Headline

Trump Goes To War With The Fed

Published

7 months ago

April 18, 2025

Donald Trump’s simmering discontent with the US Federal Reserve boiled over this week, with the president threatening to take the unprecedented step of ousting the head of the fiercely independent central bank.

Trump has repeatedly said he wants rate cuts now to help stimulate economic growth as he rolls out his tariff plans, and has threatened to fire Fed Chair Jerome Powell if he does not comply, putting the bank and the White House on a collision course that analysts warn could destabilise US financial markets.

“If I want him out, he’ll be out of there real fast, believe me,” Trump said Thursday, referring to Powell, whose second four-year stint as Fed chair ends in May 2026.

Powell has said he has no plans to step down early, adding this week that he considers the bank’s independence over monetary policy to be a “matter of law.”

“Clearly, the fact that the Fed chairman feels that he has to address it means that they are serious,” KPMG chief economist Diane Swonk told AFP, referring to the White House.

Stephanie Roth, chief economist at Wolfe Research, said she thinks “they will come into conflict,” but does not think “that the Fed is going to succumb to the political pressure.”

Most economists agree that the administration’s tariff plans will put upward pressure on prices and cool economic growth — at least in the short term.

That would keep inflation well away from the Fed’s long-term target of two per cent, and likely prevent policymakers from cutting rates in the next few months.

“They’re not going to react because Trump posted that they should be cutting,” Roth said in an interview, adding that doing so would be “a recipe for a disaster” for the US economy.

– Fed independence ‘absolutely critical’ –

Many legal scholars say the US president does not have the power to fire the Fed chair or any of his colleagues on the bank’s 19-person rate-setting committee for any reason but cause.

The Fed system, created more than a century ago, is also designed to insulate the US central bank from political interference.

“Independence is absolutely critical for the Fed,” said Roth. “Countries that do not have independent central banks have currencies that are notably weaker and interest rates that are notably higher.”

Moody’s Analytics chief economist Mark Zandi told AFP that “we’ve had strong evidence that impairing central bank independence is a really bad idea.”

– ‘Can’t control the bond market’ –

One serious threat to the Fed’s independence comes from a case brought by the Trump administration that seeks to challenge a 1935 Supreme Court decision denying the US president the right to fire the heads of independent government agencies.

The Humphreys Executor case could have serious ramifications for the Fed, given its status as an independent agency whose leadership believes they cannot currently be fired by the president for any reason but cause.

Even if the Trump administration succeeds in its case, it may soon run into the ultimate guardrail of Fed independence: The bond markets.

During the recent market turbulence unleashed by Trump’s tariff plans, US government bond yields surged and the dollar fell, signalling that investors may not see the United States as the safe haven investment it once was.

Faced with the sharp rise in US Treasury yields, the Trump administration paused its plans for higher tariffs against dozens of countries, a move that helped calm the financial markets.

If investors believed the Fed’s independence to tackle inflation was compromised, that would likely push up the yields on long-dated government bonds on the assumption that inflation would be higher, and put pressure on the administration.

“You can’t control the bond market. And that’s the moral of the story,” said Swonk.

“And that’s why you want an independent Fed.”

AFP

Headline

UK Rejects Nigeria’s Request To Transfer Ekweremadu

Published

19 hours ago

November 24, 2025

Editor

The United Kingdom has rejected a request from the Nigerian government to transfer former Deputy Senate President Ike Ekweremadu to Nigeria to complete his prison sentence.

Ekweremadu is serving time in a UK facility after he was found guilty in 2023 of plotting to harvest the kidney of a young man.

He received a jail term of nine years and eight months following the conviction, which stemmed from a high-profile organ-trafficking case that drew international attention.

With the latest decision, Ekweremadu will remain in the UK to serve out the remainder of his sentence.

Headline

Trump Blasts Ukraine For ‘Zero Gratitude’ Amid Talks To Halt War

Published

2 days ago

November 23, 2025

Editor

US President Donald Trump on Sunday accused Ukraine again of lacking “gratitude” for Washington’s support against Russia’s invasion, as top US and Ukrainian representatives met in Geneva for talks on a proposal to halt the war.

“UKRAINE ‘LEADERSHIP’ HAS EXPRESSED ZERO GRATITUDE FOR OUR EFFORTS,” Trump wrote on his Truth Social platform, also blasting European countries for not doing enough to stop the war, but offering no direct condemnation of Moscow.

His comments came as US Secretary of State Marco Rubio was meeting with top Ukrainian officials in a wintery Geneva Sunday to discuss the US president’s controversial 28-point plan for ending the nearly four-year conflict.

The Ukrainian delegation, headed by Andriy Yermak, also met with high-level officials from Britain, France and Germany in the Swiss city, as European countries scramble to have a seat at the table in the discussions.

