Fed Cuts As Powell Signals Trump, More Goldman Partners & British 'Wagyu' popularity
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On today's podcast:
(1) Federal Reserve Chair Jerome Powell made clear he's ready to defend the US central bank from political pressure following the re-election of Donald Trump, saying he wouldn't resign if asked and insisting the incoming president doesn't have the power to fire him or other senior Fed leaders.
(2) Donald Trump's team is forming a new administration and the president-elect is expected to draw top advisers and cabinet secretaries from a pool of Wall Street and business executives including officials from his first term — at least the ones who stuck by him.
(3) The Bank of England has supported UK Chancellor Rachel Reeves' debut budget, despite market concerns over inflation and borrowing
(4) The head of HSBC's new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring "very quickly" and could announce the first round of job cuts within weeks.
(5) Goldman Sachs has added 95 executives to its partnership, the largest addition since CEO David Solomon took over.
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