BOJ policymaker calls for resuming rate hikes after temporary pause
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Trump, Fed chief Powell bicker during tense visit
Trump, Fed chief Powell bicker during tense visit The tension between US President Donald Trump and Federal Reserve Chair Jerome Powell was almost palpable. Photo: Reuters Donald Trump and US Federal Reserve chairman Jerome Powell appeared together for a tense meeting on Thursday as the US president toured the central bank after ramping up his attacks on its management of the economy. Trump – who wants to oust Powell for refusing to lower interest rates but likely lacks the legal authority to do so – has threatened to fire the Fed chief over cost overruns for a renovation of its Washington headquarters. During a brief but awkward exchange in front of reporters during a tour of the building, the pair bickered over the price tag for the makeover, which Trump said was US$3.1 billion. The actual cost of the facelift has been put at US$2.5 billion, and Powell was quick to correct the president, telling him: "I haven't heard that from anybody." Trump produced a sheet of paper apparently listing construction costs and was told curtly that he was including work on the William McChesney Martin Jr Building, which was not part of the project. "You're including the Martin renovation – you just added in a third building," Powell scolded. Trump stuck to his guns, saying it was part of the overall redevelopment. Powell shot back: "No, it was built five years ago. We finished Martin five years ago... It's not new." Trump moved on, but the tense atmosphere between the pair was almost palpable, with the Republican leader unaccustomed to being contradicted live on air. The tour came with Trump desperate to shift the focus away from the crisis engulfing his administration over its decision to close the file on multi-millionaire sex offender Jeffrey Epstein, who died in 2019 while awaiting trial on trafficking charges. (AFP)
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5 hours ago
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S&P 500, Nasdaq hit new records despite big Tesla drop
S&P 500, Nasdaq hit new records despite big Tesla drop While earnings have taken centre stage for much of the week, Wall Street has also been buoyed by several US trade deals. Photo: Reuters The S&P 500 and Nasdaq edged up to fresh records on Thursday while the Dow retreated following a mixed round of corporate earnings that lifted Google parent Alphabet but battered Tesla. The Nasdaq led major indices, finishing 0.2 percent higher at 21,057, a new record. The S&P 500 added 0.1 percent at 6,363, also a record, while the Dow Jones dropped 0.7 percent to 44,693. Alphabet climbed 0.9 percent after reporting US$28.2 billion in quarterly profits as it touted new artificial intelligence investments. But Tesla slid 8.2 percent as CEO Elon Musk warned of a rough patch for earnings following the elimination of a federal tax credit for electric vehicles. While earnings have taken centre stage for much of the week, stocks have also been buoyed by US President Donald Trump's trade deal with Japan and hopes for more agreements. "Buyers are in control and there remains a lot of optimism about future trade deals," said Adam Sarhan of 50 Park Investments. "For now the market is choosing to look at the bullish side of the coin," he said. "Not the bearish side and not the neutral side." But the Dow was weighed down by a 7.6 percent drop in IBM and a 6.2 percent fall in Honeywell International following earnings reports. Another Dow member, UnitedHealth International, fell 4.8 percent after it disclosed that it was cooperating with US Department of Justice criminal and civil probes into the company's billing practices. Union Pacific fell 4.5 percent as it disclosed that it was in talks with fellow freight rail company Norfolk Southern on a possible merger. (AFP)
RTHK
5 hours ago
- RTHK
S&P 500, Nasdaq hit new records despite big Tesla drop
S&P 500, Nasdaq hit new records despite big Tesla drop While earnings have taken centre stage for much of the week, Wall Street has also been buoyed by several US trade deals. Photo: Reuters The S&P 500 and Nasdaq edged up to fresh records on Thursday while the Dow retreated following a mixed round of corporate earnings that lifted Google parent Alphabet but battered Tesla. The Nasdaq led major indices, finishing 0.2 percent higher at 21,057, a new record. The S&P 500 added 0.1 percent at 6,363, also a record, while the Dow Jones dropped 0.7 percent to 44,693. Alphabet climbed 0.9 percent after reporting US$28.2 billion in quarterly profits as it touted new artificial intelligence investments. But Tesla slid 8.2 percent as CEO Elon Musk warned of a rough patch for earnings following the elimination of a federal tax credit for electric vehicles. While earnings have taken centre stage for much of the week, stocks have also been buoyed by US President Donald Trump's trade deal with Japan and hopes for more agreements. "Buyers are in control and there remains a lot of optimism about future trade deals," said Adam Sarhan of 50 Park Investments. "For now the market is choosing to look at the bullish side of the coin," he said. "Not the bearish side and not the neutral side." But the Dow was weighed down by a 7.6 percent drop in IBM and a 6.2 percent fall in Honeywell International following earnings reports. Another Dow member, UnitedHealth International, fell 4.8 percent after it disclosed that it was cooperating with US Department of Justice criminal and civil probes into the company's billing practices. Union Pacific fell 4.5 percent as it disclosed that it was in talks with fellow freight rail company Norfolk Southern on a possible merger. (AFP)
