Bet_Noire/iStock via Getty Images By Christian Floro, CFA, Market Strategist Originally published on May 12, 2026 A long-standing critic of the Fed, incoming Chairman Kevin Warsh is set on bringing in a new era for the Federal Reserve. Though the institution’s consensus-driven nature will likely prevent a large shift in its overall monetary policy reaction function, Chairman Warsh is most likely t...
Bet_Noire/iStock via Getty Images By Christian Floro, CFA, Market Strategist Originally published on May 12, 2026 A long-standing critic of the Fed, incoming Chairman Kevin Warsh is set on bringing in a new era for the Federal Reserve. Though the institution’s consensus-driven nature will likely prevent a large shift in its overall monetary policy reaction function, Chairman Warsh is most likely to also bring about changes that could result in a smaller balance sheet, looser bank regulations, and an overhaul of the way it communicates with markets. Complicated transition underway Having cleared the political logjam in the Senate Banking Committee, Kevin Warsh is all but expected to be confirmed by the full Senate and seated at the Federal Reserve by May 16. While this removes a key unknown facing the Fed, another important consideration is Powell’s historically rare decision to remain as a Fed governor after his term as chair ends. Though Powell has stressed that he will take a more backseat role from a public perspective, his choice to stay - potentially through to the end of his term in 2028 - could still allow him to exert his influence over policy decisions and provide a counterweight to Warsh. Importantly, it also limits President Trump’s ability to reshape the committee with additional appointments more aligned with his preferences. This shuts the door, for now, on his ability to further solidify his influence over the institution. With ongoing concerns about the Fed's independence, Powell’s decision to stay on will not only add uncertainty to the impending leadership transition but also potentially complicate the Warsh Fed’s reaction function. The new reaction function Though Warsh often had a hawkish bias during his time as a Fed governor from 2006 to 2011, especially after the global financial crisis, his remarks more recently have leaned in the opposite direction. He has argued that the U.S. economy faces an enduring AI-driven productivity boom that will l...
Revolut Ltd. has received approval from UK regulators to expand its investment offerings in the country, as the fintech firm seeks to win more wealthy clients. The firm’s trading entity is reworking its model to offer competitive pricing, according to a statement Thursday. It also will begin to offer portfolio management and private wealth services. The London-based digital bank is already authori...
Revolut Ltd. has received approval from UK regulators to expand its investment offerings in the country, as the fintech firm seeks to win more wealthy clients. The firm’s trading entity is reworking its model to offer competitive pricing, according to a statement Thursday. It also will begin to offer portfolio management and private wealth services. The London-based digital bank is already authorized to hold and control client money, according to the Financial Conduct Authority ’s website. Revolut opened up UK and European equities and exchange-traded funds to its users last year. Revolut’s trading unit had about 1.2 million customers at the end of last year, with £733.3 million ($992 million) of assets under administration, according to a financial report. The company is also looking to integrate artificial intelligence into its investments, it said in the statement.
SkyBridge Capital founder Anthony Scaramucci suggested on Wednesday that Bitcoin (CRYPTO: BTC) is tracing an adoption path akin to that of Amazon.com Inc. (NASDAQ:AMZN) and Microsoft Corp. (NASDAQ:MSFT). Scaramucci Says Bitcoin Can’t Be ‘Devalued’ During an interview with RiskReversal Media, Scaramucci said that traditional fiat money is essentially “worthless,” but it gains value because people t...
SkyBridge Capital founder Anthony Scaramucci suggested on Wednesday that Bitcoin (CRYPTO: BTC) is tracing an adoption path akin to that of Amazon.com Inc. (NASDAQ:AMZN) and Microsoft Corp. (NASDAQ:MSFT). Scaramucci Says Bitcoin Can’t Be ‘Devalued’ During an interview with RiskReversal Media, Scaramucci said that traditional fiat money is essentially “worthless,” but it gains value because people trust it. Bitcoin, he added, is an improved version, which happens to be “an open, transparent, fully
(Bloomberg) -- President Donald Trump became the first US leader in almost a decade to visit China when he landed in Beijing on Wednesday. His much-anticipated two-day summit with President Xi Jinping — delayed from March due to the Iran war — offers the leaders of the world’s two largest economies a chance to reset personal ties and look for common ground on trade, technology and a range of other...
(Bloomberg) -- President Donald Trump became the first US leader in almost a decade to visit China when he landed in Beijing on Wednesday. His much-anticipated two-day summit with President Xi Jinping — delayed from March due to the Iran war — offers the leaders of the world’s two largest economies a chance to reset personal ties and look for common ground on trade, technology and a range of other contentious topics. Most Read from BloombergIran’s Kharg Island Oil Jetties Empty Again Yesterday,
India faces the challenge of bridging deep divisions within the BRICS bloc gathering in New Delhi this week, as members remain split over the Middle East conflict. New Delhi is hosting the two-day BRICS foreign ministers’ meeting, which kicks off Thursday, with External Affairs Minister Subrahmanyam Jaishankar chairing the gathering. The bloc has been at odds over how to respond to the war in Iran...
