Bessent Names Fed Chair Shortlist | Bloomberg Businessweek Daily 10/27/2025

Wikipedia founder Jimmy Wales emphasizes the importance of trust in the digital age, contrasting his platform's mission of building an encyclopedia with the often chaotic nature of social media. In his new book, 'Seven Rules of Trust,' he advocates for a return to a society grounded in reliable information and facts. This message is particularly relevant today as misinformation spreads rapidly online, making Wales' insights crucial for fostering a more informed public.

Treasury Secretary Scott Bessent has announced five finalists to succeed Jerome Powell as Federal Reserve Chair, with a decision expected by the end of the year. The candidates include current Fed board members and notable economic figures, highlighting the administration's focus on selecting a leader who can navigate the complexities of the economy. This decision is significant as it will shape monetary policy and economic direction in the coming years.

In a significant development, the US and China have reached a preliminary agreement on a trade deal, as announced by Treasury Secretary Scott Bessent. This could mean a potential easing of the 100% tariff threat that has loomed over trade relations. The upcoming meeting between President Trump and President Xi is crucial, as it may pave the way for improved economic ties and stability in global markets. This news is important because it signals a willingness from both nations to negotiate and find common ground, which could have positive implications for international trade.

The Federal Reserve is set to implement its second consecutive interest-rate cut to bolster a shaky job market, although some officials are concerned about rising inflation. This decision is anticipated on Wednesday, but the ongoing government shutdown may limit the Fed's ability to provide clear guidance on future policies. Bloomberg's Michael McKee offers insights into what we can expect from this meeting, highlighting the delicate balance the Fed must strike between supporting employment and managing inflation.

In a week filled with significant developments, US equity futures are on the rise as the US and China appear to be nearing a trade deal, which could have positive implications for the global economy. President Trump has just landed in Tokyo after concluding his trip in Kuala Lumpur, where he is set to engage in crucial discussions in Asia. Meanwhile, Treasury Secretary Scott Bessent has announced five finalists to take over the role of Federal Reserve Chair from Jerome Powell, a move that could influence monetary policy moving forward. Additionally, Argentinian President Javier Milei is celebrating a victory in the recent midterm elections, marking a pivotal moment for his party and the country's political landscape.

Treasury Secretary Scott Bessent has announced five finalists to succeed Jerome Powell as Federal Reserve Chair, with President Donald Trump indicating he will make a decision on the nominee by year-end. This is significant as the new chair will influence monetary policy and economic direction, impacting markets and everyday Americans.

As Wikipedia approaches its 25th anniversary, it continues to be a beacon of free knowledge in a fragmented online world. Founded by Jimmy Wales, the platform has faced challenges, including criticism from figures like Elon Musk, who has labeled it 'Wokipedia.' Despite these hurdles, Wikipedia's commitment to providing accessible information remains strong, highlighting the importance of collective efforts in preserving human knowledge. This resilience is crucial as AI technologies evolve, making it essential for platforms like Wikipedia to adapt and thrive.

Japan is at a crossroads as its new prime minister considers whether to continue the previous administration's approach to trade negotiations with the U.S., which resulted in a controversial $550 billion deal. This decision is crucial as it could shape Japan's economic future and its relationship with the United States, especially under the influence of former President Trump.

Former Australian Prime Minister Malcolm Turnbull has joined the International Advisory Board of AI company Rohirrim, marking a significant step in his involvement with artificial intelligence. In a conversation with Rohirrim CEO Stephen Aberle on Bloomberg, Turnbull discussed his new role and the company's vision to transform Australia's procurement processes through AI. This development is important as it highlights the growing influence of AI in government and business, potentially leading to more efficient practices in Australia.

HSBC reported a 14% drop in third-quarter profits, primarily due to legal charges that impacted its financial performance. Despite this setback, the bank has raised its income outlook, indicating a potential recovery and resilience in its operations. This news is significant as it highlights the challenges faced by major financial institutions while also showcasing their ability to adapt and forecast future earnings.

In recent discussions, Bessent emphasized the importance of maintaining a 'sound' monetary policy in Japan. This is significant as it highlights the ongoing efforts to stabilize the economy and ensure sustainable growth. By focusing on sound monetary practices, Japan aims to navigate economic challenges effectively and foster a more resilient financial environment.

Indonesia's central government has announced a new policy allowing it to lend directly to local authorities and state companies. This move is significant as it aims to enhance financial support for regional development projects and improve infrastructure. By facilitating access to funds, the government hopes to stimulate economic growth and empower local entities to address their specific needs more effectively.

HSBC reported a significant decline in its quarterly profit, dropping 21% to $4.87 billion, largely due to a $1.1 billion hit from the Madoff lawsuit. This decline highlights the ongoing financial repercussions of past scandals and raises concerns about the bank's future performance. Investors and analysts will be closely watching how HSBC navigates these challenges moving forward.

HSBC reported a significant 21% drop in net profit for the third quarter, falling to $4.87 billion, largely due to a $1.1 billion hit from the Madoff lawsuit. This decline highlights the ongoing financial repercussions of past scandals and raises concerns about the bank's future performance. Investors and analysts will be closely watching how HSBC navigates these challenges moving forward.