Scott Bessent calls for probe into ‘the entire Federal Reserve institution'
has called for an inquiry into the 'entire Federal Reserve institution', in the latest sign of how top Trump administration officials are cranking up pressure on the central bank.
'What we need to do is examine the entire
Federal Reserve
institution and whether they have been successful,' Mr Bessent told CNBC on Monday.
Mr Bessent's comments come as
US President Donald Trump
and his lieutenants have sharply criticised the Fed and its chair Jay Powell for refraining to cut borrowing costs this year. Trump last week asked a group of Republican lawmakers whether he should sack Powell, but later clarified that he had no plans to do so unless he needs to 'leave for fraud'.
Mr Trump's government has also recently opened a new front in their campaign against the Fed, with the president's budget director Russell Vought repeatedly alleging that a $2.5 billion (€2.1 billion) renovation of the central bank's headquarters has been grossly mismanaged.
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Bessent amped up his criticism of the Fed on Monday, saying that if the Federal Aviation Administration had made as many mistakes, 'then we would go back and look at why this has happened'.
The Fed inspector general is reviewing the renovation of its headquarters, which involves an overhaul of two buildings that overlook the National Mall and is $700 million over budget. Powell has also written to senior senators to explain how the US central bank is reining in costs.
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Donald Trump's escalating attacks on Federal Reserve unnerve investors
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On Monday, the Fed published a video tour of the two buildings, which were built in the 1930s, that are undergoing works.
The focus on the plans follows repeated attacks from Mr Trump on Mr Powell over the Fed's stance on interest rates, with the president labelling the central bank chair a 'stubborn mule'.
After enacting 1 percentage point in rate cuts over September to December, most rate-setters want to keep borrowing costs on hold at 4.25 to 4.5 per cent as they weigh up the impact of the US president's trade war on inflation.
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The Consumer Price Index figure for June showed prices rising at their fastest pace since February, with the headline rate hitting 2.7 per cent. Central bankers target 2 per cent personal consumption expenditures inflation.
Economists are expecting further rises in price pressures over the coming months, but Trump wants rates slashed to as low as 1 per cent.
Mr Bessent claimed that the Fed was 'fear-mongering over tariffs' and said the US had seen 'great inflation numbers'.
Mr Bessent was seen as one of the front-runners to replace Mr Powell, who is set to step down as chair in May 2026. But Mr Trump said this month that he was happy where his treasury secretary is, before indicating that National Economic Council chair Kevin Hassett was among the top contenders. - Copyright The Financial Times Limited 2025
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The Journal
4 hours ago
- The Journal
Thailand and Cambodia fight for fourth day despite Trump-backed ceasefire bid
THAILAND AND CAMBODIA have clashed for a fourth day today, despite both sides saying they were ready to discuss a ceasefire after a late-night intervention by US President Donald Trump. The Southeast Asian neighbours, popular destinations for millions of foreign tourists, have been locked in their bloodiest conflict in years over their disputed border. At least 34 people have been confirmed killed and more than 200,000 have been displaced by the conflict. Both sides said they were willing to start talks to end the fighting, after Trump spoke to their prime ministers late on Saturday and said they had agreed to meet and 'quickly work out' a ceasefire. Trump has threatened both nations with eye-watering levies in his global tariff blitz unless they agree independent trade deals. 'When all is done, and Peace is at hand, I look forward to concluding our Trading Agreements with both!' he wrote on his Truth Social platform. But fresh artillery clashes erupted on Sunday morning near two long-contested ancient temples in the frontier region between northern Cambodia and northeast Thailand that has seen the bulk of the fighting. A sotre severely damaged by Cambodian artillery fire in Sisaket, eastern Thailand. Alamy Stock Photo Alamy Stock Photo Cambodian defence ministry spokeswoman Maly Socheata said Thai forces began attacking areas around the temples at 4:50 am. 'We rushed to leave the house this morning,' said 61-year-old Thai border resident Maefah while rearranging her family's belongings bundled in black bin bags in the back of a pickup truck stopped at a petrol station in Surin province. 'All of my neighbours have already left. And we didn't feel safe to stay any longer,' she said, declining to give her surname. The regular thump of artillery rattled windows in the Cambodian town of Samraong, around 20 kilometres (12 miles) from the front line, AFP journalists said. Thai army deputy spokesman Ritcha Suksuwanon said Cambodian forces began firing artillery around 4:00 am as the two sides battled for control of strategic positions. As the conflict enflames nationalist sentiments, Thailand issued a warning to its own citizens to 'refrain from any kind of violence, whether in speech or action' against Cambodian migrants living in the country. Advertisement Irish tourists have been told not to travel to the border region amid the ongoing conflict . The Government has said that around 70,000 Irish tourists visiting Thailand each year. The Department