India faces the challenge of bridging deep divisions within the BRICS bloc gathering in New Delhi this week, as members remain split over the Middle East conflict. New Delhi is hosting the two-day BRICS foreign ministers’ meeting, which kicks off Thursday, with External Affairs Minister Subrahmanyam Jaishankar chairing the gathering. The bloc has been at odds over how to respond to the war in Iran, following US and Israeli strikes launched more than two months ago, with divisions deepening as members appear to be aligned on opposing sides. In remarks on Thursday, Jaishankar urged the group to work towards a more stable and inclusive international order. “The conflict in West Asia merits particular attention. Continuing tensions, risks to maritime traffic, and disruptions to energy infrastructure highlight the fragility of the situation,” he said. Iran has been pressing the group to condemn the military campaign by US and Israel, and has sought India’s backing in doing so, Bloomberg reported earlier. The United Arab Emirates, which joined the group in 2024, is unlikely to agree. Iran, also a BRICS member since 2024, has responded to the US attacks by launching strikes at the UAE and Saudi Arabia. On Wednesday, Iranian Deputy Foreign Minister Kazem Gharibabadi said one member country was pushing the group to condemn Iran, holding up a consensus on the conflict, according to India’s PTI news agency . He did not name the country. “India remains committed to engaging constructively with all partners,” Jaishankar said on Thursday. Meanwhile, the gathering risks being overshadowed by US President Donald Trump’s visit to Beijing. China is Iran’s biggest buyer of oil and a key provider of diplomatic support on the world stage. The BRICS has fallen short of reaching consensus on key global issues in the past. Last year, the group condemned the July 2025 US-Israeli strikes on Iran, but it was was silent on the US capture of Venezuelan President Nicolas Maduro in January. “Indi...
matejmo/iStock via Getty Images Fund performance The abrdn Global Infrastructure Income Fund outperformed its benchmark in the first quarter of 2026. ¹ In terms of individual stock positive contributors, RWE ( RWEOY ), the European electric utility, benefited from the German stimulus bill, which provides funding for new generation, as well as the company's decision to cut renewable capital expendi...
matejmo/iStock via Getty Images Fund performance The abrdn Global Infrastructure Income Fund outperformed its benchmark in the first quarter of 2026. ¹ In terms of individual stock positive contributors, RWE ( RWEOY ), the European electric utility, benefited from the German stimulus bill, which provides funding for new generation, as well as the company's decision to cut renewable capital expenditure and return more capital to shareholders. International Container Terminal Services ( ICTEY ), the Philippine global port operator, reported good quarterly results, showing annual percentage revenue growth in the mid-teens and margins close to all-time highs. Management also spoke positively about the volume trends it was seeing. Cheniere Energy ( LNG ), the US liquefied natural gas exporter, saw its shares rise strongly on a combination of a significant global supply shock after attacks on Qatar's Ras Laffan facility, which highlighted the strategic value of US exports, alongside robust fourth-quarter earnings and a $10 billion share buyback programme. In terms of individual stock detractors, Enfinity Global is a global renewable energy developer and operator, and Sentinel Midstream is a portfolio of crude pipelines in the Gulf Coast. These are private equity investments that both experienced no change in valuation over the quarter and therefore underperformed relative to the portfolio. Notably, both businesses continue to perform in line with expectations. Crown Castle ( CCI ), the US tower company, moved lower on news that Dish ( SATS ) had defaulted on its obligations to Crown Castle (and the other tower operators). Dish is only a low single-digit percentage of overall revenues, so this is not a huge issue, and the company will look to recover the monies owed via the courts. However, this did little to help sentiment towards tower companies, which has been quite negative for the past 18 months. Market review Global equity markets were volatile in the first quarter o...
Emmanuel Macron Says France's Fate Is "Tied To The African Continent" For anyone who doubts that "Multiculturalism" is the preeminent political religion of the new age, the rhetoric of the majority of the European ruling class consistently proves the case. French President Emmanuel Macron was the co-host (with Kenyan President William Ruto) at the Africa Forward Summit this week in Kenya, where he...
Emmanuel Macron Says France's Fate Is "Tied To The African Continent" For anyone who doubts that "Multiculturalism" is the preeminent political religion of the new age, the rhetoric of the majority of the European ruling class consistently proves the case. French President Emmanuel Macron was the co-host (with Kenyan President William Ruto) at the Africa Forward Summit this week in Kenya, where he repeated multicultural rhetoric in favor of mass immigration from Africa into Europe. His comments seemed to be a message to the many anti-immigration movements now gaining momentum across the EU; asserting that without Africa, the French have no future. It was France’s first major Africa summit in an English-speaking country, signaling a deliberate pivot away from French speaking African nations with an eye towards broader, “equal-footing” partnerships. Macron argued that the French youth need to be made to understand that France is now part of Africa due to mass immigration. NOW - France's Macron: "I want the youth of France to understand that our fate is tied with the African continent's fate, that we will succeed with Africa." pic.twitter.com/MuNunRUIEj — Disclose.tv (@disclosetv) May 12, 2026 “I have no regrets. I have immense ambition for this continent that I love, which is a treasure for the world, the youngest and most dynamic continent on the planet. I want our young people in France to understand that their future is bound up in this continent. Africa will succeed, and we will succeed alongside it.” "...There are some 17 million French people who were part of the African Diaspora. So we are part of this continent. It is a great chance for us as French. There are millions of French people who are French Malian or French Algerian or French Senegalese. So we have this great chance to be able to succeed alongside the African continent..." France has been overwhelmed by third world immigration in the past decade. Around 11% of the population is foreign born. They rep...