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Yahoo
22 minutes ago
- Yahoo
Trump set to announce replacement for Fed Gov Kugler this week. The Fed chair in waiting?
President Trump said he plans to name a replacement this week for Federal Reserve governor Adriana Kugler, whose unexpected resignation set for this Friday offers the president an opportunity to put in place a successor for Fed Chair Jerome Powell. 'I have a couple of people in mind,' President Trump told reporters Sunday night. 'I'll be announcing that probably over the next couple of days.' Kugler's term as a governor was set to expire on Jan. 31. She has served as a Fed governor since Sept. 13, 2023, and will return to Georgetown University as a professor this fall. Kevin Warsh, a former Fed governor, and Kevin Hassett, the current chair of the President's Council of Economic Advisors, are thought to be at the top of the list for the next Fed chair and thus possible nominees to replace Kugler. Treasury Secretary Scott Bessent, who is leading the search for Powell's replacement and is also a potential contender, has already sketched out a scenario where the White House appoints someone to fill Kugler's seat who can then be in the running to succeed Powell next May. The White House also hopes that Powell decides to leave the Fed Board of Governors when his chairmanship is up, which would open up a second seat that Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028. Read more: How much control does the president have over the Fed and interest rates? Warsh already has a lot of experience navigating the central bank. He served as Fed governor from 2006 until 2011 and became former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis. He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding on Powell. Trump appointed Powell to be Fed chair in 2018 at the direction of then-Treasury Secretary Steven Mnuchin. Former President Joe Biden reappointed Powell in 2022. Warsh has been critical of the Fed as of late. He has suggested that the Fed could look through increases in inflation from tariffs because it would be a one-time increase in prices. He's also argued that the costs involved in renovating the Fed's headquarters represent one of several examples of how the Fed "has lost its way" and that the American people "need a reformer to fix" the institution and rebuild its credibility. "Frankly, it's about breaking some heads," he said on Fox Business last month, calling for "regime change." Back in April, Warsh gave a speech in Washington, D.C., in which he said that the Fed's "current wounds are largely self-inflicted" and called for a "strategic reset" to ease a loss of credibility and damage to the Fed's standing. Hassett, meanwhile, already has a close relationship with Trump, given that he advises the president on economic policy and also served in the first Trump administration. Read more: How jobs, inflation, and the Fed are all related Earlier in the year, Hassett said he was more focused on the 10-year Treasury yield (^TNX) than on any quick monetary policy changes at the Federal Reserve. While the Fed can influence short-term bond yields and long-term bond yields, longer-term bond yields are influenced by many factors outside the Fed, and it is the yield on the 10-year Treasury that influences mortgage rates. But lately, Hassett has been more blatant, saying there's no reason why the Fed shouldn't be cutting rates now, something the president has repeatedly hammered the central bank to do. The president will likely watch whoever he appoints to the open Fed governor position to see how they perform and whether they'd be a successor for Powell, whose term ends next May. Though Fed governors Chris Waller and Michelle Bowman are also jockeying for the position of Fed chair, in part by dissenting at last week's Fed policy meeting in favor of cutting rates by 25 basis points, rather than holding rates steady. The opportunity for the White House to fill Kugler's seat earlier than expected comes as Trump applies pressure on Powell and the Fed board to lower rates by as many as 3 percentage points. Whoever the president appoints, it is the Federal Open Market Committee, which is composed of 19 members, that makes the decision, not just the Fed chair, and the new chair will have to contend with the committee. Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
22 minutes ago
- Yahoo
Biofrontera Inc. to Report Second Quarter FY 2025 Financial Results on August 13, 2025
Woburn, MA, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Biofrontera Inc., (Nasdaq:BFRI) ("Biofrontera" or the "Company"), a biopharmaceutical company specializing in the commercialization of dermatological products, announces it will report financial results for the three and six months ended June 30, 2025 on Wednesday, August 13, 2025. The results will be released after the market close on Wednesday, August 13 and the company will host a conference call on Thursday, August 14 at 10:00am Eastern Time. Conference Call and Webcast Information Event: Biofrontera Inc. Second Quarter 2025 Financial Results and Business Update Conference Call Date: Thursday, August 14, 2025 Time: 10:00am ET Conference Call: 1-877-877-1275 (U.S.)1-412-858-5202 (international) Webcast: Webcast | Second Quarter 2025 Financial Results and Business Update Conference Call About Biofrontera Inc. Biofrontera Inc. is a U.S.-based biopharmaceutical company specializing in the development and treatment of dermatological conditions with a focus on PDT. The Company commercializes the drug-device combination Ameluz ® with the RhodoLED ® lamp series for PDT of AK, pre-cancerous skin lesions which may progress to invasive skin cancers. The Company performs clinical trials to extend the use of the products to treat non-melanoma skin cancers and moderate to severe acne. For more information, visit and follow Biofrontera on LinkedIn and X. Contacts:Investor RelationsAndrew Barwicki1-516-662-9461ir@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22 minutes ago
- Yahoo
Fortifi Capital Surpasses $175 Million in Small Business Funding as It Marks Two-Year Anniversary
NEW YORK, August 04, 2025--(BUSINESS WIRE)--Fortifi Capital, a fast-growing provider of working capital solutions for small businesses, today announced it has surpassed $175 million in total funding deployed across the United States. The milestone coincides with the company's two-year anniversary, underscoring rapid growth and strong demand for flexible financing options among entrepreneurs. Founded in August 2023, Fortifi Capital has quickly become a trusted capital partner for small and mid-sized businesses seeking speed, transparency, and personalized service. With headquarters in New York and regional offices in White Plains, Garden City, and Somerset, NJ, the firm has supported thousands of businesses across a wide range of industries. As part of its growth strategy, Fortifi is investing in proprietary technology aimed at improving marketing, streamlining operations, and enhancing the customer experience. These initiatives will support continued scale while maintaining the company's high-touch service model. Fortifi Capital's leadership team brings over a decade of experience in the alternative finance space, combining deep industry expertise with a commitment to innovation. With $175 million deployed in just two years and a robust infrastructure in place, Fortifi Capital is positioned for continued expansion in the small business finance sector. About Fortifi Capital Fortifi Capital provides fast, flexible, and transparent working capital solutions to small businesses nationwide. Founded in 2023, the company has funded over $175 million to date and continues to invest in technology and service to meet the evolving needs of American entrepreneurs. Fortifi is headquartered in New York with regional offices in White Plains, Garden City, and Somerset, NJ. View source version on Contacts Media Contact: Gennadiy BelikovGennadiy@ (917)
