Powell - Trump legal news brief: Trump files for mistrial in New York fraud case, saying Judge Engoron and his clerk are biased against him



Colin Luther Powell, known simply as Colin Powell, is an American statesman and retired four-star general in the United States Army, who served as the 65th United States Secretary of State, under the administration of President George W. Bush, from 2001 to 2005. He is renowned for his military service and his contributions as a political figure, globally.

Early life and education

Colin Powell was born on April 5, 1937, in Harlem, New York City, to Jamaican immigrant parents, Luther and Maud Powell. He grew up in the South Bronx, where he went to Morris High School. Upon graduation, he attended the City College of New York (CCNY), where he earned a Bachelor of Science degree in geology, in 1958.

Military career

Upon graduation from college, Powell joined the Reserve Officer Training Corps (ROTC), and upon completion, he was commissioned as a second lieutenant, in 1958. Powell served in the US Army for over 35 years, rising through the ranks to eventually become a four-star general, serving in various positions throughout his career.

Powell served two tours of duty in Vietnam, where he received a Purple Heart for injuries sustained during his second tour. From 1987 to 1989, Powell served as the National Security Advisor to President Ronald Reagan. Later on, he was appointed as the Chairman of the Joint Chiefs of Staff, a role he held from 1989 to 1993, during which time he played a significant role in the Persian Gulf War.

Political career

In 2001, Colin Powell was appointed by President George W. Bush as the 65th US Secretary of State, a position he served in from 2001 to 2005. Powell’s appointment as Secretary of State made him the first African American to hold the position. He was also one of the highest-ranking African American government officials in the history of the United States.

During his time as Secretary of State, Powell played a vital role in the Bush administration’s response to the September 11 terrorist attacks, including the decision to engage in the wars in Afghanistan and Iraq. Powell gave a speech to the United Nations in February 2003, outlining a case for the invasion of Iraq, using evidence later proved to be flawed.

Political views and affiliations

Powell has long been considered a moderate within the Republican Party, and is known for his more centrist views on a number of issues. He has been a vocal opponent of the Republican Party’s hard-line stance on social issues such as abortion and same-sex marriage, and has voiced support for affirmative action and immigration reform.

In recent years, Powell has become increasingly critical of the Republican Party and its direction under the leadership of Donald Trump. In a 2020 interview, Powell stated that he could not support Trump’s re-election and endorsed Democrat Joe Biden for president.

Personal life and legacy

Powell has been married to Alma Johnson since 1962, and they have three children. Powell is known for his philanthropic work, establishing the Colin Powell School for Civic and Global Leadership at his alma mater, the City College of New York.

Powell has received numerous awards and honors over the course of his career, including the Presidential Medal of Freedom, the Defense Distinguished Service Medal, and the Legion of Merit. He is widely regarded as one of the most respected and significant political figures of his generation, and has been noted for his leadership qualities, diplomatic skills, and commitment to public service.


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Little progress has been made in curbing too high inflation, Fed's Jefferson says

The Independent

23-05-13 00:35


US Federal Reserve Governor Philip Jefferson has said that inflation remains “too high" and that little progress has been made in reducing it to the central bank's target of 2%. Core inflation has been stuck within 0.3%-0.5%, “where you’d really like it to be moving down and in concert with our target," according to Tom Barkin, president of the Federal Reserve Bank of Richmond. Jefferson has been nominated by President Joe Biden to become vice-chair of the Fed, which would give him greater influence over interest rates.

https://www.independent.co.uk/news/world/americas/us-politics/ap-fed-joe-biden-jerome-powell-washington-b2338056.html
Biden nominates Jefferson as Fed Vice Chair, Kugler to Fed Board

Reuters

23-05-12 16:04


US President Joe Biden has nominated Federal Reserve Governor Philip Jefferson to become the central bank's vice chair and Adriana Kugler, the World Bank's US executive director, as a Fed Governor, further expanding the labour economist's expertise on the central bank's board. Biden reiterated that this job is not a partisan one that plays an important role in domestic and international monetary policy, financial supervision and national security. Jefferson and Kugler would require the closely divided Senate's confirmation. Kugler would be the Fed Board of Governors' first-ever Latina and Jefferson, only the second-ever Black Vice Chair.

https://www.reuters.com/markets/us/biden-nominates-jefferson-fed-vice-chair-kugler-fed-board-2023-05-12/
Biden nominates Philip Jefferson as Fed Vice Chair, Adriana Kugler to central bank board

