Latest news with #DavidMalpass
Bloomberg
3 days ago
- Business
- Bloomberg
Bloomberg Surveillance TV: August 14th, 2025
- Ed Yardeni, Chief Investment Strategist at Yardeni Research - Norman Roule, Senior Adviser at Center for Strategic & International Studies - David Malpass, former President at The World Bank - Nela Richardson, Chief Economist at ADP Ed Yardeni, Chief Investment Strategist at Yardeni Research, discusses the equity bull case amid clarity on tariff policy and the potential for rate cuts. Norman Roule, Senior Adviser at Center for Strategic & International Studies, previews the Trump-Putin summit in Alaska. David Malpass, former President at The World Bank, discusses political and economic priorities for the second Trump administration with just over a year to go until the 2026 Midterms. Nela Richardson, Chief Economist at ADP, reacts to jobless claims and PPI and talks about the health of the US labor market.
Bloomberg
16-07-2025
- Business
- Bloomberg
Bloomberg Surveillance TV: July 16th, 2025
- David Malpass, former President at the World Bank - Devin Ryan, Managing Director at Citizens JMP Securities - Pierre Ferragu, Head: Global Technology at New Street Research - Kara Murphy, CIO at Kestra Investment Management David Malpass, former President at the World Bank, joins to discuss President Trump's economic and political priorities both domestically and abroad. Devin Ryan, Managing Director at Citizens JMP Securities, reacts to bank earnings. Pierre Ferragu, Head: Global Technology at New Street Research, talks about Nvidia's valuation after the latest move by the Trump administration on chip trade curbs and also talks about the broader outlook for big tech. Kara Murphy, CIO at Kestra Investment Management, offers her equity outlook for the second half of 2025.
Irish Times
05-07-2025
- Business
- Irish Times
Trump's demands for next Fed chief: lower rates and look the part
Donald Trump wants a Federal Reserve chairperson who will cut rates, which are currently 4.5 per cent, to 1 per cent. Delusional? Perhaps, but this is Trumpworld. Trump isn't the first president to pressure the Fed. In 1965 Lyndon Johnson told William McChesney Martin his rate hike was 'despicable'. Richard Nixon successfully leant on Arthur Burns to ease policy before the 1972 election, driving short-term growth but long-term inflation. READ MORE Unlike his predecessors, however, Trump applies pressure in public, calling Fed chief Jerome Powell everything from 'very average mentally' to a 'moron'. Trump's rants about 1 per cent interest rates are alarming economist Justin Wolfers. He sees echoes of Turkey's Recep Tayyip Erdogan, another authoritarian populist who favoured low rates over sound economics, with predictably ruinous results. 'That movie was Turkey,' says Wolfers, who fears 'an American sequel.' Trump wants Powell to resign. Powell can refuse, but he obviously won't be reappointed when his term ends next May. Nevertheless, Trump's problem is finding a replacement who both looks the part and will follow the script. The Wall Street Journal says Trump was impressed by Kevin Warsh's hair and appearance when interviewing him in 2017, but thought him too young-looking. Warsh, back in contention, says zero rates lead to 'very bad economic outcomes', so he is hardly the pliable dove Trump wants. Another contender, former World Bank president David Malpass, wants cuts, but Trump has reportedly cooled on him, doubting whether Malpass is telegenic enough for the job. The ideal candidate, it seems, must promise cheap money and good lighting.
Yahoo
26-06-2025
- Business
- Yahoo
Trump gets closer to naming his pick to replace Powell as Fed chair
President Trump is getting closer to naming his replacement for Jerome Powell as his patience with the central bank chairman runs out. Trump told reporters Wednesday that that he is down to three or four candidates, and The Wall Street Journal reported late Wednesday that he could announce his final pick by September or October — or even this summer — to undercut Powell's authority for the remainder of his term ending in May 2026. "I know within three or four people who I'm going to pick," the president said Wednesday without offering specific names. The Wall Street Journal reported that former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett are among the people being considered by Trump, and that Treasury Secretary Scott Bessent has been pitched as well. Before Trump was elected, Bessent in 2024 floated the idea of naming a "shadow chair" well before Powell's term was up, ensuring that "no one is really going to care what Jerome Powell has to say anymore." Bessent told lawmakers earlier this month he would like to remain in his seat until 2029, but he did not dismiss the possibility of becoming the next chair of the Fed. Bessent said he has "the best job" in Washington and is "happy to do what President Trump wants me to do," while noting that "I would like to stay in my seat through 2029" to help carry out the administration's agenda. Former World Bank President David Malpass and Fed governor Christopher Waller are among other possible candidates, the Journal reported. Waller has been outspoken recently about his support for rate cuts, a stance that would surely please Trump. The active consideration of Powell successors comes after a period of intensifying pressure from Trump as the chairman's guarded wait-and-see monetary policy stance continues to inflame tensions with the White House. The president has called repeatedly for rate cuts and lobbed a series of insults at Powell via social media, from "loser" to "fool." Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Trump's comments on Wednesday didn't address the question of whether he is looking to fire Powell or announce his final pick quickly. Last week the president mused: "Maybe, just maybe, I'll have to change my mind about firing him?" Powell has said he intends to serve out his term as chair, and that he can't be removed by law. "He goes out pretty soon, fortunately, because I think he's terrible," Trump added Wednesday. The comments from the president came as Powell sat before Senate lawmakers for his second day of regularly scheduled testimony before Congress. Powell told lawmakers that the central bank is "well-positioned to wait" on any interest rate adjustments until it has more clarity on how Trump's tariffs will affect inflation and the direction of the US economy. Read more: What Trump's tariffs mean for the economy and your wallet The president's attacks on Powell intensified at the end of last week as Trump called for rates to drop from 4.25% to 4.5% to between 1% and 2% and said of Powell and the Fed's board of governors, "I don't