The Federal Reserve’s board of governors voted unanimously to reappoint 11 reserve bank presidents to new five-year terms beginning March 1, 2026

Asian stocks opened higher following a record-setting performance by the S&P 500, which was buoyed by the Federal Reserve's third consecutive interest-rate cut. This positive momentum in the U.S. markets has influenced investor sentiment across Asia, leading to a more optimistic outlook for regional equities.

The U.S. trade deficit narrowed to its lowest level in five years in September, primarily due to a reversal in gold imports as investors moved their stockpiled gold back overseas after initial fears of tariffs did not materialize. This shift reflects a significant change in trade dynamics, particularly in the precious metals market.

President Trump is set to appoint a new chair of the Federal Reserve, a move that comes amid ongoing debates within the central bank regarding interest rate cuts. While Trump advocates for lower borrowing costs, the Federal Reserve's officials are divided on whether further cuts are warranted given the current economic conditions.

The Federal Reserve has announced a cut in its federal funds rate, which may lead to lower mortgage rates for home buyers, sellers, and builders. This decision is seen as a potential boost for the housing market, although the exact impact will not be clear until late January.

Copper prices surged to a record high following the Federal Reserve's anticipated interest rate cut and an upgraded growth forecast for the US economy. This increase reflects heightened investor confidence in the metal's demand amid tightening supply dynamics.

China's government is pushing for energy supremacy, transforming Inner Mongolia into a hub for cheap electricity, which is crucial for the country's growing artificial intelligence (AI) sector. This initiative raises concerns among tech leaders about a potential U.S.-China 'electron gap' in computing capabilities.

Federal Reserve Chair Jerome Powell indicated that Fed staffers believe federal job creation data may be overstating actual job growth by as much as 60,000 jobs per month, suggesting a potential contraction in the job market. This revelation raises concerns about the accuracy of economic indicators that inform policy decisions.

The Federal Reserve has cut interest rates, signaling a cautious approach to further easing amid significant internal dissent among its officials. Three members expressed differing views on the decision, highlighting the complexities of the current economic landscape characterized by stalled inflation progress and a cooling job market.