8 h. ago US bond markets should be in revolt. Fed independence matters

It is a perilous time to mess with the principle that rate-setters under an independent system should be free of political pressureEx-Fed chairs condemn Trump’s bid to weaken central bank’s independenceTrump’s attempts to influence Fed risk ‘70’s-style inflation and global backlash’Well said, Jerome Powell. The chair of the US Federal Reserve responded to news of a subpoena from the US Department of Justice with a statement that was extraordinary, necessary and stark.A criminal investigation into the Fed, and him personally, over the renovation of the central bank’s headquarters is an attempt to bully officials into setting policy according to the president’s whims, said Powell: “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.” Continue reading...

Politics

8 h. ago US bond markets should be in revolt. Fed independence matters | Nils Pratley

It is a perilous time to mess with the principle that rate-setters under an independent system should be free of political pressureEx-Fed chairs condemn Trump’s bid to weaken central bank’s independenceTrump’s attempts to influence Fed risk 1970s-style inflation and global backlash’Well said, Jerome Powell. The chair of the US Federal Reserve responded to news of a subpoena from the US Department of Justice with a statement that was extraordinary, necessary and stark.A criminal investigation into the Fed, and him personally, over the renovation of the central bank’s headquarters is an attempt to bully officials into setting policy according to the president’s whims, said Powell. Continue reading...

Politics

7 d. ago Despite Trump’s hopes, big oil will be wary of rushing back to Venezuela | Nils Pratley

The US might aim to unlock the country’s reserves, but cost and political uncertainty make it look an uncertain optionUS energy stocks rise as Trump vows to unlock Venezuela’s oilVenezuela crisis - latest updatesThe theory sounds straightforward. Venezuela has vast oil reserves and used to produce more than three times as much volume as it does now. Therefore it should be a simple matter to upgrade the crumbling kit with an injection of dollars and watch the extra barrels and profits flow.That, roughly speaking, is the only clear part of Donald Trump’s plan for what happens next in Venezuela. “We’re going to have our very large US oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure – the oil infrastructure – and start making money for the country,” he said at the weekend. Continue reading...

Politics

1 week ago MTG says Trump voters are so ‘fed up’ they are planning a tax revolt this year: ‘And rightfully so!’

Retiring Republican congresswoman Marjorie Taylor Greene expresses sympathy with MAGA discontent amid growing talk of income tax protest

Politics

2 w. ago Rachel Reeves' first year: Cataclysmic levels of debt, questionable decisions and ominous warnings from the bond market

City confidence in her is rock bottom — and Rachel Reeves’s high wire act is just one misstep away from a full blown financial crisis, says Jonathan Prynn

Events

2 w. ago Bitcoin’s buzz is gone. Investors chose real gold in 2025 | Nils Pratley

Gold is up 70% while the cryptocurrency is down 6% after it failed to bounce back from a rapid October sell-offAnother week, another record high for the price of gold. And another blow to the bitcoin fan club’s hopeful thesis about owning “digital gold”. This year has been hard for the bitcoin brigade: while real gold soared in value, their cryptocurrency didn’t. Correlation went out of the window. Gold is up 70% so far in dollar terms; bitcoin is down 6%.In theory, conditions should have been perfect for bitcoin if, like gold, it is supposed to be a store of value in uncertain times. Geopolitical tensions have been high all year, with Donald Trump’s unclear intentions towards Venezuela now added to the mix. Or, if you take the view that bitcoin is a hedge against currency debasement by governments, the news flow ought to have been encouraging. The US budget deficit remains enormous: the International Monetary Fund predicts the country’s debts will climb from 125% to 143% of annual ...

Economics

3 w. ago Man City address 115 charges with official update as wait for verdict continues

Manchester City have continued to deny the 115 alleged charges brought against them by the Premier League, with the independent commission still reviewing the matter

Politics

3 w. ago Hegseth and Rubio to brief members of Congress on boat strikes as questions mount – live

On Monday night, the US military said it attacked three more boats believed to have been smuggling drugs in the eastern Pacific Ocean, killing eight peopleUS military says eight killed in strikes on three boats in eastern PacificAcross the pond today, Keir Starmer’s office has said that any legal action against the BBC was a matter for the broadcaster but the UK government supported its independence.It comes after Donald Trump finally filed his lawsuit demanding damages worth up to to $10bn for the way a BBC Panorama documentary – which aired over a year ago – edited a speech he gave to supporters on 6 January 2021 before they attacked the US Capitol. Continue reading...

Events