Türkmennebit exceeds oil production targets in Q1 2025
Turkmenistan’s state oil concern “Türkmennebit” surpassed its oil production plan by 7.1% in the first quarter of 2025, achieving a fulfilment ...
Federal Reserve Chair Jerome Powell delivered a forceful defense of the central bank’s response to the COVID-19 crisis on Sunday.
Marking the 50th anniversary of his own graduation from Princeton, Powell used the platform to reassert the Fed’s role as a stabilizing force during the pandemic and to emphasize the importance of central bank autonomy at a time when political pressure is mounting.
“With little warning, economies around the world came to a hard stop,” Powell told graduates. “The possibility of a long, severe, global depression was staring us in the face. Everyone turned to the government — and to the Federal Reserve in particular — as a key first responder.”
Pandemic Decisions in Focus
Powell specifically defended the Fed’s decision to slash interest rates to near zero and undertake massive asset purchases, including Treasury bonds and mortgage-backed securities, as a means of preventing financial system collapse in 2020. While he acknowledged the Fed was slow to respond to rising inflation in 2021, he insisted the early actions averted the worst economic outcomes.
He praised the work of career public servants at the central bank, calling their contributions “critical to avoiding a global depression.”
Trump’s Renewed Attacks
The speech comes amid a renewed barrage of criticism from President Trump, who has called for Powell’s removal and accused the Fed of harming the economy with tight monetary policy. Trump, who has insisted inflation is no longer a threat, has demanded aggressive interest rate cuts to stimulate growth ahead of his re-election campaign.
His rhetoric has included personal attacks — labeling the Fed chief as “Too Late Powell” for the delayed rate hikes in response to 2022 inflation. Trump has also claimed the Fed’s independence has become a cover for political partisanship, and he’s floated former Fed governor Kevin Warsh as a possible replacement.
Independence Under Threat
The dispute highlights a broader battle over central bank independence at a time when Trump’s tariff policies are raising concerns within the Fed about upward pressure on prices and downward pressure on growth.
According to internal Fed analysis, a 10% hike in tariffs could increase U.S. inflation by up to 1.2 percentage points, complicating the bank’s dual mandate of price stability and full employment.
Powell, for his part, has firmly stated he will not resign if requested by the president, raising the specter of a constitutional showdown. A pending Supreme Court case regarding presidential authority over independent agencies could have implications for Powell’s tenure.
“I don’t think that that decision will apply to the Fed, but I don’t know,” Powell said recently.
Broader Implications
The dispute between the Fed and the White House marks one of the most politically charged moments in modern U.S. monetary policy history. Analysts warn that undermining the Fed’s credibility could weaken investor confidence and complicate future crisis responses.
While Powell’s remarks in Princeton avoided direct references to Trump by name, the timing and tone of the address left little doubt about the message: the central bank acted decisively in 2020 and remains committed to its independent mandate — even as political winds shift.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
European Commission President Ursula von der Leyen announced on Sunday that the EU will extend its pause on retaliatory measures against U.S. tariffs until early August, in an effort to reach a negotiated trade agreement with the United States.
The ancient city of Sardis and the Bin Tepe tumuli in western Türkiye have been added to UNESCO's World Heritage List, bringing the country’s total to 22 sites.
China has officially delivered its first AI-powered oceanographic research vessel, Tong Ji, enhancing the country’s marine science and engineering capabilities.
French army chief General Thierry Burkhard warned that Moscow views France as its principal adversary in Europe, citing growing hybrid threats from Russia ahead of President Macron’s key defence speech.
Rising heatwaves and tourist congestion are changing how Australians travel to Europe. More are now choosing spring and autumn over the traditional July–August peak to escape extreme temperatures and overtourism.
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