France Moves 129 Tonnes of Gold from New York Federal Reserve

Apr 8, 2026 | France's central bank has pulled its remaining gold deposit out of the US with a capital gain of $15 billion. Over the past year and a half, 129 tonnes of gold has been moved from New York back to France, while other gold stocks were sold off at record prices. The value of gold has more than quadrupled over the last decade.‬ ‪

Why does gold still matter so much in 2026? International business commentator Vicky Pryce talks with CGTN about the move.‬

Global Central Banks Offer ‘Full Solidarity’ to US Fed’s Powell amid Trump Threats

THE GUARDIAN: Nine governors including Bank of England’s Andrew Bailey and ECB’s Christine Lagarde say independence is critical

Global central banks have issued an extraordinary joint statement offering “full solidarity” to the US Federal Reserve chair, Jerome Powell, in the face of the latest threat to his independence from Donald Trump’s White House.

“The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability,” the statement said.

It was signed by nine central bank governors including the Bank of England governor, Andrew Bailey, and the chair of the European Central Bank, Christine Lagarde. It was coordinated by the Basel-based Bank for International Settlements, which added its chair and general manager to the signatories.

Other signatories to the unprecedented statement include the central bank governors of Australia, Sweden, Denmark, Switzerland, Brazil, South Korea and Canada. More names are expected to be added later on Tuesday.

They pay testament to Powell’s “integrity” and “unwavering commitment to the public interest”, calling him a “respected colleague who is held in the highest regard by all who have worked with him”. » | Heather Stewart, Economics editor | Tuesday, January 13, 2026

Federal Prosecutors Open Investigation Into Fed Chair Powell

THE NEW YORK TIMES: The investigation, which is said to center on renovations of the Federal Reserve’s headquarters in Washington, signals an escalation in the long-running clash between President Trump and the chair.

The U.S. attorney’s office in the District of Columbia has opened a criminal investigation into Jerome H. Powell, the Federal Reserve chair, over the central bank’s renovation of its Washington headquarters and whether Mr. Powell lied to Congress about the scope of the project, according to officials briefed on the situation.

The inquiry, which includes an analysis of Mr. Powell’s public statements and an examination of spending records, was approved in November by Jeanine Pirro, a longtime ally of President Trump who was appointed to run the office last year, the officials said.

The investigation escalates Mr. Trump’s long-running feud with Mr. Powell, whom the president has continually attacked for resisting his demands to slash interest rates significantly. The president has threatened to fire the Fed chair — even though he nominated Mr. Powell for the position in 2017 — and raised the prospect of a lawsuit against him related to the $2.5 billion renovation, citing “incompetence.”

Mr. Trump told The New York Times in an interview last week that he had decided on who he wants to replace Mr. Powell as Fed chair. He is expected to soon announce his decision. Kevin A. Hassett, Mr. Trump’s top economic adviser, is a front-runner for the top job. While Mr. Powell’s term as chair ends in May, his term as a governor runs through January 2028. Mr. Powell has not disclosed whether he plans to stay on at the central bank beyond this year.

Mr. Powell, in a rare video message released by the Fed, acknowledged on Sunday that the Justice Department had served the central bank with grand jury subpoenas days earlier. He described the investigation as “unprecedented” and questioned the motivation for the move, even as he affirmed that he carried out his duties as chair “without political fear or favor.” » | Glenn Thrush and Colby Smith | Sunday, January 11, 2026

Former Treasury Secretary Janet Yellen Weighs In on Trump’s Battle with the Federal Reserve

Janet Yellen explains.

Trump Is an ‘Economic Moron’ | Scott Lucas Analyses Trump’s ‘Decisions

Aug 27, 2025 | Professor Scott Lucas joins Times Radio’s Maddie Hale to discuss Donald Trump’s decision to fire Federal Reserve Governor Lisa Cook, whether he is acting as a dictator in his efforts to crack down on the “crime emergency” in Washington DC and reports American citizens have been conducting a “covert influence operation” in Greenland.

