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View all search resultsIncoming Federal Reserve chair Kevin Warsh will be sworn in at the White House on Friday, taking the reins of the US central bank as it faces unprecedented pressure from President Donald Trump to cut interest rates.
Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank on Wednesday with interest rates on hold, rising concern about inflation, and an announcement that he would stay on as a Fed governor for now to defend the agency's independence from Trump administration "battering."
With the two-week truce in its final hours, the US president said he would push the deadline back indefinitely following a request from mediator Pakistan and stressing the need to give Tehran's "fractured" leadership time to form a proposal.
Due to the reemergence of oil prices as a key determinant amid the Iran war, monetary authorities facing renewed inflation risks are becoming less likely to cut interest rates, keeping global borrowing costs elevated and tightening financial conditions across both advanced and emerging economies.
US Federal Reserve policymakers are expected to leave interest rates unchanged at their meeting next week, as the US-Israel war on Iran sends shock waves through markets and recent economic data has begun to show weakness.
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