61 m. ago Trump’s Fed nominee to pledge ‘independence’ as he seeks Senate confirmation

Stephen Miran will promise to resist outside influences when he appears before lawmakers on Thursday

Politics

4 h. ago BoE chief Andrew Bailey takes aim at Donald Trump's 'dangerous' attacks on independence of US Federal Reserve

Andrew Bailey said pressure being put on the central bank in America was a 'very serious situation'.

Politics

4 h. ago BoE’s Bailey warns of ‘serious situation’ at Fed following Trump attacks

Governor tells committee that central bank independence is key to sound policymaking

Events

5 h. ago Bank of England boss Andrew Bailey 'very concerned' about Trump's Fed attacks

Bailey told MPs the attacks had created 'a very serious situation' and threats to central bank independence are 'a very dangerous road to go down'.

Politics

27 h. ago Hundreds of economists sign open letter backing embattled Fed Governor Lisa Cook after Trump attacks

Notable and experienced economists warn elected officials that attacks on the Fed ‘undermine’ public confidence

Events

56 h. ago Trump’s war on Fed is ‘serious danger’ to world economy, says ECB head

Undermining independence of central bank will affect the US and other countries, says Christine LagardeBusiness live – latest updatesDonald Trump’s attempt to influence the US Federal Reserve could pose a “very serious danger” for the world economy, the head of the European Central Bank has warned.Christine Lagarde, the president of the ECB, said Trump undermining the independence of the world’s most powerful central bank would have an impact for the US and other countries. Continue reading...

Politics

57 h. ago UK manufacturing downturn continues as new orders slide; Trump’s attack on Fed is ‘a serious danger’ – business live

Weak market conditions, US tariffs and downbeat client confidence blamed for drop in factory ordersOuch! The UK manufacturing sector shrank again last month, as factories were hit by weaker demand at home and abroad.The latest monthly poll of purchasing managers across Britain’s manufacturing sector found that new orders and new export business both fell at quicker rates in August, leading to another drop in production volumes.“Production volumes are still showing resilience in the face of global geopolitical uncertainty and US tariff policies, with both July and August having seen only slight contractions that were milder than those suffered earlier in the year. Business confidence has also lifted to a sixmonth high, reflecting hopes that the trading environment is starting to settle down.However, August also saw a steep drop in UK manufacturers’ new orders, with total order books and overseas demand both falling at some of the fastest rates seen over the past two years. Weak marke...

Politics

64 h. ago Investors underestimate Trump’s threat to the Fed, economists warn

FT survey cites fears that president’s assault has caused long-term damage to the US central bank and economy

Events

4 d. ago Trump’s Fed meddling pushes investors closer to their red line

There may be more stress than is apparent, particularly on long-term debt

Politics

5 d. ago The Guardian view on Trump and the Fed: independence is no substitute for accountability | Editorial

The US president’s move against Lisa Cook shows his despotic bent, but the Fed was never democracy’s guardian. It’s time to rethink who really controls moneyDonald Trump’s attempt to sack the Federal Reserve governor, Lisa Cook, is the familiar authoritarian trick of bending institutions to serve the leader’s immediate ends. The widespread condemnation is deserved. This is not some daring experiment in popular control of monetary policy. Yet what should follow censure is reflection. For the furore over Ms Cook has revealed a peculiar reflex: to defend the Fed’s independence as though it were synonymous with democracy itself.But is independence of the Fed, or central banks generally, really that? Eric Levitz at Vox thinks so, or at least that it is close enough. He argues that Congress sets the Fed’s objectives; independence applies only to the means. Without independence, politicians would be free to game rates for votes – as Richard Nixon did in 1972, leaning on the ...

Politics

6 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

6 d. ago Liz Truss backs Trump attacks on Fed and says ‘reckoning’ on way for central banks

Britain’s shortest-serving prime minister also critical of Bank of England and European Central BankBusiness live – latest updatesDonald Trump’s assault on the independence of the US Federal Reserve has been backed by Liz Truss, the shortest-serving British prime minister in history, who was ousted after a meltdown in the financial markets.The former Conservative leader, who during her 49 days in power in late 2022 railed against the “deep state” and the Bank of England for undermining her before she was ejected from office by her own party, said a “reckoning” was coming for the world’s most powerful central banks. Continue reading...

Politics

6 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

8 d. ago ‘Zero self awareness’: Newsom trolls Trump deputy’s description of ‘crooks’ in government over Lisa Cook ouster

Trump’s ‘firing’ of Fed board governor scares Wall Street and sets up another protracted court battle

Politics

8 d. ago Trump’s attack on Fed shifts market bets on interest rates and inflation

Gap between long-term and short-term borrowing costs reaches its widest in three years

Economics

8 d. ago London stocks caught in global pullback as Trump pursues Fed crackdown

London stocks caught in global pullback as Trump pursues Fed crackdown  Reuters

Politics

8 d. ago Federal Reserve governor Lisa Cook to sue Trump administration over its attempt to fire her

Cook’s attorney said the president has ‘no authority’ and ‘lacks any factual or legal basis’ to fire the Fed governorThe Federal Reserve governor Lisa Cook will sue the Trump administration over its bid to fire her over unconfirmed allegations of mortgage fraud, her attorney has said.Donald Trump announced he was firing Cook on Monday night, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence. Continue reading...

Politics

8 d. ago Who is Lisa Cook and can Trump actually fire the Fed governor he accuses of mortgage fraud?

President Trump has demanded the removal of the Biden appointee in what would mark an unprecedented move against the central bank's leadership

Politics

8 d. ago Trump moves to fire Fed governor Lisa Cook in escalating attack on bank’s independence

Departure of Cook, first Black woman to sit on central bank’s board, would allow US president to put forward a replacementDonald Trump has said he is firing the Federal Reserve governor, Lisa Cook, over allegations she committed mortgage fraud, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence.Trump wrote to Cook on Monday, telling her that he was removing her from her position “effective immediately”, based on the allegation from one of his allies that she had obtained a mortgage on a second home she incorrectly described as her primary residence. Continue reading...

Events

8 d. ago Trump says he is firing Fed governor Lisa Cook ‘effective immediately’

Move against policymaker sharply escalates US president’s attacks on central bank

Politics