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Jerome Powell

Jerome Powell: Known for his leadership as the current Chairman of the US Federal Reserve, a role he has held since 2018. He oversees monetary policy, aiming for maximum employment and price stability, and guided the Fed’s extensive intervention during the COVID-19 pandemic. His background includes significant experience in investment banking, notably as a partner at The Carlyle Group, and public service as an Under Secretary at the US Treasury. He previously served on the Federal Reserve Board of Governors from 2012. Powell, a lawyer by training, is recognised for his consensus-building approach and expertise in financial markets and fiscal policy.

Kevin Warsh, Trump’s nominee for Fed chair, speaks during the Sohn Investment Conference in New York City, in 2017. Photo: Reuters

Banking & finance

‘America First’ Fed? Why China economists doubt Trump’s pick can boost US dollar

Kevin Warsh unlikely to deliver long-term rebound while central bank independence still at risk, analysts say.

2 Feb 2026 - 7:00PM

United States

Trump picks former Federal Reserve official Kevin Warsh to chair US central bank

31 Jan 2026 - 6:29AMvideocam

US Federal Reserve

Before Trump’s Fed pick, a new clear favourite emerges for chair

30 Jan 2026 - 7:14PM

Interest rates

HKMA warns of risks as Hong Kong follows Fed in keeping interest rate unchanged

Analysts see the first US rate cut in June, with a falling Hong Kong interbank rate set to bring relief to borrowers.

29 Jan 2026 - 12:54PM

The Hong Kong Monetary Authority kept its base rate unchanged at 4 per cent on Thursday. Photo: Jonathan Wong

United States

US Federal Reserve holds interest rates steady, defying Trump pressure

The US president had been pushing for cuts at the central bank’s first policy gathering this year.

29 Jan 2026 - 3:33AMvideocam

Banking & finance

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

28 Jan 2026 - 11:18AMvideocam

US-China trade war

‘Not sustainable’: China central bank adviser flags US debt risk

As concerns mount over America’s ballooning debt, one of Beijing’s economic advisers warns fiscal discipline may not be on cards.

22 Jan 2026 - 12:00PM

China has now reduced its holdings of US debt to the lowest level since 2008. Photo: Shutterstock

Japan

Japan’s conservatives turn sour on Trump as ‘fears of abandonment’ deepen

Right-wing media outlets and politicians are now concerned that Trump’s second term will harm Japan’s trade and security interests.

22 Jan 2026 - 6:17PMvideocam

United States

Macroscope | Multilateral institutions’ critique of Trump’s actions is too muted

US funding of multinational bodies seems to be keeping their critique muted. The power of the purse should not ensure immunity from criticism.

17 Jan 2026 - 5:07PMvideocam

US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

16 Jan 2026 - 9:00PMvideocam

China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock

United States

Macroscope | Investors are giving Trump a free pass

Markets, especially bond markets, are meant to be a disciplining force. Their inaction will only embolden Trump to act more recklessly.

15 Jan 2026 - 5:10PMvideocam

A video of US Federal Reserve Chair Jerome Powell plays on a screen on the floor of the New York Stock Exchange on January 12. Powell has rejected the Trump administration’s claims of wrongdoing against him, calling them a pretext for punishing him for not cutting interest rates as fast as US President Donald Trump desired. Photo: AP

New Zealand

New Zealand central bank chief scolded for poking nose in Trump-Fed feud

Foreign Affairs Minister Winston Peters reminded Anna Breman to ‘stick to domestic monetary policy’.

14 Jan 2026 - 4:10PMvideocam

China stock market

UBS projects rosy view of Chinese stocks in 2026 as investors diversify holdings

‘Chinese assets’ appeal will further increase this year because of a sharpened focus on diversified investments,’ UBS’ Thomas Fang says.

13 Jan 2026 - 3:56PM

Donald Trump

Trump-Powell conflict over Fed escalates with threat of criminal indictment

Jerome Powell calls legal threats against him pretexts to pressure the US Fed over policy.

