Banking
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Jerome Powell defies Trump one last time, holding rates steady: ‘The facts have moved decisively in the hawkish direction,’ top economist says
The Federal Reserve held interest rates steady on Wednesday in what is very likely Jerome Powell’s final policy decision as chair, leaving the federal funds rate in the range of 3.5% to 3.75% for a third meeting in a row and defying President Trump’s persistent demands to sharply lower rates. But beneath the headline decision,
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Sen. Thom Tillis says he’s ready to move ahead with confirming Warsh as Fed chair after DOJ drops probe on Powell
The Republican senator who had effectively blocked confirmation of President Donald Trump’s pick to lead the Federal Reserve said Sunday he was dropping his opposition after the Department of Justice ended its investigation of the current central bank chair. The announcement by Sen. Thom Tillis of North Carolina removes a big hurdle to Trump’s effort
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Pirro drops Powell probe, handing Kevin Warsh a lifeline, though U.S. Attorney vows to restart probe ‘should the facts warrant doing so’
The criminal investigation that has held the Federal Reserve chair nomination hostage for three months is over—sort of. U.S. Attorney for the District of Columbia Jeanine Pirro announced Friday that her office is closing its probe into Fed Chair Jerome Powell and the central bank’s Washington headquarters renovation, punting the matter to the central bank’s
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GOP senator blocking Warsh makes his stand on market stability
The one man blocking Donald Trump from installing Kevin Warsh as his new Federal Reserve chair has drawn a red line: the stability of the US financial markets. Republican Thom Tillis, who will retire in January after two Senate terms, provided key backing for some of Trump’s most controversial nominees, including Defense Secretary Pete Hegseth
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UAE in talks with U.S. for possible financial lifeline, WSJ says
The United Arab Emirates has begun talks with the US about a financial backstop in case the Iran war plunges the country into further crisis, the Wall Street Journal reported, citing US officials it didn’t identify. UAE Central Bank Governor Khaled Mohamed Balama raised the idea of a currency swap line with Federal Reserve and
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The $6 billion Vatican Bank was beset by scandals, disastrous investments—and ties to the Mafia. How Pope Francis tried to fix it
Although he was billed as an anti-capitalist by some, one of Pope Francis’s key accomplishments was a financial endeavor: his reform of the scandal-plagued $6 billion Vatican Bank. Francis, who died nearly a year ago at age 88, sought to reform the bank and the Holy See (the central government of the Catholic church and
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From drought to demand: Biotech IPOs roar back with Kailera and Alamar
Yuling Luo rang the Nasdaq closing bell Friday having taken his first company public in a massively oversubscribed round. The Alamar Biosciences CEO’s IPO was one of two back-to-back blockbuster biotech offerings this week, a clear signal that investors are willing to open their wallets for life sciences companies again—under the right conditions. On Thursday,
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Fed Chair nominee Kevin Warsh is worth more than $100 million and has stakes in SpaceX and Polymarket
Kevin Warsh, President Donald Trump’s pick for the next Federal Reserve chair, is worth more than $100 million, according to a financial disclosure report released by the Office of Government Ethics (OGE) on Tuesday. Warsh will testify before the Senate at a confirmation hearing on April 21. It’s customary for nominated political appointees to submit financial
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Fed seeks details on U.S. banks’ exposure to private credit firms
The Federal Reserve is asking major US banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry, according to people with knowledge of the matter. The queries by Fed examiners are intended to assess the level of stress in
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Jamie Dimon warned high taxes would push business out of New York, but the city is honing its edge over Miami in attracting top talent, report finds
JPMorgan Chase CEO Jamie Dimon warned of an exodus of companies from New York as a result of climbing taxes and regulatory encumbrances, but emerging data suggests mass migration away from the metropolitan has been greatly exaggerated. In JPMorgan’s annual shareholder letter, Dimon wrote that “while New York City has much going for it,” it