The Globe and Mail

23-05-12 15:18


US President Joe Biden has nominated Adriana Kugler, the World Bank’s US executive director, and Federal Reserve governor Phillip Jefferson to fill key roles in the Federal Reserve. Jefferson will be promoted to Vice Chair, following the vacancy left by Lael Brainard's move to a top position in President Biden’s White House economics team. Kugler will join as a Fed governor. Jefferson and Cook joined the seven-member board last year and were confirmed in May 2022. Cook has been renominated for a full 14-year term on the Board of Governors. Kugler would become the first-ever Latina on the Fed Board of Governors, potentially ending complaints of a long-standing lack of diversity at the central bank. Biden said the nominations “will help build upon the historically strong economic recovery we have had under my administration.”

https://www.theglobeandmail.com/business/international-business/us-business/article-biden-nominates-philip-jefferson-as-fed-vice-chair-adriana-kugler-to/
Senior Fed official signals doubts over pause in US rate rises

Financial Times

23-05-12 07:18


US Federal Reserve official Michelle Bowman has stated that she is open to ongoing interest rate rises and has warned that employment and inflation data do not suggest that price pressures are in check. The Fed is attempting to temper economic expansion with steady rate increases, though Jay Powell, the Fed chair, recently indicated that he believed rates were nearing a peak, prior to the last monetary policy committee meeting. Bowman called for more research to be conducted before recommendations were made concerning the regulation of banking, and asked for an independent third-party review to be conducted in addition to investigations by regulators.

https://www.ft.com/content/9e4d0683-a543-4d51-9306-0a951fbb2a20
Why Low Inflation in China Is No Cause for Applause

Bloomberg

23-05-11 20:00


China's economy faces a deeper challenge than headline growth numbers suggest as inflation remains quiescent, indicating sub-par demand in certain parts of the economy. Consumer prices only rose 0.1% YoY in April compared to producer prices which dropped 3.6%, below economists' forecasts and a concern for Beijing. Borrowing costs increased dramatically in 2022 after a decade of declining inflation post-recession. There is a necessity for People's Bank of China to financially stimulate the economy with a possible interest-rate cut unless officials can encourage consumer confidence and business expenditure with action rather than signalling.

https://www.bloomberg.com/opinion/articles/2023-05-11/china-slowing-inflation-is-no-cause-for-applause?srnd=next-china
Red Roses set to be boosted by involvement of ex-England coach Ashton

The Independent

23-05-16 07:23


Brian Ashton has been brought in to help the coaching team for England’s women's rugby team ahead of the 2025 Women’s Rugby World Cup. Ashton, who guided the men's team to the final in 2007, will help out in an unofficial capacity, and the move has been interpreted as an effort to develop the coaching team within the Rugby Football Union. John Mitchell has recently been appointed England's new head coach following Simon Middleton's departure after the Women’s Six Nations.

https://www.independent.co.uk/sport/rugby/rugby-union/red-roses-brian-ashton-england-john-mitchell-b2339259.html
Powell's legacy tested by inflation, bank crisis, new Fed dynamics

Reuters

23-05-16 10:15


US Federal Reserve Chair, Jerome Powell, is facing a critical time, with a fight against inflation, recession worry and an increased criticism of the Fed's oversight of the financial sector. Biden's nomination of a new vice-chair for the central bank may be viewed as a vote of confidence in Powell, but there is no doubt that it poses a test of his stewardship as he navigates the direction of interest rates, the lowest public approval rating of any recent Fed chief thus far, and an unusual call for an external review of Fed supervision. If Powell does his job well, he may be remembered as the Fed leader who tamed inflation without a recession and kept a stressed financial system intact, but if he hypothetically loses control of the situation, he may have to resort to punishing rate hikes to regain it. Powell and his colleagues are trying to curb inflation without causing a recession and increased unemployment heading into a presidential election.

https://www.reuters.com/markets/us/powells-legacy-tested-by-inflation-bank-crisis-new-fed-dynamics-2023-05-16/
What to expect as US nears ‘unthinkable’ debt default