of Foreign Affairs' website currently warns those seeking to travel to both countries to take normal precautions when visiting the respective nations. Ceasefire calls Cambodian Prime Minister Hun Manet on Sunday said his country 'agreed with the proposal for an immediate and unconditional ceasefire between the two armed forces'. He said his Foreign Minister Prak Sokhonn will speak with US Secretary of State Marco Rubio to coordinate with the Thais, but warned Bangkok against reneging on any agreement. After Trump's call, Thailand's acting Prime Minister Phumtham Wechayachai said he had agreed in principle to enter a ceasefire and start talks 'as soon as possible'. While both sides have expressed a desire for talks to end the crisis, neither has so far been willing to back down. On Sunday, they again each blamed the other for undermining peace efforts. The Thai foreign ministry also accused Cambodian forces of firing shells into civilian homes in Surin province. 'Any cessation of hostilities cannot be reached while Cambodia is severely lacking in good faith,' the foreign ministry said in a statement. From the Cambodian side, defence ministry spokeswoman Maly Socheata issued a statement denying that its forces fired first and accusing Thailand of 'deliberate and coordinated acts of aggression'. A long-running border dispute erupted into combat on Thursday with jets, tanks and ground troops battling in the rural border region, marked by a ridge of hills surrounded by wild jungle and agricultural land where locals farm rubber and rice. Thailand says eight of its soldiers and 13 civilians have been killed, while Cambodia has confirmed eight civilian and five military deaths. The conflict has forced more than 138,000 people to be evacuated from Thailand's border regions, and 80,000 have been driven from their homes in Cambodia. UN chief Antonio Guterres urged both sides on Saturday to 'immediately agree to a ceasefire' and hold talks to find a lasting solution. As well as blaming each other for starting the fight, Cambodia has also accused Thai forces of using cluster munitions, while Thailand accused Cambodia of targeting hospitals. The fighting marks a dramatic escalation in the dispute between the neighbours over their shared 800-kilometre border where dozens of kilometres are contested.
Irish Daily Mirror
5 hours ago
- Irish Daily Mirror
56 Irish nationals arrested as part of President Trump's immigration crackdown
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Sunday World
5 hours ago
- Sunday World
Fussy landlords should shoulder blame for Ireland's animal welfare problem
This is my pet hate and I'm blaming the landlords Living with pets can be a nuisance — take it from me. Daily, there is enough hair to keep Donald Trump thatched for the rest of his life. The carpet has more pee stains than a Superman suit without a trapdoor. And not even an inferno of scented candles could ever truly neutralise the vague waft of a damp Jack Russell about the house. Yet I wouldn't have it any other way. So my heart breaks for the families across the country who have been forced to give up their best friend in order to keep a roof over their heads. xx Today's News in 90 Seconds - July 27th Dublin's Dog Trust this week called for an end to blanket bans on dogs in rented homes after witnessing a 112 per cent increase in surrenders over the past five years due to the house crisis. Almost 20,000 people — myself included — signed the charity's online petition calling on the government to clamp down on landlords banning pets in rental homes, leaving many pet owners with an impossible decision to make. It should be far closer to 200,000 if the animal lovers bankrolling a booming pet industry involving everything from doggy day spas to cat cremation services put their computer mouse where their money is. Ordinarily, it should be said, I have a minus-sympathy for anyone who offloads four-legged members of the family on rescue centres already creaking at the seams, from the rash of 'lockdown puppies' abandoned by bored work-from-homers after the world reopened to the faithful pitbulls forsaken by their 'fur mams' or 'dads' after a change in the law earlier this year placed a ban on XL Bully breeds without a certificate of exemption. In this case, however, I'm laying the blame firmly at the rented door of inflexible landlords, many of whom probably already have human tenants who are less hygienic than a cockapoo who's just spent all day licking their crusty toe beans, among other bits. As someone who, for now at least, doesn't have to panic about finding a new place to live, it'd be very easy to glibly say that I'd die before giving my two up, although given that one of them is 126 in human years (or 18 in canine ones) and the other 91 (13), it may be a moot point anyway. Animal welfare has long since been upside-down in this country — why are we punishing those who adore their animals, while letting others, like the Carlow woman last week handed a suspended sentence after pleading guilty to eight charges of animal cruelty, away with what often feels like a slap on the wrist? At least we're starting to see custodial sentences in these stomach-churning cases, with a Meath couple elsewhere on Friday jailed for two months each, as well as being given a lifetime ban on keeping animals, after one of their dogs starved to death in their back yard, and a second was rescued from the same fate. If the Department of Health, meanwhile, is as serious as it claims to be about tackling Ireland's epidemic of loneliness, the Dogs Trust's admirable campaign presents lots of 'paws' for thought. Constant fight against fur aside, nothing makes you feel more loved than the sight of a waggly tail or two when you walk in the door.
