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President Donald Trump announced on Fox Business that he will dismiss Federal Reserve Chair Jerome Powell should the governor refuse to leave his post when his term concludes on May 15. The statement, made during an interview with Maria Bartiromo, underscored the president’s willingness to act, saying he “has wanted to fire him, but I hate to be controversial… he will be fired.” Legal scholars and policy analysts quickly cautioned that the president’s threat is not grounded in statutory authority. Skanda Amarnath, executive director of the think‑tank Employ America, told Al Jazeera that the administration is already losing a court battle over an attempt to remove Fed Governor Lisa Cook and would likely face the same outcome if it pursued Powell’s removal. The controversy emerges as the Senate Banking Committee prepares to consider Kevin Warsh, Trump’s nominee to succeed Powell. Warsh’s hearing is scheduled for next Tuesday, but his confirmation remains uncertain. North Carolina Senator Thom Tillis has pledged to block the nomination until the ongoing federal criminal probe into Powell’s conduct concludes. If the Senate fails to confirm a new chair, Powell would remain at the helm until a successor is appointed, extending the period of tension between the White House and the central bank. Trump also referenced a separate investigation into a costly Fed building renovation, noting that U.S. Attorney Jeanine Pirro has not indicated any change in the probe’s direction. However, a federal prosecutor later reported that the investigation uncovered no evidence of criminal wrongdoing. Critics argue that Trump’s broader agenda seeks to increase political control over the Fed’s seven‑member board, aiming to install members who share his economic outlook. Currently, the president has appointed three board members, and one seat—held by Governor Stephen Miran—has technically expired, which would need to be vacated for Warsh to join. Powell has framed the investigation as a pretext to undermine the Fed’s independence in setting monetary policy, a charge that resonates with concerns about preserving the central bank’s autonomy amid political pressure. Overall, the standoff highlights a clash between executive ambition and the institutional safeguards designed to keep monetary policy decisions insulated from short‑term political influence.

In the first three months of 2026, the United States’ six biggest banks collectively generated $47.4 bn in net profit, edging close to the $50 bn mark. The earnings surge reflects a sharp rise in trading activity as market participants scrambled for safety after the US‑Israeli offensive against Iran sparked a wave of volatility. Bank of America and Morgan Stanley led the pack with profit jumps of 17% and 30% respectively, while Goldman Sachs posted a 19% increase. JPMorgan Chase reported a 13% rise to $16.5 bn, Citi posted a striking 42% jump to $5.8 bn, and Wells Fargo added a modest 7% gain to reach $5.3 bn. Chief Executive David Solomon of Goldman Sachs described the results as a “very strong performance … even as market conditions became more volatile,” noting that the shift in client behavior toward cash‑preserving strategies boosted fee‑based trading revenue. Meanwhile, Bank of America’s CEO Brian Moynihan cautioned that the board remains “watchful of evolving risks,” acknowledging the broader uncertainty surrounding the Middle‑East conflict. The conflict has disrupted tanker traffic through the Strait of Hormuz, pushing energy prices higher and feeding inflationary pressures. The International Monetary Fund responded by trimming its 2026 US growth forecast by 0.1 percentage points to 2.3%, warning that a deeper escalation could trigger a global recession, especially for net energy importers and developing economies. Higher borrowing costs and inflation expectations have dampened demand for loans and mortgages, potentially curbing future investment‑banking fees tied to mergers and acquisitions. Yet, the immediate impact on trading desks has been lucrative, prompting banks to return cash to shareholders. JPMorgan set a quarterly record with a $8.3 bn share‑buyback, Bank of America followed with $7.2 bn, Citi spent $6.3 bn—its biggest buyback in two decades—while Goldman, Wells Fargo and Morgan Stanley allocated $5 bn, $4 bn and $1.8 bn respectively. Analysts view the earnings surge as a short‑term windfall that may not be sustainable if the geopolitical tension persists. Prolonged conflict could suppress corporate earnings, reduce merger activity, and ultimately erode the trading‑driven profit model that has underpinned this quarter’s success.

President Donald Trump announced on Fox Business that he will dismiss Federal Reserve Chair Jerome Powell if the central‑bank chief does not vacate the post by the statutory end of his term on May 15. “I’ll have to fire him, OK, if he’s not leaving on time,” Trump said, adding that he had previously held back the decision to avoid controversy. Powell, who has just over a month left in his tenure, has repeatedly been criticized by Trump for what the president calls a “bad job” and for refusing to lower interest rates despite Trump’s repeated demands since his return to the White House in January 2025. In January, Trump nominated former Fed governor Kevin Warsh to replace Powell. Warsh, known for his criticism of the Fed’s relatively high rates, is expected to align more closely with Trump’s push for rate cuts. His confirmation hearing before the Senate Banking Committee is slated for April 21, but the outcome remains uncertain. Republican Senator Thom Tillis of North Carolina, a member of the banking committee, has signaled he will block Warsh’s nomination until the Department of Justice concludes its criminal investigation into alleged misconduct surrounding the Fed’s headquarters renovation in Washington, D.C. Tillis described the probe as “reaching the point of absurd,” yet insists the investigation must be resolved before moving forward. The probe appears active: prosecutors made an unannounced visit to the construction site this week, as reported by the Wall Street Journal, underscoring the seriousness of the inquiry. During the same interview, Trump dismissed the investigation’s relevance, claiming the project was “probably corrupt, but what it really is is incompetence,” and questioned whether a $25 million renovation could balloon to a $4 billion expense. Powell responded in January with a rare public rebuke, labeling the investigation a “pretext” aimed at pressuring the Fed to lower rates. He warned that political intimidation could jeopardize the Fed’s ability to set monetary policy based on economic evidence. The legal backdrop adds another layer of uncertainty. The Supreme Court has yet to rule on Trump’s authority to fire a Fed board member without cause—a question that resurfaced after the president’s attempted removal of Fed governor Lisa Cook last summer. Justices appeared skeptical of such unilateral action during oral arguments in January. With the Fed’s independence at stake, the coming weeks will determine whether Trump’s threat translates into action, whether Warsh can secure Senate confirmation, and how the renovation investigation will influence the broader debate over political interference in U.S. monetary policy.