12 Jan 2026 - 2:50PMvideocam

US President Donald Trump and Federal Reserve Chair Jerome Powell during a tour of the Federal Reserve Board building in Washington DC last year. Photo: Reuters

Interest rates

Hong Kong interbank rates forecast to drop on expected 2026 US monetary easing

Savings rates near zero prevent further prime rate reductions, though Hibor-linked loans will get cheaper, analysts say.

2 Jan 2026 - 7:00AM

Analysts agree that lower US rates in 2026 would drive down Hibor – benefiting borrowers with Hibor-linked mortgages and corporate loans. Photo: Shutterstock

US Federal Reserve

Trump says preferred Fed pick is ready, again teases firing Powell

US president urges Jerome Powell to resign as he considers a ‘gross incompetence’ lawsuit against the Fed leader.

30 Dec 2025 - 4:38PM

Yuan

China sets yuan fixing rate at 15-month high amid offshore gains

The move follows offshore yuan briefly breaching seven-per-US-dollar mark, with analysts citing dollar weakness, seasonal factors for rally.

29 Dec 2025 - 1:00PM

Banking & finance

Editorial | Hong Kong must find new growth areas amid uncertain US monetary policy

Divisive US Federal Reserve interest rate cut underscores why the city should not look too much to American interest rate cuts to bolster the economy.

13 Dec 2025 - 6:45AM

US Federal Reserve chairman Jerome Powell attends a press conference in Washington on December 10 after the US central bank decided to lower the target range for the federal funds interest rate by a quarter of a percentage point. Photo: Xinhua

Hong Kong stock market

Hong Kong stocks end flat as traders await policy signals from China conference

Investors look to CEWC for growth target, property sector stabilisation and measures to boost domestic demand.

11 Dec 2025 - 6:05PM

Banking & finance

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

11 Dec 2025 - 5:55PM

United States

US Fed delivers quarter-point rate cut as policymakers weigh inflation outlook

Move falls short of Trump’s demands as debate over Fed independence intensifies and markets brace for global spillover effects.

11 Dec 2025 - 4:34AMvideocam

US Federal Reserve Chair Jerome Powell is set to step down in May. Photo: Reuters

Hong Kong stock market

Hong Kong stocks end higher as China stimulus hopes spark property rally

Market sentiment buoyed by China homebuyer loan support talk and Vanke debt progress.

10 Dec 2025 - 5:09PM

Hong Kong stocks rally in the afternoon. Photo: Shutterstock

Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

26 Nov 2025 - 3:18PM

United States

Trump eyes Christmas deadline to name new Fed chair: Bessent

The US treasury secretary says simplifying the Fed is key, as he conducts interviews with the five candidates to succeed Chair Jerome Powell.

26 Nov 2025 - 1:52AMvideocam

United States

38-day US government shutdown far worse than expected: Hassett

White House adviser Kevin Hassett told reporters he expects an economic recovery after the government reopens, but did not declare a recession.

7 Nov 2025 - 10:50PM

Kevin Hassett, Director of the National Economic Council of the United States, speaks with the media outside the White House last month. Photo: AFP

Yuan

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

5 Nov 2025 - 6:19AMvideocam

US-China trade war

US government shutdown hinders key data insights, impact of Trump’s tariffs

Fed Governor Lisa Cook warns lack of government data has challenged the US central bank’s ability to assess current economic climate.

5 Nov 2025 - 3:51AMvideocam

United States

Editorial | Cheaper Chinese goods will aid Trump’s push to lower interest rates

The US-China deal will bring some relief to US inflationary pressure, strengthening the American president’s case for the Fed to further ease rates.

4 Nov 2025 - 6:45AM

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Jerome Powell

‘America First’ Fed? Why China economists doubt Trump’s pick can boost US dollar

Kevin Warsh unlikely to deliver long-term rebound while central bank independence still at risk, analysts say.