Trump’s Plan to Pack the Fed With Loyalists

THE NEW YORK TIMES: Overhauling the central bank’s Board of Governors would grant the president greater sway over the Federal Reserve, an institution that is supposed to be independent from the White House.

A watershed legal battle over the White House’s attempt to oust a sitting Federal Reserve governor has only just begun, but if President Trump gets his way, it could leave him with much more latitude to steer the central bank’s decisions on interest rates and its oversight of Wall Street.

Mr. Trump is already relishing the idea.

“We’ll have a majority very shortly,” Mr. Trump said at his latest marathon cabinet meeting about the Fed’s powerful seven-person Board of Governors. “So that’ll be great.”

Mr. Trump plans to appoint loyal individuals to that board, and he would need to fill just one more seat for the balance of power to tip further in his favor. If that happens, it would give the president immense sway over an institution that is supposed to operate independently from the White House. » | Colby Smith | Colby Smith covers the Federal Reserve.| Sunday, August 31, 2025

Why Trump Wants Control over the Fed

This is why Trump wants to control the Fed and the money supply.

Trump's Fed Attack Could Cause 'Economic Meltdown' | The Story

Aug 29, 2025 | President Trump announced on Truth Social this week that he had fired Federal Reserve board member Lisa Cook.

While most people had no idea who she was, her sacking could have a massive impact. The move is seen as part of the continued politicisation of the Fed, the US’s independent central bank and some economists fear it could be the start of a journey towards economic meltdown in America with global repercussions.

This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times.

Guest: Mehreen Khan,  Economics Editor, The Times.
Host: Manveen Rana.

Trump Moves to Fire Fed Governor Lisa Cook in Escalating Attack on Bank’s Independence

THE GUARDIAN: Departure of Cook, first Black woman to sit on central bank’s board, would allow US president to put forward a replacement

Donald 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.

Cook responded several hours later in a statement emailed to reporters through the law office of the lawyer Abbe Lowell, saying of Trump that “no cause exists under the law, and he has no authority” to remove her from the job to which she was appointed by Joe Biden in 2022.

She said: “I will continue to carry out my duties to help the American economy.“

Lowell said Trump’s “demands lacked any proper process, basis or legal authority”, adding: “We will take whatever actions are needed to prevent his attempted illegal action.” » | Callum Jones in New York | Tuesday, August 26, 2025

THE NEW YORK TIMES: Trump, in a Move With Little Precedent, Says He Is Firing a Fed Governor: President Trump told Lisa Cook that he had found sufficient cause “to remove you from your position.” Ms. Cook and her lawyer said they would fight the firing. »

Profile: Jerome ‘Jay’ Powell, Federal Reserve Chair

THE OBSERVER: If anyone can stand up to Trump, it’s the affable and decisive Fed chair

Jackson Hole, with its stunning views of the Grand Teton mountains, is one of America’s most beautiful escapes. For the past few days, it has been home to Jerome “Jay” Powell and the best friends an embattled Federal Reserve chairman can have – his fellow central bankers. Andrew Bailey, governor of the Bank of England, was there, as was Christine Lagarde, president of the European Central Bank, not least to reassure Powell that the central bankers union has his back as he battles to save the independence of the Fed from an increasingly aggressive president.

Enjoying Wyoming’s fresh air and outdoor pursuits, such as white-water rafting, while debating weighty economic topics with fellow central bankers sure beats donning a hard hat to give an angry Donald Trump a tour of refurbishment work in the Fed building, as Powell did the other week on live TV. Alleging cost overruns of billion of dollars, Trump was fishing for a reason to fire him “for cause”, the only grounds a president can use to dismiss a Fed chair, the 1935 Banking Act having legally protected the independence of the Federal Reserve system from White House interference.

The 72-year-old Fed chair stole the show and lived to fight another day with a carefully curated fact-check of Trump’s wildly wrong numbers. » | Matthew Bishop | Sunday, August 24, 2025

Why the Fed’s Job May Get a Lot More Difficult

THE NEW YORK TIMES: President Trump’s plans risk stoking inflation and denting growth, an undesirable combination that economists warn could lead to much tougher trade-offs for the central bank.

