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US Federal Reserve

US Federal Reserve
Founded in 1913, the Federal Reserve is the central banking system for the United States.
Gold sales have slumped in China as the global spot price drops amid consumer caution and an unstable economic outlook. Photo: Getty Images
China consumption

Gold slump: China’s sales plunge as precious metal’s price dips

While China’s interest in gold is unlikely to fade, investment-grade product sales have dwindled after 15 months of retail growth.

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Banking & finance

China among top buyers as gold overtakes US Treasuries in global reserves: ECB

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United States

Powell uses JFK award speech to defend Fed from political pressure

Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub.

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Illustration: Victor Sanjinez
Gold in Hong Kong

World Gold Council says diversification driving China’s growing reserves

China’s gold reserves have grown for 18 straight months, country’s central bank says.

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Yuan

For a yuan in deeper markets, Fed ex-head cites dollar playbook, flags risks

Meanwhile, surging costs are ‘likely to hit US inflation data a bit harder and perhaps longer’ than expected, according to the former central bank official.

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United States

US key inflation gauge worsens, eroding Americans’ income, spending power

Inflation of 3.8 per cent in April was the highest since May 2023 amid high petrol prices and food costs.

Supermarket shoppers in Chicago, the US earlier this month. Photo: Getty Images via AFP
US, Israel war on Iran

Gold continues decline as inflation fears outweigh hope of end to Iran war

The metal is down nearly 20 per cent from its all-time high in January as investors focus on the Federal Reserve’s plans to combat inflation.

United States

Warsh takes US Fed’s helm with inflation dilemma already unfolding

Trump’s pick to lead the central bank must contend with an economy roiled by the AI boom, as well as oil price and tariff shocks.

War and conflict

Opinion | Not even a quick end to Iran war can save AI stock bubble now

Rising prices are draining the liquidity from financial markets, including bonds. The AI stock bubble is ripe for bursting.

Vessels at anchor in the Strait of Hormuz off Bandar Abbas in southern Iran on May 4. Photo: ISNA/AFP
United States

US jobless claims fall as lay-offs remain low despite economic uncertainty

Despite historically low lay-offs, the labour market appears to be stuck in what economists call a ‘low-hire, low-fire’ state.

Workers climb down from a building during a heat advisory on Tuesday in New York. Photo: AP
Bonds

Macroscope | Bond market sell-off raises stakes for Asia’s tech-driven economies

Stakes are high for Asia’s tech-driven economies amid a global sell-off in bond markets that signals investor fears.

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Yuan

As the world retreats from US Treasuries, will the sell-off deepen?

China is one of several nations trimming their exposure to US debt, as inflation drives Treasury yields to levels not seen since 2007.

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Yuan

China’s US Treasuries slump may not be what it seems

A reduction in China’s direct holdings of US government debt may be partly offset by the nation holding Treasuries via third parties.

Photo: AFP
Yuan

China joins global sell-off of US Treasuries in March as Iran war prompts panic

Seven of the top 10 foreign holders cut their exposure to US government debt, led by Japan, which offloaded US$47.7 billion.

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Mainland Chinese investors are among seven of the top 10 foreign holders to cut their exposure to US government debt, triggered by uncertainty around the war in Iran. Photo: AFP
Banking & finance

Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Miran quit his job as a Trump economic adviser to join the US Federal Reserve board, where he became known as a vocal dove.

United States

Warsh confirmed as Fed chair, as US central bank faces Trump assault

He is taking over as the world’s largest economy reels from repeated shocks, including inflation fuelled in part by the Iran war.

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United States

US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board

The decision clears the way for Warsh to take over the role of Fed chair from Jerome Powell later this week.

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Kevin Warsh testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in April. Photo: Reuters
United States

US consumer inflation jumps as Iran war sends energy prices higher

Inflation had been dropping more or less steadily since peaking with a 9.1 per cent year-over-year spike in prices in June 2022.

Banking & finance

Trump’s pick for Fed chair says he’ll stay independent. Does he mean it?

Kevin Warsh said at a confirmation hearing he would not become the US president’s ‘human sock puppet’, but concerns over interference persist.

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Banking & finance

Macroscope | Australia’s interest rate rise signals growing hawkish stance in Asia

Reserve Bank of Australia is less an outlier than a harbinger of global monetary trends in the wake of war-induced supply shocks.

A pedestrian walks past a petrol station with fuel prices on display in Williamstown, Australia, on March 26. Photo: AFP
Yuan

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

The Chinese yuan has steadily strengthened against the US dollar in recent months. Photo: Shutterstock
Central banks

Gold loses its shimmer in Asia over rising oil prices, hawkish Fed stance

Demand for the metal is likely to remain weak, with central banks not expected to cut interest rates for some time due to high energy prices.

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United States

US economy grows 2% in January–March; Iran war clouds outlook

The economy also recovered from last autumn’s 43-day federal shutdown.

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Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
United States

Powell says he’ll stay at Fed as governor, defying Trump

Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board.

US Federal Reserve Chair Jerome Powell following his final press conference. Photo: Reuters
United States

US drops criminal probe of Fed chair Powell, likely clearing way for Warsh

Judge James Boasberg, said prosecutors had produced ‘essentially zero evidence’ to suspect Powell of a crime.

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Banking & finance

America First Fed? Trump pick Warsh signals ‘monetary sovereignty’: analysts

Potential successor to Jerome Powell may pursue policies that pressure US dollar-driven assets and curb global liquidity, analysts say.

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