Fed Chair Powell warned of higher inflation and slower growth as Nvidia reported a $5.5 billion hit from US chip export controls, dragging tech stocks down over 7%.
Quotes from Powell’s speech include: “For the time being, we are well positioned to wait for greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation and tariffs. Powell reiterated that the Trump administration's tariffs are “significantly larger than anticipated.” “The same is likely to be true of the economic effects, which will include higher inflation and slower growth.”
TLDR: it sounds like interest rates are not going to be cut in the near term by Fed Chair Powell, in opposition of Trump’s wishes.
Chinese freight cancellations jumped, with 80 sailings scrapped and US container imports projected to fall by up to 800,000 units.
California sued President Trump’s administration to block new tariffs, arguing they caused economic harm and violated constitutional limits on presidential trade powers.
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📊 Ideas, trends, and analysis
The WTO forecasted global trade would contract by 0.2% in 2025, reversing earlier expectations of 2.7% growth, citing President Trump's tariffs and US-China decoupling as key factors.
Gold is up more than 10% over the last 30 days, while the US Dollar is down 3.75% in the same period.
🧠 Make yourself heard
There’s clearly an escalation and a strong difference in opinions between the president and the fed chair. What would you like to see happen with Jerome Powell and Trump?
