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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.
US Federal Reserve Chairman Kevin Warsh in Washington in June. Photo: Reuters
United States

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

The decision drew dissents from three policymakers on the 12-member panel, as Trump’s Iran war continues to push up prices.

US Federal Reserve

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

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United States

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

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.

Former Fed Chairman, Alan Greenspan, in 2012. Photo: Reuters
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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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’.

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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.

US dollar and Chinese yuan notes are seen with national flags in the backdrop. Photo: Reuters
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.

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.

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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Kevin Warsh, the incoming chair of the US Federal Reserve, testifies before a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on April 21. Photo: Reuters
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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Kevin Warsh testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in April. Photo: AFP
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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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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Illustration: Henry Wong
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.

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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Kevin Warsh, nominee for US Federal Reserve chair, testifies on Tuesday during a Senate Banking Committee hearing in Washington. Photo: TNS
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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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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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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China is leading a global charge to rein in AI as governments and industry leaders fear the world is entering the unknown in terms of where the technology is going. Photo: Shutterstock
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.

With the United States warning banks about potential risks from Anthropic’s latest artificial intelligence model, analysts note how China is monitoring for any potential contagion risks. Photo: Reuters
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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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.

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.

A resurgence in oil prices has fuelled concerns about a global recession. Photo: Jelly Tse
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.

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

Trump administration urges judge to revisit ruling blocking Powell subpoenas

A federal judge had ruled on Friday that a DOJ investigation into Powell was intended to pressure the Fed chairman to lower interest ‌rates.

United States

Judge quashes subpoenas of Fed chair, says probe was ‘politically motivated’

A ‘mountain of evidence’ suggests the subpoenas were to pressure Jerome Powell to obey Trump’s demands to cut interest rates, the judge says.

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