Latest news with #KevinHasset
Forbes
3 days ago
- Business
- Forbes
A Fed Nightmare Is Suddenly Coming True Just As Bitcoin Hits Another All-Time High Price
Federal Reserve chair Jerome Powell is under fresh pressure from the White House and U.S. president Donald Trump whose continued attacks on Powell over interest rates have raised the possibility of "regime change" at the Fed. The Trump administration is now investigating the Fed's $2.5 billion renovation project as a possible route to forcing Powell to step down or as a reason for Trump to fire him, with Axios reporting Powell has asked the central bank's inspector general to review the project that's led to questions he may have misled Congress in his testimony regarding the renovation. Trump has raised the possibility he could remove Powell before his term is up next year, though no one is quite sure if he has the authority to do so. National Economic Council director Kevin Hasset told ABC News the president's possible power to fire Jerome Powell is 'being looked into ... but certainly if there's cause, he does.' "Frankly, it's about breaking some heads," former Fed governor Kevin Warsh, one of the front-runners to be named as Powell's replacement, told Fox News, adding the Fed "has lost its way" and said it was time for 'regime change.' The odds on Trump "removing" Powell on the crypto-powered PolyMarket prediction platform have climbed in recent weeks from lows of under 10% in June to over 20% this week. The new Fed chair, appointed by Trump either this year or once Powell's term ends in 2026, is widely expected to be supportive of lower interest rates. The bitcoin price has repeatedly hit fresh all-time highs through 2025, silencing those who claimed its historical 13-year run to 2022 was the result of the global zero interest rate policy (ZIRP) that followed the 2008 financial crisis. - Many of the most bullish bitcoin traders and investors have, however, predicted the bitcoin price will climb at a faster rate if or when the Fed does begin to lower interest rates, something that encourages cash to flow more quickly through the economy. The Fed kept interest rates on hold again last month after kicking off a reduction cycle in September that's been put on pause due to fears Trump's global trade tariffs could see a return of inflation—with critics pointing to the pre-election reduction and post-election pause as evidence of political bias. - For his part, Powell has said the expected increase in inflation as a result of Trump's so-called Liberation Day of global trade tariffs is a good reason to take a 'wait-and-see' approach to adjusting interest rates, with the market all but certain the Fed will hold rates steady again later this month. In June, Trump renewed his attack on Powell as U.S. debt topped $37 trillion. "I don't know why the board doesn't override (Powell)," Trump posted to his Truth Social account in a lengthy message in which he branded Powell a 'moron" and heavily criticized Fed policy that he claims is costing the U.S. $1 trillion per year in interest payments. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his term ends shortly."
Yahoo
4 days ago
- Business
- Yahoo
'Regime Change' at Fed? Crypto Rallies as Pressure Mounts on Chairman Jerome Powell
All things being equal, easier monetary policy tends to be good for risk assets — crypto surely among them. Bitcoin rallied to above $120,000 for the first time ever over the weekend as pressure on hawkish U.S. Federal Reserve Chairman Jerome Powell to step down or be fired amped even higher. Coincidence? To review, Jerome Powell — who rushed through 75 basis points of rate cuts prior to the 2024 election — quickly switched to a more hawkish stance following Donald Trump's election (though he did allow one more 25 basis point cut just after November), and it famously hasn't sat well with the president. "Frankly, it's about breaking some heads," said former Fed Governor Kevin Warsh on Fox News on Sunday. Warsh, who has been consistently touted as a leading possible replacement for Powell, added that the central bank's $2.5 billion renovation project was among several examples of how the Fed "has lost its way" and said it was time for "regime change." Also appearing on TV on Sunday and also another contender to lead a post-Powell Fed, National Economic Council Director Kevin Hasset said the president's possible power to fire Jerome Powell is "being looked into ... but certainly if there's cause, he does." The latest angle of attack against Powell is the Fed's $2.5 billion renovation project. Powell is being questioned not just over the massive expense, but over whether he may have misled Congress in