Fed Chair in the firing line
• Market jolt. Reports & denials about whether Chair Powell may be removed generated a burst of volatility. On net, US equities rose & USD weakened.• Fed changes. Fed Chair can’t be fired ‘without cause’. Disagreement over rates not enough. Potential change another example of US policy uncertainty.• AU jobs. Volatile Australian jobs report released today. Will it show cracks are widening? US retail sales & import prices out tonight. Global Trends A burst of headline driven volatility washed through markets overnight. Rather than being tariff related it stemmed from possible changes at the top of the US Federal Reserve....