All posts tagged: fed

Outgoing chair Powell delivers defence of Fed independence

Outgoing chair Powell delivers defence of Fed independence

WASHINGTON: Outgoing US Federal Reserve chair Jerome Powell on Sunday (May 31) delivered a staunch defence of the need for the central bank to maintain independence and credibility, as it comes under assault from President Donald Trump. “Like many other institutions, the Fed has been undergoing a stress test,” he said as he accepted an award from the John F Kennedy Library Foundation. “If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said, in a barely veiled reference to the Trump administration’s attempt to fire Fed Governor Lisa Cook. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.” In his second term in power, Trump has frequently criticised and insulted Powell, alleging he was too slow to lower interest rates. Trump’s Justice Department went so far as to pursue criminal charges against the Fed chair over a building renovation project. The probe was eventually dropped to smooth the path towards Powell’s …

Corrections Vs Bears: How The Fed Rewired The Market

Corrections Vs Bears: How The Fed Rewired The Market

Authored by Lance Roberts via RealInvestmentAdvice.com, After three decades of watching market cycles play out from both sides of the trade, I’ve come to a simple conclusion: Wall Street’s love of simple rules is one of the most dangerous aspects of investing. When stocks fall 10%, it’s just a “correction.” However, if they decline 20%, it’s a “bear market.” Simple, clean, repeatable, and printed on every financial media graphic from here to Tokyo. The problem is that the definitions of a correction and bear market have not been updated since Alan Shaw developed them at Smith Barney in the 1960s. Moreover, the market those definitions were designed to describe no longer exists. Currently, the S&P 500 index is roughly 83% above its long-term trend line, with the Shiller CAPE (cyclically adjusted price-to-earnings ratio) hovering near 40. That valuation level was only exceeded once in the history of American financial markets. The Fed’s balance sheet, still at $6.7 trillion, is more than eight times its pre-2008 level. Under these conditions, the old bear-market definition no longer measures what it was built to measure. A 20% …

Fossil study finds dinosaur parents fed their young special diets

Fossil study finds dinosaur parents fed their young special diets

Maiasaura dinosaur teeth carry a quiet clue: babies were not eating what adults ate. Tiny wear marks suggest young duck-bills got softer, richer food, adding fresh weight to the idea that some dinosaurs cared for offspring in surprisingly bird-like ways. Tiny scratches on fossilized dinosaur teeth are giving scientists a rare glimpse into family life from nearly 80 million years ago. A new study suggests that baby duck-billed dinosaurs may have eaten softer, richer and more nutritious foods than the adults that cared for them. The findings come from a close examination of Maiasaura peeblesorum, a plant-eating dinosaur that lived during the Late Cretaceous period. Paleontologists discovered that young Maiasaura had very different tooth wear patterns than adults. Those differences suggest the juveniles likely consumed low-fiber foods such as fruits, buds or other tender plant material, while adults mostly ate tougher vegetation. The study adds new evidence to a long-running idea that Maiasaura were unusually attentive parents. Researchers say the feeding behavior may resemble the way many modern birds feed their young today. “The urge …

Trump swears Kevin Warsh in as Fed chair, seeking interest rate cuts

Trump swears Kevin Warsh in as Fed chair, seeking interest rate cuts

President Donald Trump led a ceremony swearing in Kevin Warsh as chair of the Federal Reserve, putting him in charge of a central bank that must navigate a tumultuous economy and a president with very specific expectations on interest rates. Trump, whose actions toward the Fed have spurred bipartisan alarms about executive influence on the historically independent central bank, said he wanted Warsh to “just do your own thing and do a great job.” “I want Kevin to be totally independent,” Trump said at the start of the event Friday morning. “Don’t look at me, don’t look at anybody.” But the swearing-in ceremony itself highlighted the the president’s unprecedented involvement with the Fed during his second term: Warsh is the first Fed chair to be sworn in at the White House since Alan Greenspan in 1987. The event in the East Room was attended by a range of high-profile figures, including Supreme Court Justices Clarence Thomas and Brett Kavanaugh, House Speaker Mike Johnson and many other politicians and Cabinet officials. Thomas delivered the oath to …