know why the Board doesn't override this Total and Complete Moron!" Trump repeated some of those points in a Tuesday social media post, calling for rates "at least two to three points lower" and saying that Powell "will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate." "I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come." On Wednesday, Trump reiterated his oft-stated case for why Powell should lower rates by at least one percentage point immediately, citing "no inflation." He also recounted an earlier face-to-face meeting with Powell, offering a mocking voice for Powell, and repeated his personal attacks by saying "I think he's a very stupid person actually" and calling him "an average mentally person." Trump is not the only one calling for lower rates. Even some of Powell's fellow policymakers — Fed governors Michelle Bowman and Waller — have said in recent days that they now see cutting rates as soon as the Fed's next policy meeting in July due to recent mild inflation readings. But other officials have pushed back on that urgency and warned that it is too soon to know the true effects of tariffs on inflation. Trump has even mused about appointing himself Fed chair. One lawmaker asked Powell on Tuesday if that was even possible. "I don't know," he said, adding that it's "not a question for me." Powell has not said if he also plans to leave the Fed's board. His term as a Fed governor is not up until 2028. On Tuesday he repeatedly dodged questions about Trump, Trump's policies and personal insults. "All I want to do in what's left of my time at the Fed is to have the economy be strong and have inflation be under control. I want to turn it over to my successor in that condition." Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
26-06-2025
- Business
- Yahoo
Trump gets closer to naming his pick to replace Powell as Fed chair
President Trump is getting closer to naming his replacement for Jerome Powell as his patience with the central bank chairman runs out. Trump told reporters Wednesday that that he is down to three or four candidates, and The Wall Street Journal reported late Wednesday that he could announce his final pick by September or October — or even this summer — to undercut Powell's authority for the remainder of his term ending in May 2026. "I know within three or four people who I'm going to pick," the president said Wednesday without offering specific names. The Wall Street Journal reported that former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett are among the people being considered by Trump, and that Treasury Secretary Scott Bessent has been pitched as well. Before Trump was elected, Bessent in 2024 floated the idea of naming a "shadow chair" well before Powell's term was up, ensuring that "no one is really going to care what Jerome Powell has to say anymore." Bessent told lawmakers earlier this month he would like to remain in his seat until 2029, but he did not dismiss the possibility of becoming the next chair of the Fed. Bessent said he has "the best job" in Washington and is "happy to do what President Trump wants me to do," while noting that "I would like to stay in my seat through 2029" to help carry out the administration's agenda. Former World Bank President David Malpass and Fed governor Christopher Waller are among other possible candidates, the Journal reported. Waller has been outspoken recently about his support for rate cuts, a stance that would surely please Trump. The active consideration of Powell successors comes after a period of intensifying pressure from Trump as the chairman's guarded wait-and-see monetary policy stance continues to inflame tensions with the White House. The president has called repeatedly for rate cuts and lobbed a series of insults at Powell via social media, from "loser" to "fool." Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Trump's comments on Wednesday didn't address the question of whether he is looking to fire Powell or announce his final pick quickly. Last week the president mused: "Maybe, just maybe, I'll have to change my mind about firing him?" Powell has said he intends to serve out his term as chair, and that he can't be removed by law. "He goes out pretty soon, fortunately, because I think he's terrible," Trump added Wednesday. The comments from the president came as Powell sat before Senate lawmakers for his second day of regularly scheduled testimony before Congress. Powell told lawmakers that the central bank is "well-positioned to wait" on any interest rate adjustments until it has more clarity on how Trump's tariffs will affect inflation and the direction of the US economy. Read more: What Trump's tariffs mean for the economy and your wallet The president's attacks on Powell intensified at the end of last week as Trump called for rates to drop from 4.25% to 4.5% to between 1% and 2% and said of Powell and the Fed's board of governors, "I don't know why the Board doesn't override this Total and Complete Moron!" Trump repeated some of those points in a Tuesday social media post, calling for rates "at least two to three points lower" and saying that Powell "will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate." "I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come." On Wednesday, Trump reiterated his oft-stated case for why Powell should lower rates by at least one percentage point immediately, citing "no inflation." He also recounted an earlier face-to-face meeting with Powell, offering a mocking voice for Powell, and repeated his personal attacks by saying "I think he's a very stupid person actually" and calling him "an average mentally person." Trump is not the only one calling for lower rates. Even some of Powell's fellow policymakers — Fed governors Michelle Bowman and Waller — have said in recent days that they now see cutting rates as soon as the Fed's next policy meeting in July due to recent mild inflation readings. But other officials have pushed back on that urgency and warned that it is too soon to know the true effects of tariffs on inflation. Trump has even mused about appointing himself Fed chair. One lawmaker asked Powell on Tuesday if that was even possible. "I don't know," he said, adding that it's "not a question for me." Powell has not said if he also plans to leave the Fed's board. His term as a Fed governor is not up until 2028. On Tuesday he repeatedly dodged questions about Trump, Trump's policies and personal insults. "All I want to do in what's left of my time at the Fed is to have the economy be strong and have inflation be under control. I want to turn it over to my successor in that condition." Click here for in-depth analysis of the latest stock market news and events moving stock prices
