U.S. President Donald Trump on Tuesday said there was a long list of people who could take over the Federal Reserve, slamming current chairman Jerome Powell as the central bank prepared to meet this week.
"We have an incompetent head of the Fed... we got a bad Fed guy, but he'll be out of there in a few months, and we'll get somebody new," Trump told business leaders at a dinner in Tokyo during his week-long trip to Asia. Powell's term ends in May.
The Republican president added that he had wanted Scott Bessent to take over the U.S. central bank but that his Treasury chief declined: "I'm thinking about him for the Fed... but he won't take the job. He likes being Treasury (secretary), so we're not thinking about him really."
On Monday, Bessent told reporters there were five finalists: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman and BlackRock executive Rick Rieder.
Bessent has said he will present the top candidates to Trump in December.
At their meeting this week, Federal Reserve policymakers are widely expected to reduce U.S. short-term borrowing costs for the second time this year in an effort to prevent further slowing in the labor market.
Source: Investing .com
Conflicting signals from the Federal Reserve on the timing and magnitude of U.S. interest rate cuts have accelerated hedging flows into swaptions and derivatives tied to overnight rates, with investor...
Markets are pricing in a near-certain 25bp Fed cut in December, influenced by dovish Fed chatter and signs of a slowing US economy, while the US Dollar (USD) shows mixed reactions. Kevin Hassett seen...
U.S. Treasury Secretary Scott Bessent said on Tuesday he was concluding a second round of interviews later in the day for a new U.S. Federal Reserve leader, and there was a good chance President Donal...
Allies of Federal Reserve Chair Jerome Powell have laid the groundwork for him to push through an interest rate cut during the central bank's December 9-10 meeting, the Wall Street Journal's Nick Timi...
Chicago Federal Reserve President Austan Goolsbee on Thursday said he is uneasy about cutting interest rates in the face of too-high inflation that's steady at best and by some measures getting worse,...
Gold prices weakened in early December, dragged down by investor caution ahead of the Federal Reserve's looming interest rate decision. Amid speculation that the Fed was ready to cut rates again this month, market participants opted to hold back,...
Asian stock markets fluctuated at the start of the week, following the modest gains in US stocks last Friday. Investors are now turning their attention to a series of key economic data ahead of the Federal Reserve's expected interest rate cut...
Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market conditions. Brent is now trading above $63 per...
Trading on the Chicago Mercantile Exchange (CME) was halted on Friday (November 28th) following a cooling issue at one of its data centers.
"Due to...
Conflicting signals from the Federal Reserve on the timing and magnitude of U.S. interest rate cuts have accelerated hedging flows into swaptions...
European stocks ended Friday in positive territory as investors digested the end of a choppy month.
The pan-European Stoxx 600 closed the session...
Both the STOXX 50 and the STOXX 600 hovered around the flatline on the final trading day of a volatile November, as the recent rally in global...