The Fed is poised to cut rates, even as officials split over the outlook under Trump. Softer jobs data and slowing pay for low earners support easing, but critics warn it risks fuelling prices and frothy assets. The White House is ready to defend the decision.

Christopher Harborne has given Reform £9m, a record donation that puts the party top of quarterly fundraising with more than £10m raised. The gift bolsters Nigel Farage’s campaign, leaving the Tories and Labour trailing on reported totals.

Bond investors cautioned the US Treasury that selecting Kevin Hassett to replace Powell as Fed chair could unsettle markets, citing worries over his perceived political ties and potential for sweeping rate cuts. Officials said the selection process continues, with alternatives under review.

Nigel Farage told Reform donors he expects an arrangement with the Tories before the next election, possibly a merger or pact to avoid splitting the vote. Citing the fall‑out from 2019, he said past dealings will shape any terms. With an outright Reform win seen unlikely, a tie‑up could increase leverage over policy and seats.