36 h. ago Inflation likely moved higher last month as tariffs bite, putting the Fed in bind

Inflation likely ticked up in July for the third straight month as tariffs lift the cost of imported goods such as furniture, appliances, and toys, which could make it harder for the Federal Reserve to cut short-term interest rates as President Donald Trump has demanded

Economics

8 d. ago Trump says treasury chief Scott Bessent no longer being considered for Fed chair

Trump may soon name pick for open Fed board seat and Fed chair nominee, but Bessent wants to stay in current roleDonald Trump said he would “shortly” announce his pick for an open seat on the Federal Reserve’s board of governors and possibly his nominee for Fed chair as well, but that he had removed the treasury secretary, Scott Bessent, from consideration since Bessent wants to remain in his current job.In a CNBC interview, Trump called it a “pleasant surprise” that the Fed governor Adriana Kugler had decided to leave her seat now instead of when her term ends in January, a move that appears to have accelerated Trump’s decision on who to appoint to an open seat on the Fed board with possible plans to promote that person to the top policymaking role when the term of the Fed chair, Jerome Powell, ends in May. Continue reading...

Politics

8 d. ago ‘Give me a break’: Trump says he hired Fed chair Powell as a ‘favor’ after CNBC host presses him on labor bureau firing

Trump defended his recent decision to fire head of BLS while distancing himself from his past decision to hire Fed chair Jerome Powell

Politics

8 d. ago Trump teases final four contenders for Fed Chair and the big name he's already ruled out

President Donald Trump revealed who he is considering to chair the Federal Reserve if he should oust Jerome Powell.

Politics

8 d. ago Donald Trump’s Fed move is ‘wrong’, says German finance minister

Lars Klingbeil criticises US president hours before meeting Treasury secretary in Washington

Politics

9 d. ago Trump to appoint Fed governor and labour statistics chief this week

US president set to tighten grip on economic information and policymaking after controversial sacking of BLS official

Politics

3 w. ago Tories demand inquiry into Keir Starmer's National Security chief Jonathan Powell over secret taxpayer

One of Sir Keir Starmer's most powerful advisers was last night accused of running secret diplomatic back channels to 'terrorists' using his own taxpayer-funded team.

Economics

3 w. ago Are US tariffs starting to bite? Trump, in denial over rising prices, targets Fed chief Powell

The White House is trying to drive out the Federal Reserve chair. Critics warn it would be a costly bid to pass the buckMemo from the White House: inflation is “right on track”, it declared this week, citing the latest official data. Price growth is now “very low”, according to Donald Trump. The actual statistics paint a markedly different picture.Just six months after he regained power, in part by promising to rapidly reduce prices, Trump has presided over the chaotic rollout of tariffs on an array of overseas products that many have argued risk having the exact opposite effect. Continue reading...

Politics

3 w. ago Trump appointees pushed more marble in Fed building renovation White House now attacks

President Donald Trump has looked to the marble finishes and hefty price tag of the Federal Reserve headquarters to claim grounds to fire Chair Jerome Powell, with whom he has tussled for years over interest rates

Events

3 w. ago Trump calls Fed chair ‘a numbskull’ who ‘makes it difficult for people to buy a house’

In new attack, US president accuses Jerome Powell of preventing central bank from lowering interest ratesBusiness live – latest updatesDonald Trump has renewed his attacks on Jerome Powell, calling the US central bank chair a “numbskull” and accusing him of “making it difficult for people, especially the young, to buy a house”.The US president accused Powell of preventing the Federal Reserve from lowering interest rates to make housing more affordable. Continue reading...

Politics

3 w. ago Company insolvencies fall in England and Wales, in ‘glimmer of relief’; Trump blasts Fed board – business live

Rolling coverage of the latest economic and financial newsBusinesses are still in “tough” times, despite the drop in insolvencies in June, cautions David Hudson, restructuring advisory partner at FRP.Hudson says:“The slight fall in insolvencies this month offers a glimmer of relief – especially for hospitality and retail businesses, which are now reaping the benefits of record hot weather. However, we’re still in tough territory. Consumer confidence remains stubbornly low, growth is stuttering – with GDP dipping again in May. June’s unexpected jump in inflation will only serve to continue eroding profit margins and consumer demand.“This environment is forcing businesses to fight on multiple fronts. Many will likely only be experiencing breathing space after dramatically paring back costs. Until demand shows a more sustained recovery and input costs ease further, there’s a risk that this reprieve is just a pause rather than a turning point.” Continue reading...

Politics

3 w. ago Asian shares mostly advance after Wall Street cruises to more records

Asian shares are mostly higher after Wall Street rose to records following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies

Politics

3 w. ago UK payrolls down by 178,000 over last year; Bundesbank chief defends central bank independence after Trump’s attacks on Powell – business live

UK company payrolls have fallen by 178,000 in last year, pushing unemployment rate to four-year highAnalysis: The rise in unemployment shows the UK jobs market is cooling, but it is not collapsingDeutsche Bank’s chief UK economist Sanjay Raja agrees that the UK’s labour market is continuing to cool, with both payrolls and vacancies down.Raja explains:Redundancies remain elevated with the May data showing a 114k increase in the three months to May – its highest level in three months. Jobs demand remains weak as hiring plans are near a standstill.This will continue to see unemployment rise – but we think this will be a slow grind higher as opposed to a whipsaw higher. For the MPC, despite the bump higher in inflation, the loosening in labour market should give the BoE reason to proceed with a gradual dial down of restrictive policy.The fallout in the labour market from the hikes in National Insurance Contributions and the minimum wage is not as big as previously thought. Even so, as p...

Economics

3 w. ago Asian shares are mostly higher after Trump says he discussed firing Fed Chair Powell

World shares are mostly higher while U.S. futures are mixed after President Donald Trump rocked Wall Street by saying he had “talked about the concept of firing” the head of the Federal Reserve

Politics

3 w. ago ‘Surprised’ Trump appears to forget he appointed Powell as Fed chair before blaming Biden for keeping him on

Seeming gaffe comes a day after he fabricated a story about his uncle and Unabomber Ted Kaczynski

Politics

3 w. ago Trump’s calls it ‘highly unlikely’ he’ll fire Fed chair Powell after reportedly telling House GOP he ‘likely will soon’

The president’s public about-face on firing Jerome Powell is sure to have critics call it another TACO, or ‘Trump Always Chickens Out,’ moment.

Politics

3 w. ago Trump calls it ‘highly unlikely’ he’ll fire Fed chair Powell after reportedly telling House GOP he ‘likely will soon’

Apparent U-turn

Politics

3 w. ago Trump privately indicates he may soon fire Fed chair Jerome Powell

The US president denies he would dismiss the Federal Reserve head after reportedly drafting letter to sack himDonald Trump has privately indicated he is on the cusp of firing the Federal Reserve chair Jerome Powell, rattling Wall Street and renewing questions over the US central bank’s independence.The US president insisted on Wednesday that it was “highly unlikely” he would dismiss the Fed chair, after reports he had suggested he would and shown a draft letter dismissing Powell to political allies. Continue reading...

Politics

3 w. ago Trump says he's 'unlikely' to fire Fed chief Powell despite GOP urging

President Trump said he's 'unlikely' to fire Federal Reserve Chair Jerome Powell after months of threats.

Politics

4 w. ago How Trump could use a building renovation to oust the Fed chair

President Donald Trump says he has finally found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank’s $2.5 billion renovation project

Politics