When inflation was too high and the economy was resilient in the aftermath of the pandemic, the Federal Reserve’s decision to sharply raise interest rates beginning in 2022 seemed like a no-brainer. The same was true just over two years later when inflation had fallen sharply from its recent peak and the labor market had started to cool off. That paved the way for the central bank to lower borrowing costs by a percentage point in 2024.

What made those decisions relatively straightforward was the fact that the Fed’s goals of achieving low and stable inflation and a healthy labor market were not in conflict with each other. Officials did not have to choose between safeguarding the economy by lowering rates and staving off price increases by either keeping rates high or raising them further.

Economists worry that could soon change. President Trump’s economic agenda of tariffs, spending cuts and mass deportations risks stoking inflation while simultaneously denting growth, an undesirable combination that could lead to much tougher trade-offs for the Fed. » | Colby Smith | Thursday, March 20, 2025

Fed Holds Interest Rates Steady amid Uncertainty over Trump’s Impact on Economy

THE GUARDIAN: Fed chair declines to provide ‘any response or comment whatsoever’ on president’s public demands for lower rates

Federal Reserve officials decided on Wednesday to hold interest rates steady as uncertainty over Donald Trump’s impact on the US economy looms and inflation remains above the central bank’s target levels.

This is the first time Fed policymakers have met since the president, who has made clear he wants rates to fall, returned to the White House. The benchmark interest rate now sits at a range of 4.25% to 4.5%.

Jerome Powell, the Fed chair, declined to provide “any response or comment whatsoever” on the president’s public demands for lower rates. “The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals,” he said in a press conference on Wednesday. » | Lauren Aratani in New York | Wednesday, January 29, 2025

Fed Raises Rates after a Pause and Leaves Door Open to More

THE NEW YORK TIMES: Federal Reserve officials raised interest rates to their highest level in 22 years, continuing their 16-month-long campaign to wrestle inflation lower by cooling the American economy.

Officials pushed rates to a range of 5.25 to 5.5 percent, their highest level since 2001, while leaving the door open to further rate increases in the statement announcing their unanimous decision. Jerome H. Powell, the Fed chair, is speaking [in the accompanying video] to journalists to explain the move — and, potentially, to offer some hint at how the central bank is thinking about its next step. (+ video) » | Jeanna Smialek | Wednesday, July 26, 2023

Global Fallout from Rate Moves Won’t Stop the Fed

THE NEW YORK TIMES: The Federal Reserve, like many central banks, sets policy with an eye on the domestic economy. Its battle to control prices is causing pain abroad.

The Federal Reserve has embarked on an aggressive campaign to raise interest rates as it tries to tame the most rapid inflation in decades, an effort the central bank sees as necessary to restore price stability in the United States.

But what the Fed does at home reverberates across the globe, and its actions are raising the risks of a global recession while causing economic and financial pain in many developing countries.

Other central banks in advanced economies, from Australia to the eurozone, are also lifting rates rapidly to fight their inflation. And as the Fed’s higher interest rates attract money to the United States — pumping up the value of the dollar — emerging-market economies are being forced to raise their own borrowing costs to try to stabilize their currencies to the extent possible.

Altogether, it is a worldwide push toward more expensive money unlike anything seen before in the 21st century, one that is likely to have serious ramifications. » | Jeanna Smialek and Alan Rappeport | Friday, October 7, 2022

The Dollar Is Strong. That Is Good for the U.S. but Bad for the World.

THE NEW YORK TIMES: The Federal Reserve may have no choice but to wage a relentless inflation fight, but countries rich and poor are feeling the pain of plunging currencies.

The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.

Those interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation.

On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan. And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.

