Traders work on the floor of the New York Stock Exchange as Federal Reserve chairman Jerome Powell gives a news conference on September 18, the day the Fed cut interest rates by a quarter of a percentage point. Photo: Getty Images/AFP
Andy Xie
Opinion

Opinion

Andy Xie

The Federal Reserve is prolonging the trade war, keeping the biggest financial bubble in history going – and risking the entire global system

  • By fuelling a market rally every time talks stall, the Fed has extended the trade war and made the asset bubble bigger. If a crisis erupts outside the US or China, the bubble may burst – with disastrous consequences for the world

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Traders work on the floor of the New York Stock Exchange as Federal Reserve chairman Jerome Powell gives a news conference on September 18, the day the Fed cut interest rates by a quarter of a percentage point. Photo: Getty Images/AFP
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Andy Xie

Andy Xie

Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. He joined Morgan Stanley in 1997 and was managing director and head of the firm’s Asia-Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank. He was voted one of the 50 most influential persons in finance by Bloomberg magazine in 2013.