U.S. President Donald Trump said on Tuesday he had removed Treasury Secretary Scott Bessent from consideration for an open seat on the Federal Reserve's Board of Governors, but said he would "very shortly" announce his choice. In an interview with CNBC, Trump said Fed Governor Adriana Kugler's decision to vacate her seat early was a "pleasant surprise." The departure of Kugler, whose term would have ended on January 31, appears to have accelerated Trump's planning for the U.S. central bank, giving him an immediate opening to fill with a person who could also be promoted to the top...
The Bank of England cut its benchmark interest rate by 25bps to 4.5% in its January 2025 decision, as widely expected, marking the third rate cut since the start of its cutting cycle in August last year. All nine members of the Monetary Policy Committee voted for the rate cut, compared with 8-1 odds, while two members voted for a sharper 50bps cut, including hawkish Catherine Mann. The Bank maintained its stance that monetary easing is expected to be gradual this year, as rising growth concerns weigh on underlying services inflation. However, the Bank revised its growth forecasts for the...
United States President Donald Trump on Monday said he spoke with Canadian Prime Minister Justin Trudeau and plan to speak with him again later today, amid escalating trade tensions between the two countries. Over the weekend, President Trump imposed a 25% tariff on imports from neighboring Mexico and Canada. Both countries swiftly responded with retaliatory measures against U.S. goods, escalating the trade dispute. Amid these developments, President Trump posted on his social media platform, Truth Social, stating that he had spoken with Prime Minister Trudeau and would speak with him...
Brazilian President Luiz Inacio Lula da Silva said on Thursday that his government would reciprocate if U.S. President Donald Trump decides to impose tariffs on Latin America's largest economy, and called for mutual respect. "It is very simple: if he taxes Brazilian products, there will be reciprocity," Lula told a press conference in Brasilia. The United States runs a trade surplus with Brazil, which according to Brazil's government hit $253 million last year. But Trump this week named the country among those he believes meant the U.S. "harm," threatening potential tariffs. "China is a...
Bank of Japan Governor Kazuo Ueda avoided giving a clear signal that he might raise interest rates next month, sticking to his view that the bank needs to continue monitoring risks to the economy in comments that weighed on the yen. "The timing and pace of adjusting the degree of monetary accommodation will depend on developments in economic activity and prices as well as financial conditions going forward," Ueda said in a speech at a business conference in Tokyo on Wednesday. "The bank needs to pay attention to various risk factors at home and abroad, and to examine how these factors will...
The Swiss National Bank cut its interest rate by 50 basis points on Thursday, the biggest reduction in almost 10 years as it sought to stay ahead of expected cuts by other central banks and cap the rise of the Swiss franc. The SNB reduced its policy rate from 1.0% to 0.5%, the lowest since November 2022. While markets had predicted the move, more than 85% of economists polled by Reuters had expected a smaller cut of 25 basis points. It is the steepest drop in borrowing costs since the SNB's emergency rate cut in January 2015 when it suddenly quit its minimum exchange rate with the...
According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...