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Bank of England Governor Andrew Bailey said he was “saddened” by how U.S. President Donald Trump has kept going after Federal Reserve Chair Jerome Powell. During a press briefing in London today, Bailey said, “Jay Powell is a dear friend of mine – obviously, we are very close, we work very closely together. He is a man of utmost integrity.” That came after Bailey first said he wouldn’t comment on U.S. politics, but then did exactly that. His statement came as Trump’s attacks on Powell have intensified, with pressure on the Fed to slash rates again, despite signs that inflation could rise further. European Central Bank President Christine Lagarde also backed Powell last month, calling him “the standard of a courageous central banker.” But in Washington, Trump is far from convinced. He wants someone new at the Fed’s helm and is preparing to appoint a replacement. While weighing in on the U.S. situation, Bailey was also dealing with pressure at home. On the same day he made those comments, the Bank of England cut interest rates by 25 basis points, but the vote was anything but smooth. The Monetary Policy Committee couldn’t agree. Four members voted to hold rates. Four voted to cut. One went even further and called for a 50 basis point cut. That deadlock forced a second round of voting just to get a majority for the 25-point move. The split was a sharp change from the committee’s tone in June. Back then, the decision was less fractured; a 6-3 vote in favor of keeping rates steady. But by August, the growing uncertainty around inflation and economic growth had cracked consensus wide open. That move sent the British pound up by 0.5%, in line with traders’ expectations. But it hit the UK stock market hard. The FTSE…

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Filed under: News - @ August 7, 2025 6:31 pm