Financial Times

23-05-16 18:19


The US government is at risk of running out of cash in a matter of weeks, with officials warning that it may default on its bonds if a political dispute in Washington over raising the debt ceiling is not settled. While some Republicans in Congress have explored the possibility of the Treasury prioritising bond payments if a default is close, this has been discouraged by treasury secretary, Janet Yellen, who has warned that delay in making other payments would constitute a “default by another name”. A short-lived default could result in a 0.6% decline in GDP and 500,000 lost jobs. The [US] credit score would be trashed, leading to higher borrowing costs for decades, according to experts. For those buying protection via credit default swaps, an enormous payout could await as US bonds have faced a steep rise in interest rates since early 2022, leading to the value of swaps rising to record highs.

https://www.ft.com/content/ce2acb70-ccd3-4c1e-9f2a-a37319cf9d08
Fed's watchdog defends work before Senate amid questions over his independence

Reuters

23-05-17 22:31


The Federal Reserve’s internal watchdog, Mark Bialek, has testified with the Senate Committee on Banking, Housing and Urban Affairs, defending his unit's independence as well as its ability to investigate. However, the inspector general acknowledged that he has faced some criticism over the way that investigations of the central bankers' trading activities have been conducted. Fed insiders have meanwhile suggested that Bialek's role will come under increasingly close scrutiny following allegations of inappropriate trading activity by two regional bank leaders and the confirmation hearing of President Joe Biden's nominee to lead the SEC.

https://www.reuters.com/markets/us/feds-watchdog-defends-work-before-senate-amid-questions-over-his-independence-2023-05-17/
'Big money never buys cheap': Why investors are waiting on Japan

Reuters

23-05-18 06:50


Japan's stock market rose to multi-decade highs this week, and is being driven by strong corporate earnings, a weak yen and buybacks. While both the broad Topix and the benchmark Nikkei index have reached vertical milestones that have not previously been seen since 1990, some investors are choosing to stay out; many foreign asset allocators are reluctant to enter the market due to stock stagnation over the past few years, and some are wary of the possibility the central bank may withdrawal its monetary stimulus.

https://www.reuters.com/markets/asia/big-money-never-buys-cheap-why-investors-are-waiting-japan-2023-05-18/
Asian shares mixed as China growth worries crimp U.S. debt ceiling optimism

Reuters

23-05-19 02:47


Asian stocks fell on concerns of a slowing Chinese economy, with Hong Kong tech stocks hit particularly hard after Alibaba Group reported lower revenue growth than anticipated. China and Hong Kong stocks dropped 0.61% and 1.8% respectively causing a dip in MSCI's broadest index of Asia-Pacific shares outside Japan, with the index ultimately settling with a 0.19% gain for the week. In contrast, Japan's Nikkei rose to a new 33-year peak. Negotiations over US debt (with hopes high for a deal once President Biden returns from the G7 meeting in Japan on Sunday) kept attention on the American markets, while hopes for a quick interest rate hike dwindled further after the number of Americans filing for initial jobless claims fell below expectation.

https://www.reuters.com/markets/global-markets-wrapup-1-2023-05-19/
Will Another Rate Hike Finally End America’s Spending Spree?

Heritage

23-05-19 02:46


The US Federal Reserve has increased its benchmark target Federal Funds rate by 0.25 percentage points. The move matches the high-water mark set in 2006 and 2007, which preceded the Great Recession. The rate hike follows three of the largest bank collapses in the past few weeks and amid rising inflation and interest on the national debt. While the Fed has come under significant pressure to pause or reverse rate hikes, it needs to control inflation by limiting its money creation. The government must cut spending, borrowing and printing to right the ship.

https://www.heritage.org/markets-and-finance/commentary/will-another-rate-hike-finally-end-americas-spending-spree
Hope Powell joins England backroom staff for men’s Under-20 World Cup

The Independent

23-05-19 08:50


Former head coach of the senior England women's team and Brighton manager Hope Powell has joined the backroom staff for the men's under-20 World Cup in Argentina, to serve as technical adviser to head coach Ian Foster. Powell led England to the 2009 European Championship final and coached the side at two World Cups, as well as managing the Great Britain women's team at the London 2012 Olympics. The appointment is backed by the England Elite Coach Programme, aimed at supporting under-represented groups working with the England national teams. England open their World Cup campaign against Tunisia on Monday.

https://www.independent.co.uk/sport/football/hope-powell-england-ian-foster-brighton-argentina-b2341991.html
South African rand firms ahead of Fed chair speech

Reuters

23-05-19 07:51


The South African rand strengthened slightly in early trading as the US dollar weakened ahead of a speech by Federal Reserve Chair Jerome Powell and an S&P rating review for South Africa later in the day. The rand hit an all-time low last week due to domestic power crisis fears and allegations of weapons shipments to Russia. Among the factors affecting it this week are a SARB interest rate decision, and an auction of inflation-linked bonds and Treasury bills.