his testimony regarding the renovation. Office of Management and Budget (OMB) Director Russ Vought last week sent Powell a list of questions regarding the project. The Fed over the weekend created a new FAQ page on its website to give its side of the story. Adding his comments over the weekend, the president said it would "be a great thing" for the country if Powell were to exit. "Jerome Powell has been very bad for our country," he added. "We should have the lowest interest rate on Earth, and we don't. He just refuses to do it." "I don't know what he knows about building, but you talk about cost overrun," Trump said of the $2.5 billion renovation. He reminded that the project was approved and began moving forward while Joe Biden was still president. While Powell has kept a publicly neutral stance towards crypto, a new Fed chair could be seen as a positive for the community even beyond what surely would be easier monetary policy. Powell, over the years, has maintained his stance that bitcoin is a competitor to gold rather than to the U.S. dollar given that people are not using it as a form of payment but rather as an investment vehicle. However, he has repeatedly called for clearer regulation, specifically around stablecoins and their risks to financial stability as the industry continued to grow more mainstream. He has also stressed the importance of consumer protections as well as concerns about "debanking" practices in which financial institutions are forced to cut ties with crypto firms due to the risks associated with the asset class.
01-07-2025
- Business
Watch special coverage of Canada Day 2025
Headlines Latest News Podcasts (new window) PM would put supply management back on table if deal depended on it, says ambassador. Statutory holiday falls on a Tuesday this year. Small but mighty company making UV protective clothing. A shift to patriotism has resulted in Indigenous issues getting 'shunted,' historian says. White House economic adviser Kevin Hasset says scrapping digital services tax paved the way.
Yahoo
28-05-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks edge up as optimism over US-EU trade deal grows
The FTSE 100 (^FTSE) and European stocks edged higher on Wednesday as optimism about the possibility of a trade deal between the US and the EU continued to buoy markets. Meanwhile, Thames Water was fined £122.7m for breaching rules relating to its sewage operations and shareholder payouts. It is the largest ever penalty issued by the water regulator Ofwat, which said the fines were the result of its "biggest and most complex investigation". It confirmed it would be paid by the company and its investors, and not by Thames Water customers. A Thames Water spokesperson said: "We take our responsibility towards the environment very seriously." Stocks continued to make their way up in the wake of US president Donald Trump's decision at the weekend to delay the threat of 50% tariffs on the EU to allow for further talks. On Tuesday, National Economic Council director Kevin Hasset told CNBC: 'We'll probably see a few more deals, even this week.' President Trump himself announced in a post that 'I have just been informed that the EU has called to quickly establish meeting dates.' Traders received a further boost from a rally in Japanese bonds overnight as well as stronger US data, with the conference board's consumer confidence print coming in noticeably higher than expected. London's benchmark index (^FTSE) was 0.2% higher in early trade Germany's DAX (^GDAXI) rose 0.4% and the CAC (^FCHI) in Paris headed 0.3% into the green The pan-European STOXX 600 (^STOXX) was up 0.2% Wall Street is set for a negative start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all marginally in the red. The pound was 0.1% down against the US dollar (GBPUSD=X) at 1.3498 Follow along for live updates throughout the day: Homes are selling for an average of £16,000 below asking price as sellers try to secure a sale in a buyers' market. The UK housing market is experiencing its most active May since the pandemic boom of 2021, amid improved mortgage affordability and a surge in supply, according to Zoopla. The average asking price now stands at £367,000. However, while buyer interest has returned, sellers are being forced to temper their expectations. The average home is currently being sold for £16,000 below the asking price, a discount of around 4.5%. Changes in how mortgage affordability is assessed are fuelling buyers' return, with purchasers now able to borrow up to 20% more than they could earlier in the year. This has helped counter the effect of higher interest rates, which caused a fall in transactions through 2022 and 2023 