. Goldman Sachs and BNY are teaming up to launch their own tokenized money market funds, too. More firms are exploring the idea of tokenized stocks.

In short, you could think of a tokenized stock as one that trades via blockchain. So what’s the big deal for individual investors? The cryptocurrency industry is breathlessly hyping this as a huge leap forward – as it has done for crypto coins – but the benefits are modest for individual investors, especially buy-and-hold types, and the risks of tokenized stocks are high. In fact, the best stock brokers already offer many of these same benefits to investors at no cost.

The crypto industry touts the following benefits of tokenized stock trading, many of which are already features at top brokers or may soon be features.

Benefits of tokenized stocks

— Increased accessibility through fractional shares: Tokenized stocks let investors trade portions of a share, meaning that high-priced stocks are accessible to even those with a little money.

— Lower cost: The crypto industry touts the potentially lower cost of transactions by eliminating intermediaries via blockchain.

— Transparency: The industry says thatby recording ownership on the blockchain, tokenization ensures that ownership is established.

— Security: Proponents say that blockchain-enabled trading also increases security because ownership is irrevocably established on the blockchain.

— 24/7 trading: Because tokenized stocks are held on a blockchain, they can be traded at any hour.

— Immediate settling of trades: Proponents also point to the immediate settling of trades via tokenized stocks, in contrast to next-day settlement in the U.S.

— More direct access between investors and firms: Tokenization may bypass existing financial intermediaries, letting companies raise money more directly from investors.

Others note the serious risks in tokenizing stocks, particularly in the area of investor protection.

Risks of tokenized stocks

— Potentially irrevocable transactions: Like cryptocurrency transactions, a tokenized stock transaction may be irrevocable. Once it’s done, it’s done, and it may be all but impossible to undo.

— Uncertain legal protections: The legal treatment of tokenized stocks is way behind where the crypto industry is trying to go, exposing investors to plenty of risks. For example, who is considered the issuer of a tokenized stock: the firm that tokenized it or the stock’s original issuer? What happens if an asset is hacked?

— Inflexible smart contracts: Smart contracts programmed into tokenized stocks will not cover all circumstances, says Allen. “It’s not clear how they’ll operate in unexpected environments.”

— Circumventing investor protections: Private investments are private partially to protect investors, not merely to limit investments to the well-heeled, but tokenizing stocks can allow financial players to get around the rules. “It’s absolutely built as an end run around securities laws,” says Allen. “Crypto is built as an end run around securities laws.”

— Loss of trust in American financial markets: One of the potential long-term effects of not enforcing existing securities laws is the erosion of trust in American capital markets. If securities laws aren’t enforced or are enforced inconsistently, then markets simply become a place to rip off investors.

Bankrate reached out to Kraken and Robinhood for further comment but has not heard back.

What’s behind the push for tokenized stocks?

The crypto industry and some traditional financial institutions have talked a big game about tokenization of stocks and some players have moved toward tokenization. But what’s in it for individual investors? Many of tokenization’s supposed benefits touted by the crypto industry are already available for individual investors in the current system.

— Fractional shares already exist: Individual investors can already access fractional shares — on thousands of stocks and ETFs — at the best brokers for fractional shares.

— Stock trading is already commission-free: For individual investors, trading stocks is already free at every major online broker, so there’s no added benefit to using tokenized stocks.

— Transparency and security: Existing brokers already have high levels of security with a proven security process. In fact, it’s the crypto exchanges and other DeFi platforms that have been beset by lax security, fraud and theft.

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— After-hours trading: Many brokers already offer after-hours, overnight and pre-market trading on existing stocks. While this is not 24/7 trading, brokers have been expanding access in recent years. Moreover, all-hours access to trading does not benefit long-term investors, who build wealth through the long-term success of the underlying business. Study after study shows that active trading underperforms passive investing.

— “Democratization” of investing: Proponents of tokenization say that it gives access to private investments that are being hoarded by the wealthy. But giving a means to trade a stock — tokenizing it — does not mean that anyone will want to sell it to you. In fact, you should be skeptical when someone wants to sell you what they say is a great investment. (If it’s such a great investment, why are they letting you in on it? It’s not out of the kindness of their heart.)

