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Jerome Powell

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.
China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year. Photo: Reuters
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.

United States

Trump eyes Christmas deadline to name new Fed chair: Bessent

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United States

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

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.

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Illustration: Lau Ka-kuen
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.

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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.

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Interest rates

HSBC, other Hong Kong banks cut prime rate to as low as 5%

Half-point reduction over the last six weeks will be positive for the property market and the economy in general, HKMA boss says.

People shopping at Tsim Sha Tsui in Hong Kong on September 1. Photo: Sam Tsang
United States

US Fed lowers key rate, but Powell says December cut not guaranteed

The central bank’s second consecutive quarter-point cut seeks to bolster the flagging US labour market.

China inflation

Macroscope | Forget inflation, deflation poses bigger risk to Asia’s economies

While Asia has not had inflation worries for some time, its economic future has become more closely tied to China’s, with all that entails.

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Yuan

China’s central bank sets yuan at highest rate against US dollar in a year

PBOC sets high midpoint rate for yuan, separately reports slowdown in Chinese credit growth, as expectations rise for a US interest rate cut.

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US dollar and Chinese yuan notes. Illustration: Reuters
Hong Kong stock market

Hong Kong stocks halt longest losing streak since 2024 on Fed rate cut hopes

Hang Seng Index rises 1.8 per cent after a nearly 7 per cent drop over the past seven trading sessions.

Jerome Powell has signalled that the Fed may deliver a quarter-point rate reduction at its October policy meeting. Photo: Reuters
Commodities

China’s US$21 billion in gold ETFs shines amid metal’s continued rise

Banks including Julius Baer, JPMorgan Private Bank and Lombard Odier see no end to gold’s record-setting run as demand remains robust.

United States

Supreme Court bars Trump from immediately firing Fed governor Cook

The court will hear arguments in January on the unprecedented attempt to remove a Fed official, challenging the central bank’s independence.

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Hong Kong economy

Editorial | US rate cut offers Hong Kong relief but uncertainties remain

The city’s property and stock market can expect a boost but much that is affecting the local economy and its outlook is beyond our control.

US Federal Reserve chairman Jerome Powell listens during a press conference after cutting interest rates for the first time this year, in Washington, US, on September 17. Photo: Reuters
Donald Trump

Trump asks US Supreme Court to allow firing of Fed Governor Lisa Cook

Trump first tried to fire Cook on August 25, saying she committed mortgage fraud.

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US Federal Reserve Governor Lisa Cook. Photo: Reuters
Hong Kong economy

Hong Kong sticking with 2-3% growth target despite rate cut: Paul Chan

Finance chief maintains earlier forecast of city’s economic growth this year, despite base interest rate cut to 4.5 per cent on Thursday.

Hong Kong economy

Fed rate cut boosts Hong Kong chief’s economy push

Lower interest rates may draw investors to Hong Kong stocks and property, as chief executive works to revive the city’s economy and its status as a global financial centre.

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Banking & finance

Hong Kong matches US Fed’s rate cut in boon for borrowers, economy

The quarter-point cut reduced Hong Kong’s base rate to 4.5 per cent, the lowest since December 2022.

Hong Kong’s de facto central bank cut the city’s base rate for the first time this year, bringing down the cost of funding to help reboot businesses and reduce the burden on mortgage borrowers. Photo: Karma Lo
United States

US Fed cuts rates for first time in 2025 amid Trump pressure, weaker job outlook

The central bank lowered the rate by a quarter of 1 percentage point, with two more cuts likely this year.

Yuan

China’s offshore yuan strengthens further against US dollar as rate cuts loom

The offshore currency breached a rate of 7.1 against the US dollar as an expected interest rate cut from the Federal Reserve approaches.

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US Federal Reserve

Trump administration renews push to fire Fed governor Lisa Cook

Government said Cook’s legal arguments for why she should stay in the job were meritless. She has been accused of mortgage fraud.

Federal Reserve Governor Lisa Cook. Photo: AFP
United States

US stocks wobble as Wall Street wrangles with whether job market is too weak

Hopes that weak employment data would spur the Fed to cut interest rates were balanced by fears that an economic downturn is looming.

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The New York Stock Exchange. While the data on the US job market is disappointing, it is still not so weak that it is screaming a recession. Photo: AP
United States

Hiring stalls as US firms hold back expansion amid economic uncertainty

US employers added just 22,000 jobs in August, slowing from July and coming in below economists’ expectations.

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United States

Trump admin opens criminal mortgage fraud probe into Fed governor Lisa Cook

The US president has fired Cook over the accusations, prompting her to file a lawsuit challenging his effort to oust her.

US Federal Reserve

Gold and silver surge on rising demand and looming Fed rate cut

The rally in precious metals has been underpinned by expectations that the Fed will reduce interest rates this month.

Gold bullion can be seen after being removed from casts at the ABC Refinery smelter in Sydney. Photo: AFP
United States

Lagarde warns Trump’s Fed meddling poses ‘serious danger’ to world economy

European Central Bank Christine Lagarde stressed that central bank independence is vital for economic stability and price stability.

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European Central Bank President Christine Lagarde addresses a press conference on the Eurozone’s monetary policy in Germany in June. Photo: AFP
Banking & finance

Hedge funds boost options bets for yuan to strengthen past 7

Hedge funds ramp up options wagers, signalling that the yuan’s rally against the US dollar still has room to run.

Yuan

China’s yuan could strengthen to 7 per US dollar as Fed sends dovish signals

The Chinese currency is already rising against the US dollar and will receive another boost if the Federal Reserve cuts interest rates.

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