Atlanta Fed chair steps down as Trump attacks central bank’s independence
The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank.Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February – creating another vacancy on the Fed’s powerful policy committee.As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.After Adriana Kugler resigned in August from the Fed’s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.The US president will not pick Bostic’s successor, however.
The Atlanta Fed will now conduct a nationwide search for its next president.Bostic, 59, could have remained in post for another six years.He was the first African American and openly gay president of a regional Federal Reserve bank in the central bank’s history.The Fed’s rate-setting open market committee (FOMC) has 12 members at any one time.These include the central bank’s seven board governors, the president of the New York Fed, and four of the 11 other regional Fed presidents, who rotate through yearly terms.
“I feel incredibly fortunate to have worked with the Atlanta Fed’s outstanding staff to fulfill the Federal Reserve’s mission and serve the sixth district and the American people,” said Bostic,“I’m proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter,”Jerome Powell, the Fed chair, paid tribute to Bostic,“His perspective has enriched the Federal open market committee’s understanding of our dynamic economy,” said Powell,“And his steady voice has exemplified the best of public service – grounded in analysis, informed by experience and guided by purpose.
“His leadership has strengthened our institution and advanced the Federal Reserve’s mission.”
Will Nigel Farage embrace Europe, following Giorgia Meloni’s lead? | Letter
I am sure Nigel Farage will be delighted at the comparison with Giorgia Meloni, who moved from far-right Mussolini-heritage politics to becoming prime minister of Italy (Can Nigel Farage emulate success enjoyed by Italy’s far-right Giorgia Meloni? 9 November).The way she did this was to snuggle up to Mario Draghi, Italy’s and the European Union’s No 1 banker, who coached her in lines to take. So she ditched her hostility to the EU and support for dropping the euro to return to the lira. She found fault with Vladimir Putin. She sought collaborative solutions with other European leaders to the arrivals of boat people
No 10 says Starmer has confidence in Morgan McSweeney after PM condemns attacks on cabinet members – as it happened
At the post-PMQs lobby briefing the PM’s press secretary said that Keir Starmer does have confidence in Morgan McSweeney, his chief of staff.The press secretary also said that Starmer was not contemplating standing down. She said:He has always been very clear that he will continue to serve as prime minister at the next election, that this is a project which is about a decade of national renewal, because that’s what it takes to turn the country around after 14 years of failure from the Tories.She also said Starmer valued the views of Labour MPs.Our Labour MPs are fantastic champions of the work that the government is doing to deliver for the British people
British Medical Association ‘threat to future of NHS’, says Streeting ahead of doctors’ strike
The British Medical Association is acting like a cartel and its “antics” are endangering the NHS’s future, the health secretary has said before the latest doctors’ strike begins on Friday.Wes Streeting launched his most strongly worded attack yet on the doctors’ union, coming close to accusing resident doctors in England of being greedy in their pay demands.He told the BMA to “get real”, made clear that ministers would not be “held to ransom” and claimed the association wanted other workers to pay higher taxes to give doctors higher salaries but lobbied against medics being taxed more themselves.His pointed comments received loud applause from an audience of NHS leaders, who are bracing themselves for the five-day strike by resident – formerly junior – doctors. It will be their 13th since they began a campaign for “full pay restoration” in March 2023
Keir Starmer and his team mount a leadership challenge … to himself | John Crace
Sometimes what you see is what you get. Usually in Westminster things happen for a reason. The logic may not be obvious but if you use your imagination you can come up with some logic for someone doing something that appears to be batshit crazy. But just occasionally, you reach a singularity on the space-time continuum where the laws of physics break down and nothing makes sense. A state of Platonic batshitness
Keir Starmer under pressure over future of Morgan McSweeney amid briefing row
Keir Starmer is facing intense pressure over the future of Morgan McSweeney after the prime minister’s chief of staff was blamed for No 10’s pushback against a possible leadership challenge.After Starmer dodged a question from Kemi Badenoch at prime minister’s questions about whether he had full confidence in his key aide, Downing Street later clarified that he did.A series of ministers and Labour MPs are pointing the finger at McSweeney for the pre-emptive operation that particularly targeted Wes Streeting, the health secretary, who has responded with undisguised fury.Pressed at PMQs by Badenoch, who said Starmer had lost control of his government, the prime minister condemned as “completely unacceptable” any briefings against cabinet ministers from inside Downing Street.Badenoch asked him to say he had full confidence in McSweeney, to which Starmer gave a non-committal answer
How would a Labour leadership challenge work and how safe is Starmer?
The extraordinary briefing war that erupted at the top of government on Tuesday night has reignited questions about Keir Starmer’s leadership.Speaking to the Guardian and others, Starmer’s most senior political aides warned that he would fight any “reckless” attempt to challenge him after the budget or May elections, while voicing fears that Wes Streeting, the health secretary, was among those manoeuvring to replace him.Instead of putting to bed any questions about his future, the briefing has sparked fresh questions about Starmer’s future and thrown the spotlight on Streeting as a potential successor. Here we look at the rules for removing a Labour leader and the possible consequences.A Labour leadership contest can be triggered if 20% of the party’s MPs throw their weight behind a replacement candidate
Off with a bang: Women’s 100m final moved up to LA28 opening day
Haskell warns club rugby is heading off a cliff ‘like Thelma and Louise’ as £34m losses revealed
The Spin | Why the first ball of the Ashes is both an end and a beginning
British & Irish Lions plan ban on R360 players to stop Red Roses jumping ship
Susie Wolff: ‘I can be very punchy and pragmatic. If I have to fight for something, I’ll fight’
Ben Stokes hits back at England ‘has-beens’ over criticism of Ashes preparations