Powell pulls no punches

By Anna Szymanski

What matters successful U.S. and planetary markets today

By Anna Szymanski, Editor-in-Chief, Reuters Open Interest

Markets got yet different play astonishment from the Trump medication connected Sunday, with quality that the Justice Department is threatening to indict Federal Reserve Chair Jerome Powell implicit comments made astir a gathering renovation task – thing the Fed Chair called a “pretext” for the White House’s purpose of gaining much power implicit involvement complaint ​policy.

The archetypal marketplace absorption has been muted – and President Donald Trump denied immoderate cognition of the actions – but Powell’s pointed effect signals that successful the escalating conflict betwixt the Fed seat and the president, the gloves ‌have travel off.

I'll get into each the market-moving quality below, but archetypal cheque retired the latest occurrence of the Morning Bid regular podcast. Subscribe to perceive Reuters journalists sermon the biggest quality successful markets and concern 7 days a week.

Today's Market Minute

* U.S. President Donald Trump's medication has threatened ‌to indict Federal Reserve Chair Jerome Powell implicit comments to Congress astir a gathering renovation project, an enactment Powell called a "pretext" to summation much power implicit involvement rates Trump wants chopped dramatically.

* U.S. President Donald Trump said the U.S. whitethorn conscionable Iranian officials amid a convulsive crackdown connected protests successful Iran, arsenic helium weighed a scope of beardown responses including subject options.

* President Trump said connected Sunday that helium mightiness artifact Exxon Mobil from investing successful Venezuela aft the lipid major's CEO called the state "uninvestable" during a White House gathering past week.

* Big Oil companies person injected a dense dose of realism into U.S. President Donald Trump's program to rapidly put billions successful Venezuela, argues ROI Energy Columnist Ron Bousso.

* After 2 years of important underperformance, the European ⁠automotive assemblage is yet showing signs of a turnaround. This much-hated assemblage could spot ‌brighter days up successful 2026, argues Panmure Liberum concern strategist Joachim Klement.

Powell pulls nary punches

Chair Powell revealed connected Sunday that the Fed had received subpoenas past week related to remarks helium made to Congress this past summertime regarding outgo overruns for a $2.5 cardinal gathering renovation task astatine the Fed's office successful Washington.

His connection was notable for its directness: “This caller menace is not astir my ‍testimony past June oregon astir the renovation of the Federal Reserve buildings. It is not astir Congress’s oversight relation ... Those are pretexts. The menace of transgression charges is simply a effect of the Federal Reserve mounting involvement rates based connected our champion appraisal of what volition service the public, alternatively than pursuing the preferences of the President."