https://www.reuters.com/world/africa/south-african-rand-firms-ahead-fed-chair-speech-2023-05-19/
Disney Inflicts a Blow to DeSantis Ahead of His Presidential Run

NY Times

23-05-19 12:12


Florida Governor Ron DeSantis is going to be a presidential candidate for the US Republican Party and will formally announce his campaign against Donald Trump next week. DeSantis is confident, with strong financial support and more $80m expected to be transferred from his state account to his Super PAC, which has already raised more than $30m, focusing on his legislative accomplishments. However, he was dealt another blow this week after Disney scrapped plans to build a $1bn office complex in Orlando that was expected to bring more than 2,000 jobs with an average salary of $120,000. Sources say Disney’s feud with Mr. DeSantis, which had escalated into a bitter fight over control of the entity that oversees Disney World, played a major factor. The Fox News commentator Dagen McDowell said on Thursday, “Ron DeSantis does not have an economic plan as of yet, and today Disney just pulled a $1 billion investment out of Florida.”

https://www.nytimes.com/2023/05/19/business/dealbook/disney-desantis-presidential-campaign.html?searchResultPosition=2
Powell says rates ‘may not need to rise as much’ due to bank stress

Financial Times

23-05-19 17:19


The recent bank failures, including that of Silicon Valley Bank, may limit how much further the Federal Reserve will need to raise its benchmark interest rate, according to the Chair of the Federal Reserve, Jay Powell. The credit crunch resulting from the bank failures is contributing to tighter credit conditions, economic growth, hiring and inflation, he warned. Powell said that, due to this, policymakers may need to forgo further tightening. He added that the extent of the impact of these credit conditions is "highly uncertain". His comments were made as Fed policymakers debate whether to press ahead with an 11th straight rate rise next month or pause tightening. Since March 2022, the Fed has raised its benchmark policy rate by more than 5 percentage points to a target range of 5%-5.25%; this rise has been viewed by Powell as notable. However, he advised there was "uncertainty about lagged effects" of tightening already applied, "about the extent of credit tightening from these banking stresses", and "about their effects on growth".

https://www.ft.com/content/8009c0f9-9953-4a5b-b476-fa7a55c9a1cb
Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month

The Toronto Star

23-05-19 16:41


Federal Reserve Chair Jerome Powell indicated that the Fed is unlikely to increase its benchmark interest rate at its upcoming June meeting, which will be the first since it started raising the rate over a year ago, saying that the key rate is already high enough to restrict borrowing, spending and economic growth, in turn potentially cooling inflation. Powell’s remarks come amid a series of mixed messages from Fed officials this week about raising rates further to combat inflation. Inflation, measured by the Fed’s preferred metric, has slowed from 7% last June to 4.2% in March.

https://www.thestar.com/news/world/us/2023/05/19/federal-reserve-chair-powell-hints-at-a-pause-in-rate-hikes-when-central-bank-meets-next-month.html
Fed's Powell says tighter credit conditions ease rate hike pressure

Reuters

23-05-19 15:33


Federal Reserve Chairman Jerome Powell has said that because of current credit conditions, there is less need for the US central bank to raise rates. Speaking at a Washington conference, Powell claimed that recent banking sector turbulence suggested "our policy rate may not need to rise as much as it would have otherwise to achieve our goals." The comments follow a period of debate surrounding whether the Federal Reserve should continue with rate increases to stave off inflation.

https://www.reuters.com/markets/us/feds-powell-says-tighter-credit-conditions-ease-rate-hike-pressure-2023-05-19/
Federal Reserve officials are growing skeptical about suspending rate hikes

CNN

23-05-19 20:08


Some US Federal Reserve officials are debating whether to raise interest rates again in June to curb inflation, while others argue the economy is not yet overheating and a pause might be more appropriate. Chicago Federal Reserve President Austan Goolsbee said “we need to take that [tightening credit conditions] into account and the only way to do that is sit and watch it.” However, other policymakers are concerned there is still too much liquidity in the market, which could drive inflation higher. The Federal Reserve launched its most aggressive rate-hiking campaign since the 1980s to battle inflation in 2022.

https://edition.cnn.com/2023/05/19/business/fed-officials-rate-pause/index.html