Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Fed Hits Pause—Again For the fourth time this year, the US Federal Reserve kept interest rates steady at 4.25%–4.5%, citing “diminished but elevated” economic uncertainty. Fed Chair Jerome Powell pointed to the lingering effects of Trump-era tariffs, noting that while uncertainty peaked in April, it hasn’t fully cleared. FASTag Freedom: ₹3K Toll Pass from Aug 15 India’s road warriors, rejoice! Starting August 15, a ₹3,000 FASTag-based annual toll pass will be available for private vehicles. It covers 200 trips or a full year—whichever comes first. The aim? Reduce travel costs, cut long waits at toll booths, and simplify payments. Announced by Transport Minister Nitin Gadkari, the pass is part of a bigger push toward seamless highway travel. The pass will be available via the Rajmarg Yatra App and NHAI’s website. It comes amid rising toll charges—up over 3% in FY25 and expected to rise further. To complement the effort, a GNSS-based tolling system is also on the way, allowing for distance-based tolling without physical toll plazas. The government will absorb any revenue shortfall to keep concessionaires whole. Trump Thanks Pakistan’s Army Chief for Restraint In an unusual diplomatic move, US President Donald Trump hosted Pakistan Army Chief General Asim Munir at the White House, thanking him for “not going into the war” with India. The lunch meeting was notable for its absence of senior civilian officials. Trump called it “a win” that two nuclear powers—India and Pakistan—chose peace. He also revealed they discussed Iran, adding, “They know Iran very well… and he agreed with me.” Back home, Pakistan’s leadership is walking a tightrope. PM Shehbaz Sharif has publicly supported Iran amid its escalating conflict with Israel, and Foreign Minister Ishaq Dar said Iran is open to talks—if Israeli strikes stop. Want a US Student Visa? Hand Over Your Social Media The US has resumed student visa processing—but there’s a catch. All applicants must now make their social media profiles public for review. Posts that appear hostile to the US, its institutions, or culture could be grounds for rejection. The State Department warns that refusing to comply may be seen as “an attempt to hide behavior.” Critics say the move chills free speech and brings back Cold War-era ideological vetting. “This turns consular officers into censors,” said Columbia’s Jameel Jaffer. With academic sessions around the corner, international students are scrambling to comply, while legal experts raise red flags over digital privacy and First Amendment concerns. SEBI’s Market Makeover: Esops, PSUs & AIFs Get a Lift SEBI is on reform overdrive. In just his second meeting as chair, Tuhin Kanta Pandey cleared a raft of changes aimed at boosting market efficiency, startup incentives, and investor participation. Founders of listed startups can now retain Esops—a game changer that aligns long-term incentives. For public sector undertakings, a new framework for voluntary delisting could fast-track strategic disinvestments. Alternative Investment Funds got more room to maneuver, with greenlights for co-investment vehicles and broader advisory services. Foreign investors in Indian sovereign debt will also benefit from simplified compliance norms. Meanwhile, the long-pending NSEL broker case may be resolved through a new settlement scheme. In short, SEBI is opening the doors wider, and smarter. Learn more about your ad choices. Visit megaphone.fm/adchoices