The most recent criticisms against Fed chair Jerome Powell come after President Donald Trump continues to demand lower interest rates.

Also in today’s newsletter, Reeves puts reform of UK cash ISAs on hold and Google is to agree cloud discount with US government

The Federal Reserve’s political independence — the sense that the world’s most powerful central bank makes decisions based on economic conditions, not short-term political considerations — is a critical national asset. President Donald Trump is eroding it in ways that could be bad for the country and his own agenda.

The White House keeps insisting that inflation is a thing of the past. The latest Consumer Price Index numbers help prove otherwise.