Warsh to Be Sworn in as Fed Chair at White House on Friday

Warsh to Be Sworn in as Fed Chair at White House on Friday

WASHINGTON, May 18 (Reuters) – Kevin Warsh will be sworn in as U.S. Federal Reserve chief ⁠on ⁠Friday by President Donald Trump, a White House official ⁠said on Monday, putting the 56-year-old lawyer and financier at the helm of the central bank as it grapples ​with intensifying inflation that may make it hard to push through the interest-rate cuts Trump desires. Warsh is succeeding Jerome Powell, whose eight-year run as Fed leader formally expired on ‌Friday, although he plans to remain as a ‌Board of Governors member until he is satisfied that a Trump administration criminal probe of him is fully wound down. Powell was sworn in as temporary chair on ⁠Friday to bridge the ⁠leadership gap until Warsh is formally installed. The investigation into Powell, centering on cost overruns for building ​renovations at the Fed’s Washington headquarters complex, became a temporary obstacle to Warsh’s confirmation by the Senate. The probe was settled to the satisfaction of an objecting Republican senator, however, and the full Senate confirmed Warsh on an almost party-line vote on May …

Wes Streeting ‘Royally f***ed’ his bid to oust Keir Starmer | Politics | News

Wes Streeting ‘Royally f***ed’ his bid to oust Keir Starmer | Politics | News

It is believed that Streeting hopes to succeed Starmer as PM (Image: Getty) Wes Streeting has “royally f***ed” his reported bid to replace Sir Keir Starmer as Prime Minister, it has been claimed. Streeting resigned as Health Secretary today, claiming in a letter to the Prime Minister that he no longer had faith in his ability to lead the Labour Party as he slated his record in Government. Speculation had been growing for days that Streeting would quit his role in Cabinet in a bid to trigger a leadership contest, but his failure to do the latter left one expert believing that it was a sign that Streeting had got his approach wrong and did not have the support to do so. Speaking about his decision to quit on the News Agents podcast, Lewis Goodall said: “I think what has happened here is that Wes Streeting has made the best of a bad job. READ MORE: Pack your bags, the Hard Left is about to take over Britain READ MORE: Angela Rayner’s tax row verdict …

Trump finally gets his man at the Fed. Will Kevin Warsh disappoint him?

Trump finally gets his man at the Fed. Will Kevin Warsh disappoint him?

Kevin Warsh, nominee for chairman of the Federal Reserve, is sworn in to his Senate Banking, Housing and Urban Affairs Committee confirmation hearing in Dirksen building on Tuesday, April 21, 2026. Tom Williams | Cq-roll Call, Inc. | Getty Images It has taken eight and a half years, but on Wednesday President Donald Trump finally succeeded in reversing one of the few mistakes he has admitted to making as president. In November 2017, Trump chose Jerome Powell to chair the Federal Reserve, opting for someone he saw as malleable over a charismatic but youthful former Fed governor, Kevin Warsh. Trump has regretted it ever since. The question that has consumed the markets as the Senate moved toward Wednesday’s confirmation is whether Trump will come to regret this decision, too. Fed chairs “change once they get the job,” Trump said in January. If Warsh loses Trump’s backing, the new Fed chair may not have the bulwark of congressional support that helped Powell resist Trump.  Whether Warsh can succeed in the mission of “regime change” he has …

Trump finally gets his man at the Fed. Will Kevin Warsh disappoint him?

Senate confirms Kevin Warsh as Fed governor, clears way for chair vote

Kevin Warsh took another step toward becoming Federal Reserve chair on Tuesday, clearing a key Senate vote that puts him on the central bank’s Board of Governors. The upper chamber voted to approve Warsh’s nomination by a 51-45 vote, on a mostly party-line basis. Only Sen. John Fetterman, D-Pa., crossed lines to vote for President Donald Trump’s pick. Next up for the nominee, who sat on the board from 2006 to 2011, is the vote to be chair, which is expected Wednesday. Terms for governors last 14 years, while the chair’s term goes for four years. Warsh’s vote also means the end of Stephen Miran’s brief term on the board. Miran also was a Trump nominee and filled the seat vacated by Adriana Kugler, who resigned in August 2025. Read more CNBC politics coverage Assuming confirmation, Warsh, 56, will take over for Jerome Powell, whose 8-year stint at the helm will officially end Friday. However, Powell’s term on the board doesn’t end until 2028, and he has indicated he will stay on until a probe …