Independence
Will Fed’s HQ cost overruns be enough for Trump to fire Powell?
Chair’s defenders say administration wants to use renovations bill as pretext for his removal
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
Economists denounce Trump’s ‘bullying’ of Fed chair
Experts also back Powell’s assessment rates would probably be lower were it not for tariffs
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
Experts expect Fed to hold firm in face of Trump’s attacks
Economists believe FOMC will hold rates, despite White House’s calls for policy to be eased
Trump: Powell is a ‘numbskull’ for not cutting rates
President calls for 100bp easing, while vice-president says Fed policy is “monetary malpractice”
BoK expresses ‘grave concern’ over Korean economy
Governor says stimulus needed, but cautions against expecting too much from rate cuts
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Rule of law of ‘highest relevance’ for central banks – Elderson
Economic growth requires institutional independence and strong legal framework, ECB board member says
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
BoE’s mandate may be too broad, warns Mervyn King
Former governor chats with Paul Tucker on independence and central banks’ optimal remit
Kashkari stresses importance of Fed independence
Minneapolis Fed chief expresses solidarity with Powell following Trump attacks
Trump administration escalates attacks on Powell
Kevin Hassett says White House is studying whether president can fire Fed chair
Governance Benchmarks 2025 – model banks analysis
Data breakdown highlights independence pressures, capital frameworks and staffing challenges
Governance Benchmarks 2025 – executive summary
Data shows strong independence with threats in some areas, and sheds light on staffing, mandates and more
Central bank independence helps price stability – ECB paper
Research shows that greater autonomy means more policy discipline and enhanced credibility
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth