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First Post
19 minutes ago
- First Post
Investors on edge as Trump keeps feud with Powell alive, fuels fears of Fed independence
With his attacks on Federal Reserve Chair Jerome Powell and plans to fire him, US President Donald Trump has rattled investors and undermined the independence of the US central bank. This could severe economic consequences nationally and globally. read more With his campaign against Federal Reserve Chair Jerome Powell, US President Donald Trump has rattled investors and triggered warnings from economists. Since the beginning of his second term, Trump has trashed Powell for not lowering interest rates to his liking. In recent days, he has signalled that he may soon fire Powell and replace him with a puppet who would do his bidding. He has reportedly shared the plan with loyalist Republican lawmakers. STORY CONTINUES BELOW THIS AD The independence of the Federal Reserve, and any central bank for that matter, is the foundation of a healthy economy. It ensures that the monetary policy prioritises long-term stability without pressure for short-term gains. It also ensures that the monetary policy is rooted in economic data and rationale and not in populist political compulsions — such as Trump's call to cut interest rates without caring about the action's effects on inflation. After the news of Trump wanting to fire Powell emerged, the US dollar lost 1.2 per cent on Wednesday against global peers. Even though Trump later said he was unlikely to fire Powell, the feeling that he will do it is something 'you can see it in the markets' and there is an increased chance that he will fire Powell anyway at some point, Bill Campbell, a portfolio manager at bond-focused asset manager DoubleLine, told Financial Times. Trump could reduce US to Turkey with war on Fed With his campaign against Powell, Trump risks reducing the United States to Turkey. President Recep Tayyip Erdogan of Turkey has frequently fired chiefs and other senior officials of the country's central bank over the past decade and pressured it to reduce interest rates as per his populist agenda. The result was that the inflation rose from around 8 per cent in early 2010s to 80 per cent at its peak. Currently, as a result of Erdogan's policy of killing the central bank's independence and setting the monetary policy at his populist whims and fancies, the inflation is at 35 per cent in Turkey and the country is at the risk of falling into stagflation — a dangerous condition in which inflation and recession coexist. STORY CONTINUES BELOW THIS AD Like Erdogan, Trump also wants the Fed to cut interest rates by up to 3 percentage points, but Powell has refrained from any cuts over fears that tariff-induced inflation could be worsened by any rate cuts. Last June, inflation rose in the United States at the highest pace since Trump assumed charge. The effects of Trump's assault on the Fed will be global as the US economy is linked with that of the world. 'Given that the US dollar is so dominant in the global economy, and it's a reserve currency, supplying a stable US dollar is a global public good. That's why what is going on in the US matters to the rest of the world,' Stefan Ingves, a former governor of the Riksbank, Sweden's central bank, told The New York Times. Moreover, as the United States serves as a role model for the world, threats to the Fed's independence could chip away at independence in other central banks, Katharine Neiss, an economist at PGIM Fixed Income, told The Times. STORY CONTINUES BELOW THIS AD As to how it affects the economy, Neiss said that the current 'environment of uncertainty' makes it hard to plan long-term investments and hurts economic growth and living standards as, in such an environment, 'we don't know what to trust, we don't know who to trust'.
New Indian Express
19 minutes ago
- New Indian Express
US House approves Trump's $9B cut to public broadcasting and foreign aid
WASHINGTON: The House of Representatives gave final approval to US President Donald Trump's request to claw back about $9 billion for public broadcasting and foreign aid early Friday as Republicans intensified their efforts to target institutions and programs they view as bloated or out of step with their agenda. The vote marked the first time in decades that a president has successfully submitted such a rescissions request to Congress, and the White House suggested it won't be the last. Some Republicans were uncomfortable with the cuts, yet supported them anyway, wary of crossing Trump or upsetting his agenda. The House passed the bill by a vote of 216-213. It now goes to Trump for his signature. 'We need to get back to fiscal sanity and this is an important step,' said House Speaker Mike Johnson, R-La. Opponents voiced concerns not only about the programs targeted, but about Congress ceding its spending powers to the executive branch as investments approved on a bipartisan basis were being subsequently canceled on party-line votes. They said previous rescission efforts had at least some bipartisan buy-in and described the Republican package as unprecedented. No Democrats supported the measure when it passed the Senate, 51-48, in the early morning hours Thursday. Final passage in the House was delayed for several hours as Republicans wrestled with their response to Democrats' push for a vote on the release of Jeffrey Epstein files.
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Business Standard
19 minutes ago
- Business Standard
Apple reseller Ample to grow revenue by a third as it expands, says CEO
Indian Apple reseller Ample is banking on store expansion and adding more brands and clients to achieve 35 per cent revenue growth in fiscal year 2026, its chief executive said. The Bengaluru-based firm, which supplies tech products such as Apple computers to over 1,500 clients including SAP, Broadcom, Infosys, and Wipro, operates more than 120 stores across India. Nearly 50 of these sell Apple products, while others showcase brands like Under Armour and ASICS. The firm plans to expand its footprint to approximately 175 stores across brands within three years, Ample founder and CEO Rajesh Narang said on Monday, though he declined to specify a target for Apple-only stores. Ample's revenue stood at ₹1,700 crore ($197.33 million) for the fiscal year ended March 31. The company is focusing on partnerships with global capability centers, hubs that manage operations, finance, and research for large multinational firms, to drive growth, Narang added. Apple, which reported nearly $8 billion in sales in India for the year through March 2024, operates its own stores in New Delhi and Mumbai. Other resellers in the market include Aptronix and iPlanet. While Apple also plans to expand its presence in India, Narang said that would benefit partners like Ample, as the market tends to grow with the brand's presence. The firm plans to list on stock exchanges within five years to fund its growth strategy. "With our growth ambition, there will be a need for capital," Narang said.
