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US Federal Reserve

US Federal Reserve
Founded in 1913, the Federal Reserve is the central banking system for the United States.
Japan’s 10-year government bond yield, seen on a screen outside a brokerage in Tokyo on January 21, touched its highest in a century this month. Photo: Reuters
Japan

Macroscope | Could Japan stop being the ballast of the bond market?

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

United States

Trump picks former Federal Reserve official Kevin Warsh to chair US central bank

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Central banks

Before Trump’s Fed pick, a new clear favourite emerges for chair

Commodities

Runaway gold: why even Wall Street can’t keep up with the metal’s record ascent

Some Chinese funds halt subscriptions as uncertainty fuels volatility in the metals market, while Hong Kong’s first gold exchange-traded fund surges on its debut.

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Gold’s current price represents a historic gain of more than 20 per cent in the first four weeks of the year. Photo: Shutterstock
Interest rates

HKMA warns of risks as Hong Kong follows Fed in keeping interest rate unchanged

Analysts see the first US rate cut in June, with a falling Hong Kong interbank rate set to bring relief to borrowers.

United States

US Federal Reserve holds interest rates steady, defying Trump pressure

The US president had been pushing for cuts at the central bank’s first policy gathering this year.

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United States

S&P 500 hits 7,000 for first time amid AI boom and rate cut hopes

AI and Big Tech earnings propel the surge, as rate cut expectations boost market confidence despite earlier jitters.

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A trader holds a cap reading “S&P 7,000” on the floor of the New York Stock Exchange in July 2025. Photo: Reuters
Banking & finance

Trump says the US dollar can move like a yo-yo. Will Treasuries be left hanging?

With the US president levelling threats at enemies, allies and his own central bank, alternatives like gold and Chinese assets are gaining appeal.

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Commodities

Gold surge has analysts eyeing new highs after US$5,100 record

Safe-haven demand spikes amid de-dollarisation fears and supply-chain tensions, as gold buyers seek stability against growing macro uncertainties.

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Hong Kong Monetary Authority (HKMA)

How lower US interest rates can help Hongkongers amid steady local prime rates

Most new mortgages, many corporate loans are based on interbank rates, which will continue to fall, monetary authority’s deputy chief says.

A view of residential buildings in front of Lion Rock Hill on April 15, 2025. Photo: Dickson Lee
US-China trade war

At America’s biggest retail show, the China question never really goes away

Tariffs may ebb and supply chains may detour, but US shoppers – and giants like Walmart and Amazon – still rely heavily on Chinese goods.

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Illustration: Lau Ka-Kuen
US-China trade war

‘Not sustainable’: China central bank adviser flags US debt risk

As concerns mount over America’s ballooning debt, one of Beijing’s economic advisers warns fiscal discipline may not be on cards.

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US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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United States

Macroscope | Investors are giving Trump a free pass

Markets, especially bond markets, are meant to be a disciplining force. Their inaction will only embolden Trump to act more recklessly.

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A video of US Federal Reserve Chair Jerome Powell plays on a screen on the floor of the New York Stock Exchange on January 12. Powell has rejected the Trump administration’s claims of wrongdoing against him, calling them a pretext for punishing him for not cutting interest rates as fast as US President Donald Trump desired. Photo: AP
New Zealand

New Zealand central bank chief scolded for poking nose in Trump-Fed feud

Foreign Affairs Minister Winston Peters reminded Anna Breman to ‘stick to domestic monetary policy’.

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New Zealand central bank chief Anna Breman. Photo: Reuters
China stock market

UBS projects rosy view of Chinese stocks in 2026 as investors diversify holdings

‘Chinese assets’ appeal will further increase this year because of a sharpened focus on diversified investments,’ UBS’ Thomas Fang says.

Yuan

China’s PBOC sets onshore yuan fixing at strongest point in nearly 16 months

Analysts note how Beijing’s policy goals, such as internationalising China’s currency and curbing overcapacity, are aligning with a firmer exchange rate.

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Hong Kong stock market

Hong Kong stocks climb as yuan strengthens and investors broaden focus beyond US

Hang Seng Index advances as investors shift focus, boosting Asian equities, with pharmaceutical and healthcare shares leading gainers.

The yuan hit its highest level since May 2023. Photo: Bloomberg
Hong Kong property

Hong Kong’s housing market gets a vote of confidence from major banks

Most financial institutions forecast price gains ranging from 5 to 10 per cent, supported by supply constraints and end-user demand.

Donald Trump

Trump-Powell conflict over Fed escalates with threat of criminal indictment

Jerome Powell calls legal threats against him pretexts to pressure the US Fed over policy.

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Hong Kong property

Morgan Stanley lifts Hong Kong property to ‘attractive’ as stars align

City’s home prices are expected to rise around 10 per cent in 2026, with an ongoing rebound heralding the start of a new upcycle.

Hong Kong’s property sector is at the beginning of an upcycle, with prices likely to trend higher this year, according to Morgan Stanley. Photo: Dickson Lee
Interest rates

Hong Kong interbank rates forecast to drop on expected 2026 US monetary easing

Savings rates near zero prevent further prime rate reductions, though Hibor-linked loans will get cheaper, analysts say.

Analysts agree that lower US rates in 2026 would drive down Hibor – benefiting borrowers with Hibor-linked mortgages and corporate loans. Photo: Shutterstock
Investing

Opinion | Rising markets, falling interest rates and more: 5 investment myths for 2026

Investors must be careful in following conventional wisdom this year as several seemingly sure bets might be anything but.

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United States

Opinion | Why Donald Trump will focus on the Fed in 2026

With the US midterm elections looming, the White House seeks victory over inflation and the stimulating effects of lower borrowing costs.

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Jewellery

Explainer | Why gold prices fluctuated in 2025, hitting highs and plunging

The Fed’s rate cuts and global unrest pushed gold to record prices in 2025, but the end of the year tends to be volatile.

Gold prices surged past US$4,500 per ounce amid rising global conflicts and Fed cuts. Photo: AFP
Donald Trump

Trump says preferred Fed pick is ready, again teases firing Powell

US president urges Jerome Powell to resign as he considers a ‘gross incompetence’ lawsuit against the Fed leader.

US President Donald ‍Trump has renewed his ​threat ⁠to bring a lawsuit against Federal Reserve Chair Jerome Powell. Photo: Reuters
Hong Kong property

Hong Kong primary home sales to see decade high as small flats perk up market

Attractive discounts, easing mortgage costs and policy support drive the market’s shift towards flats that cost below US$1.3 million.

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China stock market

Chinese ETFs investing in US stocks cap subscriptions as they run out of quotas

GF Fund and E Fund have capped daily subscriptions at 10 yuan, while China Asset Management has stopped accepting new subscriptions.

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