JP Morgan boss says Trump attacks on Federal Reserve could push up inflation

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The boss of JP Morgan, the largest US bank, has said Donald Trump’s attacks on the Federal Reserve chair, Jerome Powell, are putting central bank independence at risk and could backfire and ultimately push up interest rates and inflation.Jamie Dimon told reporters on Tuesday he had “enormous respect” for the Fed chair, who on Friday became the target of a controversial criminal investigation by the US Department of Justice (DoJ) over alleged “abuse of taxpayer dollars”.Powell has denounced the investigation, linked to a $2.5bn (£1.9bn) renovation of the Fed’s headquarters in Washington DC, claiming it is punishment for not setting interest rates in line with the US president’s wishes.

“Everyone we know believes in Fed independence,” Dimon said during an earnings call.“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.”Central banks around the world have also rallied to defend the Fed and its chair.Ten central bank governors including the Bank of England governor, Andrew Bailey, and European Central Bank chair, Christine Lagarde, issued an extraordinary joint statement offering “full solidarity” for Powell, who Trump has repeatedly criticised for failing to cut interest rates fast enough.

Trump, who appointed Powell in 2018, has claimed he is unaware of the DoJ investigation,Speaking about broader geopolitical risks – with Trump issuing fresh threats against Iran less than two weeks after seizing Venezuela’s president Nicolás Maduro – Dimon said JP Morgan would focus on serving clients,“We’ll deal and navigate with the politics and the issues that we have to deal with around the world … and we’re comfortable we can build our business,” he said,He made the comments as JP Morgan released fourth-quarter earnings results showing a 7% drop in profits to $13bn,That fall was linked to a one-off cost associated with its takeover of a credit card partnership with Apple, previously held by rival US bank Goldman Sachs.

The deal was announced days before Trump called for a 10% cap on credit card interest rates, which has caused shares in major credit card providers to tumble,“We’ll be doing all the relevant contingency planning,” JP Morgan’s chief financial officer, Jeremy Barnum, told analysts on Tuesday,He said the credit card market was among the most competitive sectors that JP Morgan was involved in,Barnum warned the potential cap would not simply weigh on company profits, but “people will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it the most”,Barnum added: “And so that’s a pretty severely negative consequence for consumers, and frankly, probably also a negative consequence for the economy as a whole.

”He said the lack of details, particularly on how the cap would be imposed and enforced, made it hard to assess how it would ultimately affect JP Morgan’s own earnings.Later on Tuesday en route back to Washington from making a speech in Detroit, Trump further defended his opposition to Powell and also lashed out at Dimon.“Yeah, I think it’s fine what I’m doing,” he said in response to a reporter’s question.He called Powell “a bad Fed person” who has “done a bad job”.He called again for lower interest rates.

“Jamie Dimon probably wants higher rates.Maybe he makes more money that way,” Trump said.The Associated Press contributed reporting
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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

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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

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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

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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

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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

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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