3 h. ago The Federal Reserve’s independence is about to be tested like never before

Donald Trump wants drastic rate cuts – and his campaign to exert greater political control over the Fed continues apaceThe time has come to ban the “revolving door” between the White House and the Federal Reserve, two academics argued last year. Doing so would be “critical to reducing the incentives for officials to act in the short-term political interests of the president”, they wrote.Eight months ago, the two writers – Dan Katz and Stephen Miran – joined the Trump administration in senior roles. On Tuesday, Miran, the chair of the US Council of Economic Advisers, walked into the Fed as a governor. Continue reading...

Politics

18 h. ago Jerome Powell finally does it: Federal Reserve cuts interest rates a quarter of a percent

The rate cut comes as Trump stages an unprecedented assault on independence of the Federal Reserve

Politics

27 h. ago The Federal Reserve wrestles with how many interest rate cuts to make and how fast

With the Federal Reserve widely expected to reduce its key interest rate by a quarter-point to about 4.1%, economists and Wall Street investors will be looking Wednesday for signs of how deeply the Fed might cut rates in the next few months

Politics

60 h. ago Court stops Trump’s attempt to fire Fed Board Governor Lisa Cook

Ruling allows Federal Reserve official to participate in key rate-setting meeting this week

Events

1 week ago The Latest: US employers added just 22,000 jobs last month amid uncertainty over Trump’s policies

U.S. employers added just 22,000 jobs last month as the labor market continued to cool under uncertainty over President Donald Trump’s economic policies

Politics

1 week ago Demolition for new White House ballroom doesn't need approval, Trump

The head of the National Capital Planning Commission says crews can start demolishing parts of the White House for a new ballroom without needing approval

Politics

1 week ago Justice Department probes mortgage fraud claims against Lisa Cook of Federal Reserve, AP source says

The Justice Department has issued subpoenas as part of an investigation into mortgage fraud allegations against Lisa Cook, who is fighting a Trump administration effort to remove her from her role as a Federal Reserve Governor

Society

2 w. ago Asian shares are higher after Wall Street steadies itself as Alphabet rallies

Shares in Asia are mostly trading higher after a rally of technology stocks steadied Wall Street and a slide in the dollar made Asian assets more attractive

Events

2 w. 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

2 w. ago Bank of England chief warns attacks on central bank independence are ‘dangerous’

Andrew Bailey said he was ‘very concerned’ by independence issues facing the US’s Federal Reserve.

Events

2 w. ago US job openings slip to 7.2 million in July, more evidence the American labor market is cooling

U.S. employers posted 7.2 million job vacancies in July as the American labor market continued to cool

Economics

2 w. ago Key US inflation gauge holds mostly steady though core inflation ticks higher

The Federal Reserve’s preferred inflation gauge mostly held steady last month despite President Donald Trump’s broad-based tariffs, but a measure of underlying inflation increased

Economics

2 w. ago Federal Reserve Governor Lisa Cook sues Trump after he ‘fired’ her

Trump’s unprecedented move against the central bank's leadership is an effort to ‘undermine the independence of the Federal Reserve’, Cook’s lawyer said

Politics

2 w. 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

2 w. ago US applications for jobless benefits fell last week as layoffs remain low

Fewer Americans sought unemployment benefits last week as employers appear to be holding onto their workers even as the economy has slowed

Politics

3 w. ago Asian shares post modest gains after Wall Street nears more records

Shares are moderately higher in Asia after an afternoon push left major indexes on Wall Street just below their recent records

Politics

3 w. ago Trump fires Federal Reserve governor Lisa Cook — she says she’s not going anywhere

Cook rejects Trump’s allegations that she may have falsified records for her mortgage and vowed to push back against the president’s ‘attempted illegal action’

Politics

3 w. ago Trump says he is firing Federal Reserve governor Lisa Cook after alleging mortgage fraud

‘There is sufficient reason to believe you may have made false statements on one or more mortgage agreements,’ Trump wrote in a letter to Cook

Politics

3 w. ago Trump gives meandering answer about the Fed after Powell hints at rate cut the president has long wanted

The Federal Reserve chairman’s remarks come as Trump has long demanded an interest rate cuts

Politics

4 w. ago Trump demands Lisa Cook, first black woman Fed Reserve member, ‘resign, now!!!’ and accuses her of mortgage fraud

President has spent months bullying Federal Reserve Chairman Jerome Powell over his refusal to lower interest rates and recently turned his fire on Fed board members

Politics