U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has now spoken with four of the 11 candidates on the administration's list of candidates to replace Fed chair Jerome Powell, whose term expires in May, the source said. Bloomberg first reported Bessent's meeting with Rieder, BlackRock's CIO of fixed income, and called him a rising contender for the post. The two met for two hours and discussed...
Euro zone consumers raised their inflation expectations in April but kept a steady view on price growth further out, highlighting elevated uncertainty amid a global trade war, the ECB's Consumer Expectations Survey showed on Wednesday. Households see inflation at 3.1% over the next year, above the 2.9% predicted a month earlier and also well above the ECB's 2% own target. That reading, however, goes counter to the ECB's own projections that price growth was set to slow given weak economic growth, muted wage increases, lower energy costs and a stronger euro. This combination of muted price...
U.S. President Donald Trump said on Tuesday that it would cost Canada $61 billion to be part of his proposed "Golden Dome" missile defense system, but that it would be free if the country became the 51st U.S. state. "I told Canada, which very much wants to be part of our fabulous Golden Dome System, that it will cost $61 Billion Dollars if they remain a separate, but unequal, Nation, but will cost ZERO DOLLARS if they become our cherished 51st State," Trump said in a post on Truth.social, claiming that Canada was "considering the offer." Trump's comment comes after Canadian Prime Minister...
New York Federal Reserve President John Williams said on Wednesday central banks must "respond relatively strongly" when inflation begins to deviate from their target. Given high uncertainty around the economic impact of U.S. tariffs and trade policy, central banks should focus on avoiding taking steps where the "cost of getting it wrong far outweighs the benefits," rather than aiming for the perfect solution to the problem, he said. Among the costly risks central banks must avoid are to allow inflation expectations to deviate from their targets, Williams said in a fireside chat with BOJ...
The US dollar (USD) regained some ground and managed to shake off two consecutive daily retracements on Tuesday (5/27), as US investors returned to their desks after the Memorial Day holiday on Monday. Meanwhile, traders focused on the trade front as well as the Senate debate on Trump's sweeping tax bill. Here's what to watch for Wednesday, May 28: The US Dollar Index (DXY) bounced off a multi-week trough on Tuesday, rising to a two-day high near 99.60 amid a decline in US yields across the curve. The release of the FOMC Minutes from the May 7 meeting will be the key event, followed by the...
"I am very pleased with the 50% tariff allocation on the European Union, especially since they have been slow (to put it mildly!), in our negotiations with them," US President Donald Trump said in a post published on Truth Social on Tuesday. "I was just informed that the EU has asked for an immediate date for a meeting. This is a positive event, and I hope that they will finally, as I have asked China, open up European Countries to Trade with the United States," Trump added. The comments failed to spark a noticeable reaction in the US Dollar (USD). At the time of writing, the USD Index was...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
Poland rejected on Friday a suggestion by Donald Trump that Russian drone incursions into its airspace could have been a mistake, a rare contradiction of the U.S. president from one of Washington's...