Flash News

TREE NEWS update: UK Chancellor John Healey will impose a 15% tax on UK property portfolios held by sovereign wealth funds, ending their exemption from rental income tax. Treasury documents published after Healey’s first budget show the measure is expected to raise about £700 million ($932 million) by the 2029-30 fiscal year.

TREE NEWS reports: Phillips 66 executive vice president Brian Mandel told analysts on a conference call that Russia does not have enough distillate to meaningfully affect the market, calling it a drop in the bucket compared with offline distillate capacity. The assessment from one of the largest US fuel producers further undercuts President Trump’s strategy of easing restrictions on Russian diesel exports to push oil prices down.

TREE NEWS reports: Jeffrey Gundlach, known as the “new bond king,” said his equity allocation is about 30% and is held solely in the equal-weight S&P index. The remark, reported as a brief portfolio update, gives no further detail on timing or the size of the position. It marks a notably defensive stance on U.S. equities from the veteran bond investor.

TREE NEWS update: Third-quarter GDP and September PCE data will be released simultaneously on Oct. 29 at 8:30 a.m. ET, with the market expecting annualized GDP growth of about 3.2% and core PCE up about 0.3% month on month and 3.1% year on year. The Fed voted 10-2 to hold rates at 3.75%-4.00%, with both dissenters favoring a hike. The data will be the first major releases since that decision and will influence the December meeting.

TREE NEWS update: Federal Reserve Chair Warsh sidestepped a question on whether the current interest rate level is appropriate, saying there is broad agreement that previous actions have begun to show some effect. He added that no clear conclusion has been reached on whether further rate hikes will be needed. Warsh did not specify a timeline or threshold for future policy moves.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said on Oct. 28 that the Fed will deliver price stability “no ifs, or buts,” with a firm 2% PCE target and no soft inflation goal. Warsh added that interest rates “affect almost everything,” including AI and capital spending, where credit spreads have widened and financial conditions have tightened. He said political considerations played no role in the FOMC decision ahead of the midterm elections.

TREE NEWS update: Federal Reserve Chair Kevin Warsh concluded his press conference, with the next FOMC monetary policy meeting scheduled for December 8-9. The schedule sets the date for the central bank’s next rate decision and policy statement.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said most Fed officials believe the US economy is not too hot, noting that faster growth does not necessarily mean inflation is being stoked. Warsh said his assessment is that productivity improvements are being seen, and that most of the changes in productivity are related to superintelligence.

TREE NEWS update: Federal Reserve Chair Warsh said the impact of interest rate hikes on markets has been broadly in line with expectations. The remark addresses how markets have absorbed the central bank’s tightening cycle. No further details were provided.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said the balance sheet working group’s recommendations will be submitted to the FOMC for discussion in early in the first quarter of next year. Warsh said any adjustment to the balance sheet would be unlikely to have any effect at this policy juncture. He added that any changes would come only after careful consideration of the task force’s recommendations.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said his attention to South Korea is greater than widely assumed, without providing further detail. The remark was made in a statement carried in the material. No specific policy or economic measures were disclosed.

TREE NEWS reports: The onshore yuan closed at 6.6660 per dollar at 03:00 Beijing time, gaining 10 pips from Tuesday’s night-session close. Trading volume totaled $44.294 billion. The move reflects the latest positioning in the currency market.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said US political factors played no role in interest rate decisions, when asked whether the midterm elections could influence the central bank’s rate path. Warsh’s remark rejects any suggestion that the political calendar shapes monetary policy. He did not elaborate on the policy outlook in the remarks.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said interest rates are already affecting the technology sector, noting that since early September rate effects have been visible both inside and outside tech. Warsh said rates affect almost everything and have a major impact on the technology investment boom, adding that he had doubted rates would influence artificial intelligence. Capital expenditure remains strong and is broadening, he said.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said he has noted the recent rise in oil futures prices but cannot provide help, as oil prices continue to fluctuate and interest rates move in tandem. Warsh did not elaborate on any policy response. The remarks come amid ongoing volatility in energy markets and shifting rate expectations.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said the central bank will phase in changes to its meeting schedule starting next year, reducing the number of meetings that include rate votes to six annually by 2028. Under the plan, one of 2027’s eight meetings will become a strategic discussion without a rate vote, rising to two in 2028. The Fed earlier held rates steady in a 10-2 vote, and bond traders are pricing about a 90% chance of a December rate hike.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said credit conditions have tightened since the Fed’s last rate hike but declined to describe them as “restrictive,” while warning inflation remains “too high.” In opening remarks, Warsh credited strong consumer spending and high-tech business investment for what he called “more rapid” third-quarter growth, and noted low unemployment and healthy job growth. He said the Fed is not yet satisfied with progress on inflation, adding that lowering inflation is its responsibility.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said he will not take responsibility for remarks made by US government officials, in a statement that draws a line between the central bank and the administration’s public commentary. The remark, reported without further context, comes as markets watch for any sign of friction between the Fed and the White House over policy communication.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said multiple working groups are working hard and that they have made a strong impression on him, in remarks dated to his tenure as Fed chair. He offered no further detail on the groups’ mandates or findings, and the statement contained no policy or rate guidance. The comment is a personnel-level remark from the head of the U.S. central bank.

TREE NEWS update: Federal Reserve Chair Kevin Warsh said the central bank will achieve price stability, framing the commitment as unconditional — “neither an ‘if’ nor a ‘but.'” The remark signals a firm anti-inflation stance from the new Fed chair. No policy specifics, rate guidance or timeline were given in the statement.