
President Donald Trump’s January 30 announcement of Kevin Warsh as his nominee for Federal Reserve Chairman has triggered a set of risk-off moves across asset classes - as investors digest the implications of Warsh’s long-time reputation as an “inflation hawk” despite Trump’s stated desire for lower rates.
As a result, we saw a stunning sell-off in precious metals, with gold diving 12% and silver crashing by 30%, while the USD staged its largest rally since May.
Global equities, including the S&P500 ended lower while bond markets remained mostly mixed, as futures pricing still reflect two rate cuts by the end of 2026.
Against a complicated backdrop of AI disruption and significant geopolitical uncertainties, what can the market expect from a Fed Chair who has historically leaned hawkish but now appears increasingly aligned with the "Trump 2.0" policy agenda?
What will be the immediate and long-term implications for asset prices?
Global Chief Investment Officer, Bank of Singapore
Jean Chia is Bank of Singapore’s Global CIO, responsible for the house view across Macroeconomics, Investment Strategy, FX, Equity & Fixed Income Research, as well as Discretionary Portfolio Management (DPM), Advisory Portfolio Management (APM) and Funds Selection teams at Bank of Singapore. Jean is a member of Bank of Singapore’s Global Management Committee and chairs the Bank’s Sustainable Investment Governance Committee. She also chairs the board of directors for BOS International Fund, Luxembourg and the OCBC Wealth Panel.
Jean has over 25 years of experience in Private Banking and Asset Management. She was previously Head, Equities Advisory & Sales, responsible for the equities and derivatives business at Bank of Singapore, and Head of Client Advisory Services for Equities, Investment Products & Services at UBS Wealth Management, Singapore. Prior to UBS, she was Vice President, Head of Grassroots Research at Allianz Dresdner Asset Management (now known as Allianz Global Investors).
Jean graduated with an MA in Philosophy, Politics and Economics from University of Oxford, UK. She is currently on the Development Advisory Board of St Hilda’s College, University of Oxford.
Jean holds a Sustainable Finance certification from Cambridge Institute of Sustainable Leadership (CISL). She is a Financial Women’s Association of Singapore (FWA) Female Champion and the Institute of Banking and Finance (IBF) Fellow for Private Banking and Wealth Management. Jean is a Director on the Board of Mandai Nature, the conservation arm established by Mandai Wildlife Group and Temasek.
Chief Investment Strategist, Bank of Singapore
Eli is Managing Director, Chief Investment Strategist at Bank of Singapore and plays a leading role in developing strategic and tactical portfolio asset allocation and thematic strategies across global asset classes and alternative investments for the overall banking group and portfolio management teams.
He is a central member of Bank of Singapore’s Investment Committee, which determines the bank’s overall investment direction, and is an internal member of the BOS-CIO Global Advisory Council.
He was previously Head of Investment Strategy, during which he and his team spearheaded the transformation of the group’s investment allocations to alternative investments and oversaw the optimization of target allocations for the group’s medium- and long-term portfolio strategies.
Before that, he was the Head of Equities Research and advanced the development of the group’s global equity coverage platform across US, Europe and Asia and investment processes in equity alpha generation.
Prior to joining Bank of Singapore and the OCBC Group, he was an investment analyst in the fixed income department at the Wellington Management Company in Boston. He began his career as an associate in Charles River Associates, a consulting firm in Boston specializing in arbitration in the financial sector.
Eli also sits on the Wealth Panel of OCBC Group and serves as a member of the Investment Committee for The Salvation Army Singapore.
Eli graduated from Harvard University with a master’s degree in Statistics.
Chief Macro Strategist, Bank of Singapore
Mansoor Mohi-uddin is a macroeconomist and financial market strategist with two decades experience covering institutional investors around the world. Mansoor speaks to policymakers and central bankers and maintains links with think-tanks in Washington and Beijing. He appears on CNBC and Bloomberg Television, his work features in The Economist and he has written for the Financial Times.
Mansoor was most recently at the Royal Bank of Scotland’s investment arm, NatWest Markets, where he was the Asia region's Macro Strategist and previously the bank’s Global Head of FX Strategy. Prior to joining RBS, Mansoor spent 17 years at UBS in London, Zurich and Singapore where he was also Global Head of FX Strategy from 2002 to 2014. Mansoor holds a Bachelor’s and a Master’s degree in Economics from the London School of Economics.
He was tutored by Professor Charles Goodhart, a former Chief Adviser at the Bank of England.
Head of Equity Strategy, Bank of Singapore
Low Pei Han, CFA, is the Head of Equity Research at the Chief Investment Office of Bank of Singapore and she leads a dynamic team of analysts dedicated to delivering insightful, actionable equity research to institutional and private clients.
With over 15 years of experience in the finance industry including her days as a sell-side analyst at OCBC Investment Research, Pei Han brings a wealth of knowledge and a proven track record of identifying investment opportunities across various sectors and markets. She has won awards (Top Stock Pickers, Top Earnings Estimators, Asia’s Best Analyst in Oil and Gas) from the Refinitiv StarMine Analyst Awards by LSEG (London Stock Exchange Group), as well as The Wall Street Journal.
Pei Han is a CFA charter holder. She attained her undergraduate degree from the Tepper School of Business at Carnegie Mellon University and her master’s degree from the Saïd Business School at the University of Oxford.
Head of Fixed Income Strategy, Bank of Singapore
Boh Hui Ling is a Senior Fixed Income Research Analyst at Bank of Singapore. She is responsible for research coverage on China, Indonesia and Australia credits.
She has a long and successful career in Credit Research and had previously worked at Principal Global Investors, Bank of Nova Scotia, Opvs Group and UOB Asset Management. Hui Ling graduated with a B.S Accountancy from the National Technological University (NTU).
She is a CFA Charter Holder and Certified ESG Analyst holder. She speaks fluent English and Mandarin.
FX Strategist, OCBC Group Research
Christopher is FX strategist at OCBC Group Research, where he is responsible for the Group’s forecasts and views on FX and precious metals. With 2 decades of experience, he has held roles across trading, economics and currency strategy at leading financial institutions and corporates, including ANZ, RBS, CapitaLand and Maybank.
His work has been recognised by industry awards and FX forecast rankings including Best bank for research by FX Markets Asia. A bilingual speaker in English and Mandarin, Christopher is a regular presence at client and industry forums, and his views are frequently featured across international and regional media, including TV, radio and print.
He also serves as a member on the OCBC Wealth Panel.









