World
Lagarde warns Fed independence under threat from Trump pressure
ECB president says political control of US interest rates would destabilise the world's largest economy, though legal constraints make a takeover difficult.
Person
Jerome Powell
Chair of the Federal Reserve, Federal Reserve
What we have reported
- Target of repeated attacks by President Trump, who has criticised his refusal to cut interest rates sharply.
- Target of repeated criticism from Trump over interest rate policy
- Signalled rates would stay higher for longer because tariffs are expected to raise inflation, while defending the Fed's independence from political pressure.
Coverage
World
Lagarde warns Trump Fed interference would endanger global economy
ECB president tells Radio Classique that US central bank independence is legally protected but its loss would threaten price stability worldwide
Europe
European central banks cut rates as Trump tariffs hit growth while Fed holds
Switzerland, Sweden and Norway joined the ECB and Bank of England in easing policy this week, citing tariff-driven export weakness and a falling dollar that is pushing inflation below target.
Europe
ECB cuts rates to 2% as Trump tariffs cloud outlook
Eighth reduction in current cycle comes with inflation below target but trade uncertainty threatening growth forecasts across the eurozone
Europe
ECB cuts rates to 2.25% as Trump tariffs darken eurozone outlook
Third quarter-point reduction this year reflects deteriorating growth prospects after US imposes 10% blanket tariff on EU goods, with further 10% threatened for July.
Others in the news
The newsletter
One important European story. Explained properly.
Delivered to your inbox on the days we publish. No daily digest, no push notifications, no advertising.