when mortgage rates briefly hit 6%. Sarah Coles, a columnist at Yahoo Finance UK and head of personal finance at Hargreaves Lansdown, said: Read the full article here Stocks in Asia were muted overnight with the Nikkei (^N225) ending flat on the day in Japan after the country's 30-year yield fell by more than 19bps during the session. That was its biggest daily decline since the regional banking turmoil of March 2023, and marked a sharp reversal from recent weeks, when yields had hit their highest level since that maturity was first issued. As a reminder, the move came after several media outlets reported that Japan's finance ministry sent out a questionnaire to market participants, asking about their views on issuance. Meanwhile, the Hang Seng (^HSI) fell 0.6% in Hong Kong and the Shanghai Composite ( was also treading water by the end of the session. Across the pond on Wall Street, US equities saw a strong recovery after the long weekend. The S&P 500 (^GSPC) surged more than 2%, which put in its best performance since the US and China agreed to slash their tariff rates a couple of weeks earlier. The tech-heavy Nasdaq (^IXIC) was 2.5% higher and the Dow Jones (^DJI) also gained 1.8%. Stocks received further momentum from the US conference board's latest consumer confidence indicator for May, which rose for the first time in six months. Figures rebounded by more than expected to 98.0 (compared to the forecasted 87.1). This included a particularly large jump in the expectations component, which surged 17.4pts on the month to 72.8, which is the biggest monthly rise since May 2009, as the US economy was still emerging from the aftershocks of the global financial crisis. So that helped to cement the view that a serious downturn would likely be avoided, which helped to support risk assets. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Today, central bank highlights include the minutes from the FOMC's May meeting, along with remarks from the Fed's Kashkari and the BoE's Pill. We'll also get the ECB's Consumer Expectations Survey for April. Data releases include German unemployment for May, and in the US there's the Richmond Fed's manufacturing index for May. Finally, earnings releases include Nvidia. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: Kingfisher, Pets at Home, S4 Capital 8am: Kantar supermarket data 8:55am: German unemployment data 9:30am: ONS working and workless households dataHomes are selling for an average of £16,000 below asking price as sellers try to secure a sale in a buyers' market. The UK housing market is experiencing its most active May since the pandemic boom of 2021, amid improved mortgage affordability and a surge in supply, according to Zoopla. The average asking price now stands at £367,000. However, while buyer interest has returned, sellers are being forced to temper their expectations. The average home is currently being sold for £16,000 below the asking price, a discount of around 4.5%. Changes in how mortgage affordability is assessed are fuelling buyers' return, with purchasers now able to borrow up to 20% more than they could earlier in the year. This has helped counter the effect of higher interest rates, which caused a fall in transactions through 2022 and 2023 when mortgage rates briefly hit 6%. Sarah Coles, a columnist at Yahoo Finance UK and head of personal finance at Hargreaves Lansdown, said: Read the full article here Stocks in Asia were muted overnight with the Nikkei (^N225) ending flat on the day in Japan after the country's 30-year yield fell by more than 19bps during the session. That was its biggest daily decline since the regional banking turmoil of March 2023, and marked a sharp reversal from recent weeks, when yields had hit their highest level since that maturity was first issued. As a reminder, the move came after several media outlets reported that Japan's finance ministry sent out a questionnaire to market participants, asking about their views on issuance. Meanwhile, the Hang Seng (^HSI) fell 0.6% in Hong Kong and the Shanghai Composite ( was also treading water by the end of the session. Across the pond on Wall Street, US equities saw a strong recovery after the long weekend. The S&P 500 (^GSPC) surged more than 2%, which put in its best performance since the US and China agreed to slash their tariff rates a couple of weeks earlier. The tech-heavy Nasdaq (^IXIC) was 2.5% higher and the Dow Jones (^DJI) also gained 1.8%. Stocks received further momentum from the US conference board's latest consumer confidence indicator for May, which rose for the first time in six months. Figures rebounded by more than expected to 98.0 (compared to the forecasted 87.1). This included a particularly large jump in the expectations component, which surged 17.4pts on the month to 72.8, which is the biggest monthly rise since May 2009, as the US economy was still emerging from the aftershocks of the global financial crisis. So that helped to cement the view that a serious downturn would likely be avoided, which helped to support risk assets. