{"id":50919,"date":"2025-07-23T22:08:21","date_gmt":"2025-07-24T02:08:21","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/us-commerce-secretary-demands-powells-resignation-amid-global-economic-shifts\/50919\/"},"modified":"2025-07-23T22:08:21","modified_gmt":"2025-07-24T02:08:21","slug":"us-commerce-secretary-demands-powells-resignation-amid-global-economic-shifts","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-commerce-secretary-demands-powells-resignation-amid-global-economic-shifts\/50919\/","title":{"rendered":"US Commerce Secretary Demands Powell&#8217;s Resignation Amid Global Economic Shifts"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Commerce Secretary Howard Lutnick<\/strong> has publicly called for <strong>Federal Reserve Chair Jerome Powell&#39;s resignation<\/strong>, asserting that <strong>interest rates &quot;must come down&quot;<\/strong> and accusing Powell of a &quot;terrible job.&quot;<\/li>\n<li><strong>Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway<\/strong> indicated that <strong>New Zealand&#39;s economic growth softened in the June quarter<\/strong>, with <strong>further rate cuts possible if inflation continues to ease<\/strong>. Conway also highlighted that <strong>tariff uncertainty is likely to weigh on New Zealand investment and inflation<\/strong>.<\/li>\n<li>A warning has been issued that <strong>tariffs on Japan could surge back to 25%<\/strong> if former President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> is not satisfied, signaling potential trade policy shifts.<\/li>\n<li><strong>TD Bank (<a href=\"\/stock\/TD\">TD<\/a>)<\/strong> has mandated a <strong>four-day office return<\/strong> for its employees, reflecting a shift in corporate work policies.<\/li>\n<\/ul>\n<h2>US Monetary Policy Under Fire<\/h2>\n<p>In a fiery interview, <strong>US Commerce Secretary Howard Lutnick<\/strong> launched a scathing critique of <strong>Federal Reserve Chair Jerome Powell<\/strong>, demanding his resignation. Lutnick asserted that <strong>interest rates &quot;must come down&quot;<\/strong>, accusing Powell of doing a &quot;terrible job&quot; and urging that he &quot;should resign or be replaced.&quot; These comments underscore growing political pressure on the Federal Reserve to ease monetary policy.<\/p>\n<h2>New Zealand&#39;s Economic Headwinds and RBNZ Outlook<\/h2>\n<p><strong>Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway<\/strong> provided an update on the nation&#39;s economic health, noting that preliminary data indicates <strong>New Zealand&#39;s economic growth softened in the June quarter<\/strong>. Conway stated that <strong>further rate cuts are possible if inflation keeps easing<\/strong>, with the Q2 CPI data closely aligning with the RBNZ&#39;s projections.<\/p>\n<p>Conway also highlighted the significant impact of global trade dynamics, stating that <strong>uncertainty over tariffs is likely to reduce business investment and inflation in New Zealand<\/strong>. He emphasized that the full impacts of U.S. tariffs remain unclear, with data under constant review. <em>This uncertainty is seen weakening the global economy and demand, which could further dampen New Zealand&#39;s economic prospects.<\/em><\/p>\n<h2>Global Trade Tensions and Market Movements<\/h2>\n<p>Trade policy remains a key concern, with warnings that <strong>tariffs on Japan could jump back to 25%<\/strong> if former President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> is not satisfied. This potential escalation signals ongoing volatility in international trade relations.<\/p>\n<p>In Asian markets, the <strong>5-year Japanese Government Bond (JGB) yield climbed 1 basis point to 1.13%<\/strong>. Meanwhile, <strong>China&#39;s yuan opened at 7.1498 per dollar<\/strong>, strengthening slightly from its previous close of 7.1547. Separately, <strong>South Korea&#39;s trade envoy<\/strong> is set to proceed with a meeting with their U.S. counterpart during an upcoming visit, as confirmed by the finance ministry, indicating ongoing diplomatic efforts on trade.<\/p>\n<h2>Corporate Policy Shifts<\/h2>\n<p>In corporate news, <strong>TD Bank (<a href=\"\/stock\/TD\">TD<\/a>)<\/strong> has mandated a <strong>four-day office return<\/strong> for its employees. This move reflects a broader trend among financial institutions to increase in-office presence post-pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Commerce Secretary Howard Lutnick has publicly called for Federal Reserve Chair Jerome Powell&#39;s resignation, asserting that interest 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