Trump picks former Federal Reserve official Kevin Warsh to chair US central bank

Before Trump’s Fed pick, a new clear favourite emerges for chair

HKMA warns of risks as Hong Kong follows Fed in keeping interest rate unchanged

Analysts see the first US rate cut in June, with a falling Hong Kong interbank rate set to bring relief to borrowers.

US Federal Reserve holds interest rates steady, defying Trump pressure

The US president had been pushing for cuts at the central bank’s first policy gathering this year.

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

‘Not sustainable’: China central bank adviser flags US debt risk

As concerns mount over America’s ballooning debt, one of Beijing’s economic advisers warns fiscal discipline may not be on cards.

Japan’s conservatives turn sour on Trump as ‘fears of abandonment’ deepen

Right-wing media outlets and politicians are now concerned that Trump’s second term will harm Japan’s trade and security interests.

.css-1m2rp1p{color:#34b8b5;}Macroscope | Multilateral institutions’ critique of Trump’s actions is too muted

US funding of multinational bodies seems to be keeping their critique muted. The power of the purse should not ensure immunity from criticism.

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

Macroscope | Investors are giving Trump a free pass

Markets, especially bond markets, are meant to be a disciplining force. Their inaction will only embolden Trump to act more recklessly.

New Zealand central bank chief scolded for poking nose in Trump-Fed feud

Foreign Affairs Minister Winston Peters reminded Anna Breman to ‘stick to domestic monetary policy’.

UBS projects rosy view of Chinese stocks in 2026 as investors diversify holdings

‘Chinese assets’ appeal will further increase this year because of a sharpened focus on diversified investments,’ UBS’ Thomas Fang says.

Trump-Powell conflict over Fed escalates with threat of criminal indictment

Jerome Powell calls legal threats against him pretexts to pressure the US Fed over policy.

Hong Kong interbank rates forecast to drop on expected 2026 US monetary easing

Savings rates near zero prevent further prime rate reductions, though Hibor-linked loans will get cheaper, analysts say.

Trump says preferred Fed pick is ready, again teases firing Powell

US president urges Jerome Powell to resign as he considers a ‘gross incompetence’ lawsuit against the Fed leader.

China sets yuan fixing rate at 15-month high amid offshore gains

The move follows offshore yuan briefly breaching seven-per-US-dollar mark, with analysts citing dollar weakness, seasonal factors for rally.

Editorial | Hong Kong must find new growth areas amid uncertain US monetary policy

Divisive US Federal Reserve interest rate cut underscores why the city should not look too much to American interest rate cuts to bolster the economy.

Hong Kong stocks end flat as traders await policy signals from China conference

Investors look to CEWC for growth target, property sector stabilisation and measures to boost domestic demand.

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

US Fed delivers quarter-point rate cut as policymakers weigh inflation outlook

Move falls short of Trump’s demands as debate over Fed independence intensifies and markets brace for global spillover effects.

Hong Kong stocks end higher as China stimulus hopes spark property rally

Market sentiment buoyed by China homebuyer loan support talk and Vanke debt progress.

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

Trump eyes Christmas deadline to name new Fed chair: Bessent

The US treasury secretary says simplifying the Fed is key, as he conducts interviews with the five candidates to succeed Chair Jerome Powell.

38-day US government shutdown far worse than expected: Hassett

White House adviser Kevin Hassett told reporters he expects an economic recovery after the government reopens, but did not declare a recession.

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

US government shutdown hinders key data insights, impact of Trump’s tariffs

Fed Governor Lisa Cook warns lack of government data has challenged the US central bank’s ability to assess current economic climate.

Editorial | Cheaper Chinese goods will aid Trump’s push to lower interest rates

The US-China deal will bring some relief to US inflationary pressure, strengthening the American president’s case for the Fed to further ease rates.

Macroscope | Multilateral institutions’ critique of Trump’s actions is too muted