Nearly every Cabinet or staff appointment announced by US President-elect Donald Trump has been met with a predictable wave of media outrage. Some of this hysteria can be attributed to deep-seated partisan biases, some reflects legitimate concerns, and some is pure nonsense.
When it comes to the US economy, however, the spotlight is on whom Mr. Trump might try to dismiss rather than whom he plans to appoint. Although Mr. Trump has said he will not seek to remove Federal Reserve Chair Jerome Powell—whose term ends in May 2026—there is little doubt that Mr. Trump would love to tell Mr. Powell, "You're fired."
Mr. Trump's antagonism towards Mr. Powell is baffling, given that Mr. Powell has been doing an excellent job. Though less visually thrilling than a SpaceX booster landing, the Fed's success in achieving a soft economic landing amid aggressive interest-rate hikes is no less spectacular. Such a delicate balancing act has been pulled off only once before, in the 1990s, when monetary "maestro" Alan Greenspan headed the Fed. Given that sharp increases in interest rates typically trigger recessions, economists often consider it a success when the resulting downturn is mild or at least brief.
This story is from the January 04, 2025 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 04, 2025 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE LONG ROAD TO DATA PROTECTION
The DPDP Act comes with a long gestation period. What does that mean for its efficacy?
Tata Punch tops '24 sales charts, ends Maruti's 40-year reign
For the first time in four decades, a non-Maruti Suzuki India car has topped the list of India's best-selling cars. In 2024, the Tata Punch, a sub-compact sport utility vehicle (SUV), became the highest-selling vehicle by delivering 202,030 units.
Isro marks milestone as cowpea seeds take root in space
Cowpea seedlings onboard PSLV-C60 POEM-4 module sprout their first leaves in space, signifying a milestone in space-based plant research, Isro said on Monday.
India reports 5 HMPV cases; govt says no need to panic
India on Monday reported at least five cases of Human Metapneumovirus (HMPV), which causes respiratory illness and was recently identified in China and Malaysia.
US 30-Year Bond Yield Highest Since 2023
US Treasuries slumped, lifting the yield on 30-year bonds to the highest since late 2023, as a rattled market prepares for $119 billion of fresh government debt issuance this week.
Indian Bond Index Inflows May Lag Estimates: Morgan Stanley
Indian bonds included last year in a key global benchmark will fail to draw as much money as previously estimated, according to Morgan Stanley.
Select factor fund based on conviction, risk appetite
Ajay Singh (name changed on request), a 35-year-old Noida-based lawyer, plans to invest in factor (or smart-beta) funds in 2025.
Jubilant FoodWorks Hits 52-Week High
Brokerages Offer Mixed Outlook After Strong Q3 Showing
Quadrant Future Tek secures ₹131 cr from anchor investors
Quadrant Future Tek on Monday garnered ₹130.5 crore from anchor investors ahead of its initial public offering (IPO).
Sebi Eases Fund Settlement Norms for Dormant A/Cs
The Securities and Exchange Board of India (Sebi) on Monday relaxed settlement norms for brokerage accounts remaining inactive for more than 30 days.
