Amni Rusli

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

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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

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Monday Links: The Fed Divided, the Fed United Some thoughts on last week's FOMC, the unanimous reappointment of Reserve Bank presidents, zigs & zags in supervisio n, Mormons & civility, and the importance of the boring deload week

petercontibrown.substack.com/p/monday-lin...

How US Banks Fund Themselves and Other Things Strictly speaking, this topic does not fall under monetary policymaking, though it is adjacent to it.

How US Banks Fund Themselves and Other Things #EconSky open.substack.com/pub/eightate...

How US Banks Fund Themselves and Other Things Strictly speaking, this topic does not fall under monetary policymaking, though it is adjacent to it.

How US Banks Fund Themselves and Other Things #EconSky open.substack.com/pub/eightate...

Globally, central banks are funding fiscal policies whether explicitly or not. That sounds bad, but there is another dimension where achieving price stability requires acknowledging that monetary and fiscal policies cannot ignore each other. #EconSky 🧵 (1/n)

With primary budget deficits exceeding 3% of GDP and debt trajectories deemed unsustainable, the drift towards fiscal dominance, where politics increasingly trumps policy, poses a profound risk to long-term stability.

False promises to one’s own population may have won elections, but using the same ploy under the scrutiny of the international community will not win the same credibility and trust.

The focus is also wrong when the priority should have been the welfare of ordinary people, seeing them through a period of elevated inflation and growth plans that need to fit the new reality of the US’s fiscal challenges.

of the fiscal plan to stimulate growth.

It’s hypocritical for the US to, on one hand, plan for growth through tax cuts and increased spending, and yet on the other hand exacerbate barriers to trade and investment that undermine productivity.