Tariffs Leave Central Banks Out in the Cold: Daniel Moss

Donald Trump has set about breaking the post-1945 trading system. He’s also remaking who rules the airwaves, and central banks have been pushed into a secondary role. While the shift may be temporary, it’s notable.

They may well be left to clean up the mess Trump has created with tariffs, but for now it’s comments from the US president that matter most, not those from Jerome Powell, Christine Lagarde or Kazuo Ueda. Powell, chair of the Federal Reserve, didn’t talk or act like a man in a hurry when he spoke to a conference of business journalists a few days ...