Why oil price isn't what this $US1.2 trillion manager is watching
Crude oil futures back above $US72 a barrel for the first time in months has sparked fears about inflation and economic growth. Some commentators are even saying it will make it harder for the Federal Reserve to cut rates.
But Anders Persson, global fixed income chief investment officer at $US1.3 trillion ($2 trillion) asset manager Nuveen, says the market or economic impact isn't worth losing too much sleep over.
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Powell's term ends in May 2026, and Trump is expected to nominate a successor in the coming months. A Supreme Court ruling in May eased concerns that Trump could fire Powell as the justices called the Fed "a uniquely structured, quasi-private entity." US President Donald Trump has again floated the idea of firing Jerome Powell, the Federal Reserve chair he has long attacked over interest rates he wants lowered. "I don't know why the Board doesn't override (Powell)," Trump wrote in a lengthy post on Truth Social criticising Fed policy. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his Term ends shortly." Trump added: "I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I've tried it all different ways." 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But even Waller joined the unanimous Fed decision to leave rates on hold, signalling no inclination by any of Powell's six fellow Board members, or of the five voting regional Fed bank presidents, to "override" him. Elected partly on voters' belief that he could contain high inflation, the Republican US president has imposed tariff hikes in office. Powell, echoing an academic consensus, has said some of those tariff hikes will be paid for in higher consumer prices. Powell's term ends in May 2026, and Trump is expected to nominate a successor in the coming months. A Supreme Court ruling in May eased concerns that Trump could fire Powell as the justices called the Fed "a uniquely structured, quasi-private entity."
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