2025: The year in central banking
A look back at the biggest and most popular stories of the year
The growing threats to central bank independence were a key issue in 2025, most prominently in the US. At the start of the year, economists told Central Banking that Donald Trump’s public demands for immediate rate cuts would spell trouble for the Federal Reserve. And so it proved, as the newly inaugurated president went on to launch repeated personal attacks throughout the year on Fed chair Jerome Powell for not slashing rates.
Trump’s actions at the Fed have been at least as hostile as his
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