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Today, central bank highlights include the minutes from the FOMC's May meeting, along with remarks from the Fed's Kashkari and the BoE's Pill. We'll also get the ECB's Consumer Expectations Survey for April. Data releases include German unemployment for May, and in the US there's the Richmond Fed's manufacturing index for May. Finally, earnings releases include Nvidia. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: Kingfisher, Pets at Home, S4 Capital 8am: Kantar supermarket data 8:55am: German unemployment data 9:30am: ONS working and workless households data
Yahoo
28-05-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks edge up as optimism over US-EU trade deal grows
The FTSE 100 (^FTSE) and European stocks edged higher on Wednesday as optimism about the possibility of a trade deal between the US and the EU continued to buoy markets. Meanwhile, Thames Water was fined £122.7m for breaching rules relating to its sewage operations and shareholder payouts. It is the largest ever penalty issued by the water regulator Ofwat, which said the fines were the result of its "biggest and most complex investigation". It confirmed it would be paid by the company and its investors, and not by Thames Water customers. A Thames Water spokesperson said: "We take our responsibility towards the environment very seriously." Stocks continued to make their way up in the wake of US president Donald Trump's decision at the weekend to delay the threat of 50% tariffs on the EU to allow for further talks. On Tuesday, National Economic Council director Kevin Hasset told CNBC: 'We'll probably see a few more deals, even this week.' President Trump himself announced in a post that 'I have just been informed that the EU has called to quickly establish meeting dates.' Traders received a further boost from a rally in Japanese bonds overnight as well as stronger US data, with the conference board's consumer confidence print coming in noticeably higher than expected. London's benchmark index (^FTSE) was 0.2% higher in early trade Germany's DAX (^GDAXI) rose 0.4% and the CAC (^FCHI) in Paris headed 0.3% into the green The pan-European STOXX 600 (^STOXX) was up 0.2% Wall Street is set for a negative start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all marginally in the red. The pound was 0.1% down against the US dollar (GBPUSD=X) at 1.3498 Follow along for live updates throughout the day: Homes are selling for an average of £16,000 below asking price as sellers try to secure a sale in a buyers' market. The UK housing market is experiencing its most active May since the pandemic boom of 2021, amid improved mortgage affordability and a surge in supply, according to Zoopla. The average asking price now stands at £367,000. However, while buyer interest has returned, sellers are being forced to temper their expectations. The average home is currently being sold for £16,000 below the asking price, a discount of around 4.5%. Changes in how mortgage affordability is assessed are fuelling buyers' return, with purchasers now able to borrow up to 20% more than they could earlier in the year. This has helped counter the effect of higher interest rates, which caused a fall in transactions through 2022 and 2023 when mortgage rates briefly hit 6%. Sarah Coles, a columnist at Yahoo Finance UK and head of personal finance at Hargreaves Lansdown, said: Read the full article here Stocks in Asia were muted overnight with the Nikkei (^N225) ending flat on the day in Japan after the country's 30-year yield fell by more than 19bps during the session. That was its biggest daily decline since the regional banking turmoil of March 2023, and marked a sharp reversal from recent weeks, when yields had hit their highest level since that maturity was first issued. As a reminder, the move came after several media outlets reported that Japan's finance ministry sent out a questionnaire to market participants, asking about their views on issuance. Meanwhile, the Hang Seng (^HSI) fell 0.6% in Hong Kong and the Shanghai Composite ( was also treading water by the end of the session. Across the pond on Wall Street, US equities saw a strong recovery after the long weekend. The S&P 500 (^GSPC) surged more than 2%, which put in its best performance since the US and