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Federal Reserve Chair Jerome Powell has expressed his determination to protect the central bank from political influence following Donald Trump's re-election. He firmly stated he would not resign if asked and emphasized that the president lacks the authority to dismiss him or other senior Fed officials.
The Hong Kong Monetary Authority has reduced its base interest rate by a quarter-percentage point to 5%, following the US Federal Reserve's policy easing. This decision aims to bolster an economy facing challenges from weak consumer spending, reflecting the city's currency peg to the US dollar.
Federal Reserve Chair Jerome Powell stated he would not resign if requested by President-elect Donald Trump, asserting that presidents lack the legal authority to remove the head of the U.S. central bank. This declaration underscores the independence of the Federal Reserve.
Federal Reserve Chairman Powell announced a reduction in interest rates following Trump's victory, highlighting the robust performance of the US economy compared to other major industrialized nations. With inflation nearing the central bank's target of two percent, the annual PCE index stood at 2.1 percent in September, indicating strong growth alongside declining inflation.
Federal Reserve Chair Jerome Powell stated he would not resign if asked by President-Elect Donald Trump, despite suggestions from some of Trump's advisers. When questioned at a post-meeting press conference, Powell firmly replied, "No."
Emerging-market assets rose as optimism about potential stimulus from China boosted stocks, despite the uncertainty following Donald Trump's election victory. The Republican win raised concerns over tariff threats to developing economies, adding volatility to markets ahead of the US Federal Reserve's decision.
A significant selloff in Treasuries paused as investors shifted focus from Donald Trump's election victory to upcoming interest-rate decisions from major central banks, including the Federal Reserve. The yield on 30-year US bonds remained stable after a notable surge, while UK debt rebounded and euro-area notes declined amid news of snap elections in Germany.
Asian currency traders are on edge following a recent selloff, preparing for potential further losses as the Federal Reserve announces its policy decision and China concludes a legislative meeting. If the Fed indicates a cautious approach to interest-rate cuts or if China's announcements fail to impress, Asian currencies may face additional pressure.
Asian equities are poised for gains following a strong performance in US markets, where the S&P 500 and Nasdaq 100 reached record highs. The dollar strengthened as Treasuries fell, and Australian stocks, along with Japanese futures, reflected this upward trend. Anticipation builds for a Federal Reserve interest rate cut on Thursday.
Jerome Powell's day begins with a routine Federal Reserve meeting expected to result in a quarter-point interest rate cut. However, he will soon face intense scrutiny regarding the implications of Donald Trump's potential return to the White House on economic growth, inflation, and borrowing costs.
Federal Reserve Bank of Boston N.A.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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