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Chicago Tribune
a day ago
- Business
- Chicago Tribune
Trump says he's ‘highly unlikely' to fire Fed Chair Jerome Powell after floating that idea in private
WASHINGTON — President Donald Trump said Wednesday that he was 'highly unlikely' to fire Federal Reserve Chair Jerome Powell, a public statement made less than 24 hours after suggesting in a private meeting that he was leaning in favor of dismissing the head of the nation's central bank. Trump confirmed that in a White House meeting Tuesday night with about a dozen House Republicans he had discussed the 'concept' of dismissing Powell, long a target because of his refusal to lower interest rates as Trump wants. 'Almost every one of them said I should,' Trump said about the lawmakers who had come to talk to him about crypto legislation. He indicated he was leaning in that direction, according to a White House official. During that session, Trump waved a letter about firing Powell, but a person familiar with the matter said it was essentially a prop drafted by someone else and that the Republican president has not drafted such a letter. Neither source was authorized to publicly discuss the private meeting and they spoke only on condition on anonymity. Trump made his comment about being 'highly unlikely' to dismiss Powell — 'unless he has to leave for fraud' — during an Oval Office meeting with Salman bin Hamad Al Khalifa, the crown prince of Bahrain. In recent days, White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker. U.S. stocks were shaky as Trump spoke about Powell on Wednesday. The S&P 500's modest gain in the morning became a drop of 0.7% after initial reports that the president may fire the Fed chair. Stocks then trimmed their losses after Trump's later comment. Treasury yields also swiveled in the bond market but remained mostly calm. Those at the White House meeting were among the more far-right lawmakers, including members of the House Freedom Cause whose views are not always shared by other Republicans. In the Senate, Republicans have taken a more guarded approach. Some have backed Powell's performance at the Fed as they await an inspector general's review of the construction project. In a speech Wednesday, Sen. Thom Tillis, R-N.C., said if Powell is dismissed, 'you are going to see a pretty immediate response' 'If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake,' said Tillis, who has announced that he is not running for reelection. Sen. John Kennedy, R-La., said this week that Powell 'has done a decent job.' 'I don't think he's been perfect,' he said, adding that there have been times they disagreed, but 'I do believe that the chairman is calling them like he sees them.' Republicans on the House Financial Services Committee had been scheduled to meet with Powell on Wednesday evening in a gathering set months ago, but it was abruptly canceled due to votes in the House, according to a committee aide granted anonymity to discuss a private meeting.
a day ago
- Business
Trump says he's 'highly unlikely' to fire Fed's Powell after floating that idea in private
WASHINGTON -- President Donald Trump said Wednesday that he was 'highly unlikely' to fire Federal Reserve Chair Jerome Powell, a public statement made less than 24 hours after suggesting in a private meeting that he was leaning in favor of dismissing the head of the nation's central bank. Trump confirmed that in a White House meeting Tuesday night with about a dozen House Republicans he had discussed the 'concept' of dismissing Powell, long a target because of his refusal to lower interest rates as Trump wants. 'Almost every one of them said I should,' Trump said about the lawmakers who had come to talk to him about crypto legislation. He indicated he was leaning in that direction, according to a White House official. During that session, Trump waved a letter about firing Powell, but a person familiar with the matter said it was essentially a prop drafted by someone else and that the Republican president has not drafted such a letter. Neither source was authorized to publicly discuss the private meeting and they spoke only on condition on anonymity. Trump made his comment about being 'highly unlikely' to dismiss Powell — 'unless he has to leave for fraud' — during an Oval Office meeting with Salman bin Hamad Al Khalifa, the crown prince of Bahrain. In recent days, White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker. U.S. stocks were shaky as Trump spoke about Powell on Wednesday. The S&P 500's modest gain in the morning became a drop of 0.7% after initial reports that the president may fire the Fed chair. Stocks then trimmed their losses after Trump's later comment. Treasury yields also swiveled in the bond market but remained mostly calm. Those at the White House meeting were among the more far-right lawmakers, including members of the House Freedom Cause whose views are not always shared by other Republicans. In the Senate, Republicans have taken a more guarded approach. Some have backed Powell's performance at the Fed as they await an inspector general's review of the construction project. In a speech Wednesday, Sen. Thom Tillis, R-N.C., said if Powell is dismissed, 'you are going to see a pretty immediate response' 'If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake," said Tillis, who has announced that he is not running for reelection. Sen. John Kennedy, R-La., said this week that Powell 'has done a decent job.' "I don't think he's been perfect,' he said, adding that there have been times they disagreed, but 'I do believe that the chairman is calling them like he sees them.' Republicans on the House Financial Services Committee had been scheduled to meet with Powell on Wednesday evening in a gathering set months ago, but it was abruptly canceled due to votes in the House, according to a committee aide granted anonymity to discuss a private meeting.
