
The Intelligence from The Economist Independence Jay? Inflation and attacks on the Fed
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Jan 14, 2026 Archie Hall, U.S. economics editor at The Economist, dives into the current inflation landscape and the Fed's balancing act amid political pressure, warning about the risks to central-bank independence. John Peet, Brexit editor, shares insights on the lasting economic impact of Brexit, noting significant GDP losses while highlighting some areas of resilience. Catherine Nixey, culture correspondent, explores how the evolution of self-help books reflects societal anxieties, advocating for 'un-selfing' activities as a remedy for today's pressures.
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Markets Largely Unfazed By Fed Pressure
- Markets showed only muted reactions despite the DOJ probe and White House pressure.
- Archie Hall suggests Trump's quick walk-back and investor expectations limited any severe market backlash.
Pressure Could Shape Future Fed Makeup
- The White House's pressure may be aimed beyond Powell to future Fed leadership.
- Archie Hall warns the administration's moves could ratchet up pressure on the Fed's broader board and voting dynamics.
Eroding Independence Risks Dangerous Outcomes
- If political interference escalates, central-bank independence could erode with serious risks.
- Archie Hall compares extreme outcomes to Turkey or Argentina but stresses many institutional roadblocks remain.
