In Nigeria and Somalia, where the risk of starvation already lurks, the strong dollar is pushing up the price of imported food, fuel and medicine. The strong dollar is nudging debt-ridden Argentina, Egypt and Kenya closer to default and threatening to discourage foreign investment in emerging markets like India and South Korea.

“For the rest of the world, it’s a no-win situation,” said Eswar Prasad, an economics professor at Cornell and author of several books on currencies. At the same time, he said, the Fed has no choice but to act aggressively to control inflation: “Any delay in action could make things potentially even worse.” » | Patricia Cohen, Reporting from London | Monday, September 26, 2022

Fed Makes Another Big Rate Increase

THE NEW YORK TIMES: The Federal Reserve raised rates by three-quarters of a point and projected a more aggressive path ahead, suggesting that borrowing costs would be increased to 4.4 percent by the end of the year.

Federal Reserve officials ramped up their battle against the fastest inflation in 40 years on Wednesday, ushering in a third straight supersize rate increase while projecting a more aggressive path ahead for monetary policy, one that would lift interest rates higher and keep them elevated longer.

Central bankers raised their policy interest rate by three-quarters of a percentage point, boosting it to a range of 3 to 3.25 percent. The federal funds rate was set at near zero as recently as March, and the Fed’s increases since then have made for its fastest policy adjustment since the 1980s.

Even more notably, policymakers predicted on Wednesday that they will raise borrowing costs to 4.4 percent by the end of the year — suggesting that they could make another supersize rate move, followed by a half-point adjustment. Officials estimated that rates will climb to 4.6 percent by the end of 2023, up from an estimate of 3.8 percent in June, when they last published estimates. » | Jeanna Smialek | Wednesday, September 21, 2022

Why the Fed Can Keep Rrates ‘Pretty Aggressively’ in the Short Term: Economist

Zach Griffiths, Wells Fargo Senior Macro Strategist, and Jeanette Garretty, Robertson Stephens Wealth Management Chief Economist, join Yahoo Finance Live to break down consumer positions amid rising inflation and the latest Fed interest rate hike and the significance of the latest unemployment rate reading.

The Federal Reserve Raises Interest Rates by 0.75 of a Percentage Point.

THE NEW YORK TIMES: The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, its biggest move since 1994, as the central bank ramps up its efforts to tackle the fastest inflation in four decades.

The big rate increase, which markets had expected, underlined that Fed officials are serious about crushing price increases even if it comes at a cost to the economy.

Officials predicted that the unemployment rate will increase to 3.7 percent this year and to 4.1 percent by 2024, and that growth will slow notably as policymakers push borrowing costs sharply higher and choke off economic demand. » | Jeanna Smialek | Wednesday, June 15, 2022

‘Investors Should Expect a Terminal Fed Funds Rate Markedly Higher,’ Fed Expert Says

Jun 13, 2022

Powell Says That Rates Are Headed Higher, Even As Ukraine Poses Uncertainty

THE NEW YORK TIMES: Federal Reserve Chair Jerome Powell said the central bank is likely to raise rates at its meeting this month, even with geopolitical upheaval.

Jerome H. Powell, the Federal Reserve chair, will tell lawmakers on Wednesday that the central bank is poised to lift interest rates from near zero at its meeting later this month as it embarks on an effort to cool down high inflation — even as conflict in Ukraine ramps up uncertainty.

“We expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month,” Mr. Powell said in testimony prepared for delivery to the House Committee on Financial Services. He noted that the Fed will move toward a “predictable” shrinking of its big bond holdings after raising rates, a move that will take additional steam out of the economy.

While Fed officials are prepared to use their policies to make money steadily more expensive in a bid to slow consumer and business demand, hoping to cool off today’s rapid prices, Mr. Powell added that the central bank must be poised to respond as Russia’s invasion of Ukraine looms large.

“The near-term effects on the U.S. economy of the invasion of Ukraine, the ongoing war, the sanctions and of events to come, remain highly uncertain,” he said. “We will need to be nimble in responding to incoming data and the evolving outlook.” » | Jeanna Smialek | Wednesday, March 2, 2022