Yahoo
a day ago
- Business
- Yahoo
Best Momentum Stocks to Buy for July 16th
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, July 16th: Fairfax Financial Holdings Limited FRFHF: This property and casualty insurance and investment management services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 14.4% over the last 60 days. Fairfax Financial Holdings Ltd. Price and Consensus Fairfax Financial Holdings Ltd. price-consensus-chart | Fairfax Financial Holdings Ltd. Quote Fairfax Financial's shares gained 19.9% over the last three months compared with the S&P 500's advance of 18.6%. The company possesses a Momentum Score of B. Fairfax Financial Holdings Ltd. Price Fairfax Financial Holdings Ltd. price | Fairfax Financial Holdings Ltd. Quote Banco de Chile BCH: This banking and financial products and services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.7% over the last 60 days. Banco De Chile Price and Consensus Banco De Chile price-consensus-chart | Banco De Chile Quote Banco de Chile's shares gained 20.4% over the last six months compared with the S&P 500's advance of 4.6%. The company possesses a Momentum Score of A. Banco De Chile Price Banco De Chile price | Banco De Chile Quote LY Corporation YAHOY: This online advertising and e-commerce company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.6% over the last 60 days. LY Corporation Unsponsored ADR Price and Consensus LY Corporation Unsponsored ADR price-consensus-chart | LY Corporation Unsponsored ADR Quote LY Corporation's shares gained 26.1% over the last six months compared with the S&P 500's advance of 4.6%. The company possesses a Momentum Score of A. LY Corporation Unsponsored ADR Price LY Corporation Unsponsored ADR price | LY Corporation Unsponsored ADR Quote See the full list of top ranked stocks here Learn more about the Momentum score and how it is calculated here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Banco De Chile (BCH) : Free Stock Analysis Report Fairfax Financial Holdings Ltd. (FRFHF) : Free Stock Analysis Report LY Corporation Unsponsored ADR (YAHOY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error 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
Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
Trump says he's 'highly unlikely' to fire Fed's Powell after floating that idea in private
WASHINGTON (AP) — President Donald Trump said Wednesday that he was 'highly unlikely' to fire Federal Reserve Chair Jerome Powell, a public statement made less than 24 hours after suggesting in a private meeting that he was leaning in favor of dismissing the head of the nation's central bank. Trump confirmed that in a White House meeting Tuesday night with about a dozen House Republicans he had discussed the 'concept' of dismissing Powell, long a target because of his refusal to lower interest rates as Trump wants. 'Almost every one of them said I should,' Trump said about the lawmakers who had come to talk to him about crypto legislation. He indicated he was leaning in that direction, according to a White House official. During that session, Trump waved a letter about firing Powell, but a person familiar with the matter said it was essentially a prop drafted by someone else and that the Republican president has not drafted such a letter. Neither source was authorized to publicly discuss the private meeting and they spoke only on condition on anonymity. Trump made his comment about being 'highly unlikely' to dismiss Powell — 'unless he has to leave for fraud' — during an Oval Office meeting with Salman bin Hamad Al Khalifa, the crown prince of Bahrain. In recent days, White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker. U.S. stocks were shaky as Trump spoke about Powell on Wednesday. The S&P 500's modest gain in the morning became a drop of 0.7% after initial reports that the president may fire the Fed chair. Stocks then trimmed their losses after Trump's later comment. Treasury yields also swiveled in the bond market but remained mostly calm. Those at the White House meeting were among the more far-right lawmakers, including members of the House Freedom Cause whose views are not always shared by other Republicans. In the Senate, Republicans have taken a more guarded approach. Some have backed Powell's performance at the Fed as they await an inspector general's review of the construction project. In a speech Wednesday, Sen. Thom Tillis, R-N.C., said if Powell is dismissed, 'you are going to see a pretty immediate response' 'If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake,' said Tillis, who has announced that he is not running for reelection. Monday Mornings The latest local business news and a lookahead to the coming week. Sen. John Kennedy, R-La., said this week that Powell 'has done a decent job.' 'I don't think he's been perfect,' he said, adding that there have been times they disagreed, but 'I do believe that the chairman is calling them like he sees them.' Republicans on the House Financial Services Committee had been scheduled to meet with Powell on Wednesday evening in a gathering set months ago, but it was abruptly canceled due to votes in the House, according to a committee aide granted anonymity to discuss a private meeting. __ AP Business Writer Stan Choe in New York, AP Congressional Correspondent Lisa Mascaro and Associated Press writer Stephen Groves contributed to this report.