Trump had given Ukraine until November 27 to approve the plan, but Kyiv wants changes to a draft that accepts a range of Russia’s hardline demands, including requiring the invaded country to cede territory, cut its army and pledge never to join NATO.
German Chancellor Friedrich Merz on Sunday said he was “sceptical” a deal could be reached by that deadline.

The US president told reporters Saturday the proposal was not his final offer and he hoped to stop the fighting “one way or the other”, raising hopes that it would be possible to strengthen Kyiv’s position.

– ‘Ukrainian perspectives’ included –

A US official, who asked not to be named, told AFP that a number of meetings were held throughout the day Sunday, with the US and Ukrainian delegation holding “detailed discussions about the peace agreement”.

“It was productive and even conclusive in some areas,” the official said, adding that a second round of talks underway at the US mission in Geneva aimed at “ironing out the details of the agreement”.

By late Sunday afternoon, Ukrainian negotiator Rustem Umerov said the latest version of the US draft plan, which AFP has not seen, “already reflects most of Ukraine’s key priorities”.

Ukrainian President Volodymyr Zelensky also said on social media that the “American proposals may include a number of elements based on Ukrainian perspectives and critical for Ukrainian national interests”, hailing that “diplomacy has been reinvigorated”.

– Recognise European ‘centrality’ –

The US plan was drafted without input from Ukraine’s European allies, who were striving Sunday to make their voices heard and boost Kyiv’s position.

“Ukraine must have the freedom and sovereign right to choose its own destiny. They have chosen a European destiny,” EU chief Ursula von der Leyen said in a statement, stressing that the “centrality” of the European Union’s role must be “fully reflected” in any peace plan.
Ukraine’s European allies gathered at the G20 summit in South Africa stressed that the US plan requires “additional work”.

Finnish President Alexander Stubb told AFP that he and Italian leader Giorgia Meloni had called Trump early Sunday to discuss his Ukraine proposal.

“Of course, we discussed the situation, the 28-point plan, and some of the developments here in Johannesburg related to the peace plan,” he said, declining to reveal the content of the discussions.

French President Emmanuel Macron told a news conference at the G20 that the plan contained points that had to be more broadly discussed as they concerned European allies, such as Ukraine’s NATO ties and Russian frozen assets held in the EU.

He said the 30 countries in the “coalition of the willing” supporting Kyiv will hold a video call on Tuesday following the Geneva talks.
European Union countries were also planning to meet to discuss the Ukraine situation on the sidelines of a meeting with African leaders in Angola on Monday.

– ‘Wish list’ –

Questions were meanwhile being raised over how much input Moscow may have had in drafting the original proposal, which was welcomed by the Kremlin.
Russian President Vladimir Putin has said the blueprint could “lay the foundation” for a final peace settlement, but threatened more land seizures if Ukraine walked away from negotiations.
Ahead of Sunday’s talks, Washington insisted the Trump proposal was official US policy, denying claims by a group of US senators that Rubio told them the document was a Russian “wish list”.

Rubio himself insisted on social media late Saturday that “the peace proposal was authored by the US”.

“It is offered as a strong framework for ongoing negotiations. It is based on input from the Russian side. But it is also based on previous and ongoing input from Ukraine.”
That did not calm all concerns.

“Together with the leaders of Europe, Canada and Japan, we have declared our readiness to work on the 28-point plan despite some reservations,” Polish Prime Minister Donald Tusk said on X Sunday.

“However, before we start our work, it would be good to know for sure who is the author of the plan and where was it created.”

Headline

Pope Leo XIV Demands Immediate Release Of 315 Abducted Niger Students, Teachers

Published

2 days ago

November 23, 2025

Editor

Pope Leo XIV has appealed for the immediate release of 315 people abducted from St. Mary’s Catholic Primary and Secondary Schools in Papiri, Agwarra Local Government Area of Niger State.

Speaking on Sunday, the Pontiff expressed deep distress over the mass kidnapping, which included students, teachers, priests, and other members of the Catholic community.

“I received with profound sorrow the news of the abduction of priests, faithful, and schoolchildren. I make a heartfelt plea for the swift and unconditional release of all those being held,” Pope Leo XIV said.

The attack occurred in the early hours of Friday when armed men reportedly invaded the private Catholic school in a well-coordinated operation.

According to local sources, the assailants arrived in large numbers, riding on more than 60 motorcycles and supported by a van, before forcing their way into the premises.

During the assault, the school’s gatekeeper was shot and left critically injured.

A resident of Agwarra confirmed the incident, noting that the exact number of abducted students has yet to be verified.

IPOB kicks against Nnamdi Kanu’s transfer to Sokoto prison
“It happened between 3 a.m. and 4 a.m.. The number of students taken is still unclear,” the source said.

Another community source added that several teachers were also seized during the raid, raising further concerns about the scale of the attack and the safety of the victims.