The US Supreme Court on 29 June 2026 gave the president sweeping power to dismiss the leaders of independent agencies, overturning a 90-year-old precedent — while pointedly carving out the Federal Reserve, the institution global markets watch most closely.
Alan Greenspan, who led the US Federal Reserve from 1987 to 2006 and became the defining central banker of the globalisation era, has died aged 100. His low-rate, deregulatory tenure built much of the modern financial system, but his reputation was shadowed by the 2008 crisis that followed his exit.
At his first meeting as Federal Reserve chair, Kevin Warsh held US rates at 3.5%-3.75% and resisted President Trump's demand for cuts — a decision felt acutely in Luxembourg, the world's second-largest fund centre.