Dirhams & Dollars

While the US finally saw a new chairman of the Federal Reserve nominated to replace outgoing Janet Yellen, Saudi Arabia saw a government shake up of its own, with several high profile ministerial replacements. We discuss the implications of Jerome Powell’s nomination, and why Donald Trump chose Powell over Yellen (hint: it’s to do with his political affiliation). We also discuss Saturday night’s events in the kingdom, including the creation of an anti-corruption commission headed by the powerful Crown Prince Mohammad Bin Salman Al Saud, and the apparent arrest of several prominent business people, according to local Saudi media.