Amni Rusli

😔

☺️

Warsh can conceal his bias so long as the risks remain balanced between the mandates. However, once the risks tilt towards inflation, he’ll face a critical decision: whether to vote in favour of immediately addressing inflation risk, or to ignore it for as long as he can to avoid Trump’s wrath 😬

It’s Wednesday! 🥳

Mood

Powell should stay on

Warsh

Warsh

Kenapa Nasi Lemak Cepat Keras? Cara Masak Betul Guna Rice Cooker YouTube video by Che Nom

Making Nasi lemak in the rice cooker www.youtube.com/watch?v=f64n...

The Fed is answerable to Congress #Powell

Further loosening of US #FCI Financial Conditions Index #EconSky

MS #EconSky

MS

MS #EconSky

Tech titans lined up for Trump’s second inauguration. Now they’re even richer Silicon Valley bosses who lined up behind the US president for his inauguration have fared well under his administration

giftarticle.ft.com/giftarticle/... Tech titans lined up for Trump’s second inauguration. Now they’re even richer

EU readies €93bn tariffs in retaliation for Trump’s Greenland threat Europe could also threaten to restrict US companies’ market access in run-up to crunch talks at Davos

giftarticle.ft.com/giftarticle/... EU readies €93bn tariffs in retaliation for Trump’s Greenland threat

bsky.app/profile/nick...

bsky.app/profile/clau...

How much is genius worth? The value of the Renaissance masters' work: Leonardo, Michelangelo, and Raphael

How much is genius worth? open.substack.com/pub/artjourn...

GS

Jay Powell sent senators details on $2.5bn Fed project following testimony Letter seen by FT appears to undermine claims that chair of US central bank misled Congress over renovation

giftarticle.ft.com/giftarticle/... Jay Powell sent senators details on $2.5bn Fed project following testimony

Timely Powell (from my post)

Do markets care about Fed independence? They will eventually

giftarticle.ft.com/giftarticle/... Do markets care about Fed independence?

Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks Federal Reserve chair could stay on board beyond this year in effort to protect US central bank’s independence

giftarticle.ft.com/giftarticle/... Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks

while for inflation to be tamed post-Covid shock, this Trump-reign-induced shock will take even longer.

Would crazy, soaring living costs not force Trump to backtrack and demand rate hikes instead, to curb prices?

Or is the bet that the fallout lands squarely on the next president’s lap? If so, it will take forever for the Fed to wrestle high inflation back to 2%; if you think it took a

low interest rates and expansionary measures, despite climbing inflation, fuelling runaway inflation and unanchored expectations that plagued the economy for years.

Now, picture a “Trump-dependent” Fed instead of a “data-dependent” one: rates stay artificially low, inflation spirals.

Firstly, don’t judge Fed independence’s importance by market behaviour. Jeopardising it invites severe consequences that emerge sooner or later through multiple channels.

Secondly, the US lived this nightmare before, when Nixon pressured Fed Chair Arthur Burns to ease monetary policy through