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Business Standard
3 days ago
- Business
- Business Standard
Asian shares rise, dollar firms ahead of US earnings; JGB yields surge
Asian shares climbed and the dollar held gains on Tuesday as trade talks remained in the spotlight in a week that will see key readings on US inflation and bank earnings. Oil prices edged lower after US President Donald Trump issued a 50-day deadline for Russia to end the war in Ukraine to avoid energy sanctions. Japanese government bonds yields jumped to multi-decade high as a critical upper house election neared. Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30 per cent duties on the European Union and Mexico from August 1. Japan is reportedly trying to schedule high-level talks with the US this Friday. Market reaction to the tariff uncertainty has been rather benign, making earnings in the United States this week all the more important for cues, said National Australia Bank strategist Rodrigo Catril. "It'll be interesting to see what companies are saying, in particular in terms of the forward-looking outlook, in terms of where they see the next quarter, how they see their margins, are they going to get squeezed, or are they planning to pass it on," Catril said in a NAB podcast. "I think that this idea of complacency is also because we're not quite sure how this whole thing is going to play out," he added. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, after US stocks ended the previous session with meagre gains. Japan's Nikkei gauge added 0.2 per cent. The EU accused the US of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached. Trump said he was open to further discussions with the EU and other trading partners. Japan's Prime Minister Shigeru Ishiba is arranging to meet US Treasury Secretary Scott Bessent in Tokyo on Friday, the Yomiuri newspaper reported, ahead of an August 1 deadline before 25 per cent tariffs are due to take effect. Ishiba also has an election to contend with on Sunday, with polls showing his ruling coalition may lose their majority in the upper house to political opponents who are advocating for expansive spending. The benchmark 10-year JGB yield jumped to 1.595 per cent, highest since October 2008, while the 30-year yield hit an all-time high of 3.195 per cent. Meanwhile, the US earnings season is set to begin on Tuesday, with second-quarter reports from major banks. S&P 500 profits are expected to rise 5.8 per cent year-over-year, according to LSEG data. The outlook has dimmed sharply since the early April forecast of 10.2 per cent growth, before Trump launched his trade war. Investors are also waiting for US consumer price data for June, due on Tuesday, and will monitor for any upward pressure on prices from tariffs. The dollar was little changed at 147.71 yen after touching a three-week high. The euro was flat at $1.1672. US crude dipped 0.3 per cent to $66.80 a barrel. Trump announced new weapons shipments for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Gold inched up 0.1 per cent at $3,348.35 per ounce, while spot silver gained 0.1 per cent to $38.15 per ounce, after hitting its highest level since September 2011 in the previous session. In early trades, the pan-region Euro Stoxx 50 futures were up 0.1 per cent, German DAX futures were up 0.1 per cent, and FTSE futures were up 0.2 per cent. US stock futures, the S&P 500 e-minis, were down 0.1 per cent. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