China agreed to slash their tariff rates a couple of weeks earlier. The tech-heavy Nasdaq (^IXIC) was 2.5% higher and the Dow Jones (^DJI) also gained 1.8%. Stocks received further momentum from the US conference board's latest consumer confidence indicator for May, which rose for the first time in six months. Figures rebounded by more than expected to 98.0 (compared to the forecasted 87.1). This included a particularly large jump in the expectations component, which surged 17.4pts on the month to 72.8, which is the biggest monthly rise since May 2009, as the US economy was still emerging from the aftershocks of the global financial crisis. So that helped to cement the view that a serious downturn would likely be avoided, which helped to support risk assets. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Today, central bank highlights include the minutes from the FOMC's May meeting, along with remarks from the Fed's Kashkari and the BoE's Pill. We'll also get the ECB's Consumer Expectations Survey for April. Data releases include German unemployment for May, and in the US there's the Richmond Fed's manufacturing index for May. Finally, earnings releases include Nvidia. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: Kingfisher, Pets at Home, S4 Capital 8am: Kantar supermarket data 8:55am: German unemployment data 9:30am: ONS working and workless households dataHomes are selling for an average of £16,000 below asking price as sellers try to secure a sale in a buyers' market. The UK housing market is experiencing its most active May since the pandemic boom of 2021, amid improved mortgage affordability and a surge in supply, according to Zoopla. The average asking price now stands at £367,000. However, while buyer interest has returned, sellers are being forced to temper their expectations. The average home is currently being sold for £16,000 below the asking price, a discount of around 4.5%. Changes in how mortgage affordability is assessed are fuelling buyers' return, with purchasers now able to borrow up to 20% more than they could earlier in the year. This has helped counter the effect of higher interest rates, which caused a fall in transactions through 2022 and 2023 when mortgage rates briefly hit 6%. Sarah Coles, a columnist at Yahoo Finance UK and head of personal finance at Hargreaves Lansdown, said: Read the full article here Stocks in Asia were muted overnight with the Nikkei (^N225) ending flat on the day in Japan after the country's 30-year yield fell by more than 19bps during the session. That was its biggest daily decline since the regional banking turmoil of March 2023, and marked a sharp reversal from recent weeks, when yields had hit their highest level since that maturity was first issued. As a reminder, the move came after several media outlets reported that Japan's finance ministry sent out a questionnaire to market participants, asking about their views on issuance. Meanwhile, the Hang Seng (^HSI) fell 0.6% in Hong Kong and the Shanghai Composite ( was also treading water by the end of the session. Across the pond on Wall Street, US equities saw a strong recovery after the long weekend. The S&P 500 (^GSPC) surged more than 2%, which put in its best performance since the US and China agreed to slash their tariff rates a couple of weeks earlier. The tech-heavy Nasdaq (^IXIC) was 2.5% higher and the Dow Jones (^DJI) also gained 1.8%. Stocks received further momentum from the US conference board's latest consumer confidence indicator for May, which rose for the first time in six months. Figures rebounded by more than expected to 98.0 (compared to the forecasted 87.1). This included a particularly large jump in the expectations component, which surged 17.4pts on the month to 72.8, which is the biggest monthly rise since May 2009, as the US economy was still emerging from the aftershocks of the global financial crisis. So that helped to cement the view that a serious downturn would likely be avoided, which helped to support risk assets. Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. Today, central bank highlights include the minutes from the FOMC's May meeting, along with remarks from the Fed's Kashkari and the BoE's Pill. We'll also get the ECB's Consumer Expectations Survey for April. Data releases include German unemployment for May, and in the US there's the Richmond Fed's manufacturing index for May. Finally, earnings releases include Nvidia. Here's a quick snapshot of what's on the agenda: 7am: Trading updates: Kingfisher, Pets at Home, S4 Capital 8am: Kantar supermarket data 8:55am: German unemployment data 9:30am: ONS working and workless households data Sign in to access your portfolio
