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Jerome Powell

Jerome Powell
Jerome Powell is a member of the US Federal Reserve Board of Governors and served as the 16th chair of the US Federal Reserve from 2018 to May 2026. Powell was first appointed by US President Donald Trump and later reappointed by Trump’s successor Joe Biden. During his second term in power, Trump frequently and publicly criticised Powell for being too slow to cut interest rates. After stepping down as chair – succeeded by Kevin Warsh – Powell took the unusual step of remaining on the Board of Governors to complete his full term, which runs until January 2028.
Chinese yuan and US dollar banknotes are seen in this arranged photo taken April 9, 2025. Photo: dpa
Yuan

PBOC cautious on yuan gains despite US dollar weakness: analysts

Compared with a more than 2 per cent decline in the US dollar index since late July, the yuan gained less than 1 per cent against the dollar.

Donald Trump

Trump renews effort to fire Fed’s Lisa Cook despite Supreme Court ruling

United States

US Fed holds interest rates steady despite Warsh’s inflation vow

US Federal Reserve

Macroscope | Silence isn’t golden for a world looking to Kevin Warsh’s Fed

While forward guidance often proved counterproductive, it is the US central bank’s job to inform markets about the outlook for monetary policy, not the other way round.

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A television displays Kevin Warsh, chairman of the US Federal Reserve, speaking at a press conference as traders work on the floor of the New York Stock Exchange on June 17. Warsh spoke about the Federal Reserve decision to keep interest rates unchanged for the fourth time this year. Photo: AFP
United States

US Supreme Court boosts Trump’s power to fire officials, but Fed’s Cook keeps job

Justices let Trump fire agency heads, a dramatic expansion of his presidential power.

United States

Former US Fed Reserve chair Alan Greenspan dies aged 100

Greenspan oversaw his nation’s second-longest economic expansion. Critics linked him to the 2007-2009 financial crisis.

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US-China relations

‘A new chapter’: how Warsh’s US Fed debut is being viewed in China

A clearer focus on inflation and institutional changes could mark a watershed moment for the central bank, analysts say.

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New US Federal Reserve Chair Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee at the US Federal Reserve in Washington on Wednesday. Photo: Reuters
United States

Powell uses JFK award speech to defend Fed from political pressure

Former Fed chair urges protection of America’s democratic institutions, warns they face a ‘stress test’.

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.

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.

US President Donald Trump shakes hands with new Federal Reserve Chair Kevin Warsh (left) at the White House on Friday. 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.

Stephen Miran became one of the US Federal Reserve’s most vocal doves during his short tenure on the central bank’s board of governors. Photo: AP
US-China relations

Is China set to benefit from new US Fed chair Kevin Warsh’s policy vision?

The appointment follows White House pressure on the central bank to lower interest rates – a move analysts warn could have unintended consequences.

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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.

A shopper in Colorado state in the US. Photo: AP
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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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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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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United States

Trump’s pick for Fed chief, calls for ‘regime change’ at US central bank

The remarks were made at a contentious confirmation hearing, which took place amid a criminal probe of current chair Jerome Powell.

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Kevin Warsh, US President Donald Trump’s nominee for Chair of the Federal Reserve, testifies in Washington on Tuesday. Photo: AFP
United States

Trump threatens to fire Fed chair Powell if he doesn’t step down ‘in time’

Powell’s stint as the leader of the central bank expires in May, but his term on Board of Governors does not end until 2028.

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A combination of pictures shows US Federal Reserve Board Chairman Jerome Powell (left) and President Donald Trump. Photo: AFP
Artificial intelligence

‘Common ignorance’: how China took the lead in global efforts to govern AI

As AI development gathers speed, governments and industry leaders say guardrails are needed to protect the public from the fast-moving tech.

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Artificial intelligence

China banks buffer against AI contagions as US sweats over Anthropic’s Mythos

With Beijing prioritising financial stability, analysts say state lenders take a measured approach to generative models amid growing global cybersecurity risks.

Yuan

Open Questions | Kenneth Rogoff on why China’s yuan will be a reserve currency within 5 years

Harvard economist explains why cryptocurrencies will never take the US dollar’s place, despite their popularity in underground economies.

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Illustration: Henry Wong
Hong Kong stock market

Recession fears grip markets as energy facilities under fire in Middle East

Risk-off mode takes hold as attacks bring crisis to ‘a more dangerous level for the global economy’, analyst says.

A file photo shows the Ras Laffan Industrial City, Qatar’s principal site for production of liquefied petroleum gas. Photo: AFP
Hong Kong stock market

Hong Kong, mainland China stocks tumble as oil shock revives recession worries

Shanghai Composite Index falls below 4,000 points for the first time in two months, underscoring investor jitters.

Hong Kong Monetary Authority (HKMA)

HKMA warns of interest rate uncertainty amid Middle East conflict

HKMA leaves city’s base rate untouched at 4 per cent, as HSBC, Standard Chartered and BOCHK keep prime lending and saving rates unchanged.

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