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Fed Chair Powell Confronts His Final Big Decision: Stay or Go

  • The Justice Department said on Friday it would halt its criminal investigation Fed Chair Jerome Powell.
  • Jerome Powell’s decision to leave or stay on the Fed board until 2028 affects President Trump’s ability to fill a potential second vacancy.
  • Most Fed chairs leave the board after their term, but some want Powell to stay to protect the institution’s independence.

 
Tillis Drops Objection to Warsh’s Fed Nomination

  • Sen. Thom Tillis will support Kevin Warsh’s confirmation as Federal Reserve chair, clearing a path to succeed Jerome Powell.
  • Tillis had withheld his support for months due to a Justice Department probe of Jerome Powell.
  • The Justice Department’s probe appeared to end Friday.
ECB and BOE to Leave Key Rates Unchanged as Fate of Hormuz Strait Remains Unclear

  • The European Central Bank and Bank of England are expected to keep key interest rates unchanged due to Middle East energy shock uncertainty.
  • Inflation accelerated in March, with eurozone consumer prices 2.6% higher and U.K. inflation rising to 3.3%.
  • Policymakers await clearer signs of wage increases and broader price rises, with the next decision opportunity in June.
China’s Industrial Profits Jump Despite Tighter Energy Markets

  • China’s industrial profit surged 15.8% in March from a year earlier, driven by equipment and high-tech manufacturing sectors.
  • First quarter industrial profit rose 15.5% on year, consistent with strong exports and economic growth exceeding government targets.
  • Economists anticipate second quarter pressure from higher energy prices and weak external demand, despite current easing inflation.
German Consumer Sentiment Slumps to Three-Year Low on Iran War Impact

  • German consumer confidence plunged to minus 33.3 for May, its lowest level since February 2023, amid the Middle East conflict.
  • The consumer-climate index’s 5.2-point decline is the sharpest since October 2022, reflecting dimming income expectations.
  • The decline follows a tumble in the Ifo Institute business-sentiment indicator to a near six-year low in April.
 

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