Global central banks offer ‘full solidarity’ to US Fed’s Powell amid Trump threats
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 10 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, Norway and Canada.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”.The boss of JP Morgan, the largest US bank, also warned against attacks on Powell, amid fears it would undermine central bank independence and ultimately push up borrowing costs.Jamie Dimon told reporters on Tuesday that he had “enormous respect” for the Fed chair, adding that “everyone we know believes in Fed independence.And anything [that] chips away at that is probably not a great idea, and in my view, will have the reverse consequences.
It’ll raise inflation expectations and probably increase [interest] rates over time”,Trump has repeatedly criticised Powell, whom he appointed in 2018, for failing to cut interest rates fast enough,But the clash between the two men took a dramatic turn earlier this week when Powell issued a strongly worded video statement, saying he was being prosecuted by the US Department of Justice,He called the move “unprecedented action [that] should be seen in the broader context of the administration’s threats and ongoing pressure” over monetary policy,He said he had been singled out because the Fed’s policymaking board had set interest rates “based on our best assessment of what will serve the public, rather than following the preferences of the president”.
Trump has moved to distance himself from the investigation, however, claiming he was unaware of it.“I don’t know anything about it,” he told NBC News.Jeanine Pirro, the pro-Trump attorney general for the District of Columbia, who launched the investigation, claimed in a post on X on Monday night that the “legal process” was “not a threat” to Powell.“The word ‘indictment’ has come out of Mr Powell’s mouth, no one else’s.None of this would have happened if they had just responded to our outreach,” she added.
Bloomberg News reported on Tuesday that Pirro had not sought the approval of her superiors at the DoJ before launching the action against the Fed – but had no intention of abandoning it.Powell and his colleagues have cut interest rates three times since last summer, but Trump has urged them to move faster, and personally attacked Powell as a “numbskull”.The DoJ has said the case relates to “abuse of taxpayer dollars” – understood to be in relation to costly renovations at the Fed’s headquarters.Powell is due to step down as chair of the Fed board in May, and Trump is expected to announce his successor in the coming weeks.The prospect of legal action has sparked concern among some Republican lawmakers.
Thom Tillis of North Carolina, who sits on the Senate banking committee that oversees Fed appointments, said he would not confirm any nominee “until this legal matter is fully resolved”,The former Fed chairs Alan Greenspan, Ben Bernanke and Janet Yellen had already condemned the threat to Powell on Monday, saying the move could have “highly negative consequences”,“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” their statement said,
West African sunshine dishes: Toyo Odetunde’s chicken yassa pot pie and stuffed plantain boats – recipes
If there’s anything that can assuage my winter blues, it’s a soul-soothing chicken pie. I’ve long enjoyed innovating fusions between west African and other cuisines, and today’s marriage of a deeply flavourful Senegalese chicken yassa-inspired filling in buttery, flaky puff pastry is one of my all-time favourites. But, first, my take on hearty Nigerian stewed beans – ewa riro – using tinned beans for added convenience. Typically paired with ripe plantain, I use the rich beans to fill canoas (plantain boats) in a playful, Latin American-inspired twist.Dried prawns and west African red palm oil, which are integral to our cooking (and the latter is not to be confused with those industrial palm oils that are driving mass deforestation), give this dish its signature umami and uniquely earthy and subtly sweet flavour
How to make penne all’arrabbiata – recipe | Felicity Cloake's Masterclass
Pasta all’arrabbiata is the perfect dish for January. Not only is it quick, vegan and made from ingredients you might conceivably have in the cupboard already, but the name, which means angry, could be said to suit my mood now that the last of the Christmas festivities are over. Happily, a big plate of rich, tomatoey pasta can always be relied upon to lift the spirits.Prep 5 min Cook 25 min Serves 22 tbsp extra-virgin olive oil, plus a little more to finish1 tsp chilli flakes 2 garlic cloves 400g good tinned tomatoes, or passata 200g penne (see step 1)Salt and black pepper ¼ tsp red-wine vinegar 1 handful basil leaves, or flat-leaf parsleyThis dish is traditionally made with penne, but any shape that traps chunky pieces of sauce will give maximum enjoyment. Caz Hildebrand and Jacob Kenedy’s book The Geometry of Pasta suggests no fewer than 14 alternatives, including farfalle, pappardelle and tagliatelle, while I’d recommend rigatoni, fusilli, conchiglie or, indeed, anything that looks vaguely like them
Martino’s, London SW1: ‘Beautiful bedlam’ – restaurant review | Grace Dent on restaurants
Does central London really need another fancy Italian restaurant? Well, yes, apparently it does …Does the area around Sloane Square in central London really need another fancy, Italian-leaning restaurant that serves up tortellini in brodo and veal Milanese? Well, yes, apparently it does. One Saturday lunchtime late last year at Martino’s was hectic even in the delightful reception area, where we were waiting to check in a coat with the elegantly uniformed front-of-house ladies. All the tables in this hot new all-day brasserie were booked and busy, and plenty of walk-ins were champing at the bit for cancellations.Actually, “delightful reception” is not a phrase I’ve often uttered, or even thought, but this is a Martin Kuczmarski restaurant, so the small things tend to add up to a larger picture – this cocoon-like holding pen keeps would-be queuers away from the diners. Why was I so charmed by this weird, crisply officiated bends chamber that operates as a liminal space between the real grubby world outside and the glitzy, sexy, mock-Italian trattoria inside? Well, it turns out that’s because it solved a problem that I didn’t even realise I had
Helen Goh’s recipe for baked apples with lemon and tahini | The sweet spot
After the excesses of December, these baked apples are a light, refreshing vegan pudding. The filling makes good use of any dried fruit lingering still from Christmas, and is brightened with lemon and bound with nutty tahini. As the apples bake, they turn yielding and fragrant, while the sesame oat topping crisps to a golden crown. Serve warm with a splash of cream, yoghurt or ice-cream (dairy or otherwise), and you have comfort that feels wholesome and indulgent.If need be, you can make these vegan and/or dairy-free with a few simple tweaks
Health by stealth: the rise of drinkable no- and low-alcohol beer
As the last of the liqueur bottles are consigned to the recycling and the festive hangovers subside, even those of us who scorn the very concept of Dry January (no booze at all? In the gloomiest month of the year? Are they mad?) tend to take our feet off the alcohol pedal and give our livers something of a rest.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Water, of course, is the easiest, cheapest and probably most effective way to detox; it’s also the most boring
Mark Hix’s recipe for roast pumpkin and pickled walnut salad
I try to grow a few varieties of squash every season, but in the past couple of years the results have more or less failed me. I originally put that down to the lack of time and attention I’d given those poor plants, but I’m now starting to wonder if the soil in my raised garden beds overlooking Lyme Bay in Dorset is actually right for them.I’m not giving up just yet, though, and this year I’ll be trying different varieties in a different bed that I’ve prepared and composted over the winter with seaweed mulch. As luck would have it, however, my friend Rob Corbett came to the rescue a couple of weeks ago by giving me several specimens when he delivered some wine from his Castlewood vineyard a few miles away in east Devon. If you know your gourds even a little, you will also know that squashes keep for months, which is handy, because they ideally need to cure and ripen before use
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