So, while tokenization may offer a few incremental benefits to individual investors, albeit with significant risks, what’s the real driver of tokenization? Who is actually going to benefit here? It’s the crypto industry trying to make inroads into traditional finance, say experts.

“The crypto industry is waging a multi-pronged battle to get integrated into the financial system,” says Allen. The industry is working to “attract deep pockets” and bring more money into the fold, and tokenized stocks are part of that push, she explains.

So much of the crypto world is about hyping digital currency as “the next big thing.” Part of that process is projecting bombastic price targets for Bitcoin and other cryptocurrencies, ones that are always rising over time. Such hype can make cryptocurrency seem inevitable.

As with cryptocurrency, one of the biggest use-cases for stock tokenization is (illegally) getting around existing laws (in this case, securities laws). So the full-bore adoption of stock tokenization has many potentially destructive effects, including the erosion of investor protections and robust securities laws that protect financial markets. Without these laws, it’s “scammer take all.”

“Investors lose the benefit of the securities laws,” says Allen. She points out that what the crypto industry wants to run roughshod over are the very laws that they claim are roadblocks to their profits. ”We saw what happened in the 1920s and the lack of securities laws.”

Bottom line

Tokenization presents significant risks to individual investors and the financial markets as a whole, while offering few benefits to investors that don’t already exist. Those who try out tokenized stocks should remain wary of their many risks amid an uncertain legal framework.

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Wall Street is rallying on Friday after the head of the Federal Reserve indicated cuts to interest rates may be coming in a highly anticipated speech, though he gave no clear clue about when.

The S&P 500 jumped 1.3% and erased all of its loss for the week. It’s coming off its fifth straight modest loss after setting an all-time high last week. The Dow Jones Industrial Average was up 649 points, or 1.4%, as of 10:05 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.

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The hope among investors had been that Jerome Powell would hint in his speech at a central bankers’ symposium in Jackson Hole, Wyoming, that cuts to interest rates may be imminent. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening inflation at the same time.

President Donald Trump has angrily been calling for lower rates, often insulting Powell while doing so. And a surprisingly weak report on job growth this month pushed many on Wall Street to assume cuts are coming as soon as the Fed’s next meeting in September.

But Powell did not commit to any kind of timing in his speech on Friday, saying only that the Fed was prepared to act if necessary, as he has for much of this year while the Fed kept interest rates steady. The Fed’s two jobs are to keep the job market healthy and to keep a lid on inflation, and helping one by moving interest rates often means hurting the other.

Powell said the job market looks OK at the moment, even if “it is a curious kind of balance” where fewer new workers are chasing after fewer new jobs. Inflation, meanwhile, still has the potential to push higher because of Trump’s tariffs.

In sum, Powell said that “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.”

Treasury yields tumbled in the bond market after the release of the text of Powell’s speech.

The yield on the 10-year Treasury fell to 4.27% from 4.33% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do with its main interest rate, sank to 3.71% from 3.79%.

On Wall Street, Ross Stores rose 1.7% after the retailer reported a stronger profit for its latest quarter than analysts expected. CEO Jim Conroy said sales trends picked up at the end of the quarter in July following a lull in June.

Shares of Nio, a Chinese electric-vehicle maker, that trade in the United States climbed 9.8% after it began pre-sales of its flagship premium SUV model, the ES8.

Nvidia rose 0.9% to trim its loss for the week. The company, whose chips are powering much of the world’s move in to artificial-intelligence technology, has seen its stock struggle recently amid criticism that it and other AI superstars shot too high, too fast and became too expensive.

Nvidia’s CEO, Jensen Huang, said Friday that the company is discussing a potential new computer chip designed for China with the Trump administration. The chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia’s top semiconductors today, which cannot be sold to China due to U.S. national security restrictions.

In stock markets abroad, Germany’s DAX returned 0.1% after government data showed that its economy shrank by 0.3% in the second quarter compared with the previous three-month period.

Indexes rose across much of Asia, with stocks climbing 1.4% in Shanghai and 0.9% in South Korea.

AP Writers Teresa Cerojano and Matt Ott contributed.