Outrageous Predictions
Executive Summary: Outrageous Predictions 2026
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London Quick Take – 26 June – Trump May Name Next Fed Chair Early, Nvidia Hits Record High
Neil Wilson
Investor Content Strategist
Note: This is marketing material. This article is not investment advice, capital is at risk.
London Quick Take – 26 June – Trump May Name Next Fed Chair Early, Nvidia Record High
Key Points
- Trump considers naming new Fed chair early
- Dollar slumps with euro hitting 4yr high, sterling hits highest since Jan 2022
- Equities remain steady after Israel-Iran ceasefire, FTSE 100 off 4-week low, Nasdaq 100 hits fresh ATH
- Nvidia hits new record high
- Shell says it’s not bidding for BP
US president Donald Trump could speed up naming a successor to Fed chair Jay Powell, a move that could considerably undermine Fed policymaking in the interim. Trump berated Powell once more and said he could pick the next Fed chair as early as September, well ahead of Powell’s leaving date in May 2026, effectively creating a shadow Fed chair who the markets will listen to.
Trump will seek yes man who will cut – he's already been calling for rates to be 2-3pts lower. Fed governor Kevin Warsh and National Economic Council director Kevin Hassett have been touted as potentials.
Bottom line – the Fed is staying cautious on rates right now, but if we get a shadow Fed chair in the autumn saying he will slash rates as soon as possible (ie May 2026), you will seee inflation fears rise and markets will sell long-dated bonds and push the dollar lower. As this comes at the same as the tax bill cements massive fiscal deficits you can see why markets are starting to look jittery again.
The comments sent the dollar lower with the euro hitting its best since 2021, the Swiss franc at a decade high and the pound at its highest against the greenback since January 2022.
European markets are a tad firmer this morning after sliding yesterday. Defence stocks like Rheinmetall outperformed, but banks and consumer names lagged. The FTSE 100 fell to a four-week low despite a boost for defence firms led by Babcock. Crumbling oil futures hit Shell and BP. Shares are a tiny bit higher in London and firmer still in Frankfurt and Paris.
Companies
Following a report in the WSJ, Shell says it is not looking to buy BP. But BP could do worse – Elliott is pushing hard for something to happen. Speculation around a BP takeover has been rife as a prime candidate for a stronger predator, but for now it seems Shell is happy to focus on its own assets. Further consolidation in oil majors seems inevitable though. I don’t think this is the last of it.
Nvidia hit a new record high at $154 as it closes in on a $4 trillion market cap, with CEO Jensen Huang giving a bullish outlook for AI spending at the AGM.
Nike reports today.
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