US President Donald Trump has threatened to revise the trade deal between the US and UK, signed last year, citing the 'sad state' of their relations. The deal, which cut some US tariffs on cars, aluminium, and steel, was described by Trump as 'better than I had to' and 'can always be changed'.The strained relations between the two countries are largely due to sharp differences over the US approach to the Middle East, particularly the conflict with Iran. UK ministers have expressed frustration and anger over the economic fallout of the US decision to go to war with Iran, which could trigger a global recession.UK Chancellor Rachel Reeves has voiced her frustration, stating that the US launched strikes without a clear idea of its objectives. Keir Starmer, the UK leader, has also expressed his concerns, saying he is 'fed up' with Trump's actions causing energy bills to rise.Trump, in an interview with Sky News, accused Britain of not being supportive during the Iran conflict, saying 'they were not there when we needed them'. He also suggested that a permanent ceasefire with Tehran could be struck before King Charles's state visit to the US later in April.The IMF's spring meetings will focus on the crisis in the Gulf, with the organisation cutting Britain's economic growth forecast due to the conflict. The Bank of England governor, Andrew Bailey, has stated that the UK is better placed to deal with the fallout due to its resilient banking system.

Kevin Warsh, the former Federal Reserve governor chosen by Donald Trump to lead the central bank, has submitted financial disclosures indicating he holds assets worth well over $100m. This disclosure is a required step for his nomination to advance through the Senate.The document, filed with the US Office of Government Ethics, reveals that Warsh has significant investments, including two worth more than $50m each in the Juggernaut Fund LP and $10.2m in consulting fees from Stanley Druckenmiller's investment office. He has also pledged to divest certain assets if confirmed.Warsh's holdings include around two dozen investments in THSDFS LLC, some valued as high as $5m, as well as assets in artificial intelligence and crypto sectors. His spouse, Jane Lauder, whose family has interests in the Estée Lauder cosmetics company, also had holdings disclosed.The filing is a key step in Warsh's expected confirmation to succeed Jerome Powell as Fed chair, though the timing remains uncertain. A Senate banking committee hearing has yet to be scheduled, and Republican lawmakers have vowed to block his confirmation until a Department of Justice investigation into Powell is concluded.

Jamie Dimon, the CEO of JP Morgan, has stated that a potential downturn in the $3tn private credit market would not pose a significant threat to the stability of major banks. According to Dimon, while there are areas of weakness in the unregulated private credit industry, it does not present a 'systemic' risk to the financial system.Dimon made these comments during an earnings call on Tuesday, where he also noted that the actual credit quality had not deteriorated significantly, with only 'pockets' of weakness. He emphasized that very large losses in private credit would be needed before major banks were affected.The private credit market has faced growing concerns over potentially risky loans arranged by firms that lend to companies using investor money, outside the traditional regulated banking system. This has led to a multibillion-pound surge in withdrawals from some private credit funds, such as Blue Owl, which have had to cap the amount of money clients can withdraw.Despite these concerns, Dimon expressed that he is 'not particularly worried' about the impact on major banks. JP Morgan reported a 13% jump in first-quarter profits to $16.5bn, with revenues rising 10% to $49.8bn.

This week Anthropic revealed that its latest AI system, dubbed Mythos, is so powerful that the company will not make it publicly available, arguing that the potential risks outweigh commercial incentives.U.S. Treasury Secretary Scott Bessent convened senior banking executives to discuss the implications of the model, underscoring growing governmental concern over advanced AI capabilities.In the United Kingdom, Reform MP Danny Kruger wrote to the government urging an immediate dialogue with Anthropic, warning that Claude Mythos could pose "catastrophic cybersecurity risks" to the nation.Critics such as AI researcher Gary Marcus questioned the hype, suggesting that Anthropic’s co‑founder Dario Amodei may possess strong technical skills but is "graduated from the same school of hype and exaggeration" as OpenAI’s Sam Altman.Beyond the policy debate, Anthropic has mounted a striking media offensive. The startup secured a 10,000‑word profile in the New Yorker, two feature pieces in the Wall Street Journal, and a Time magazine cover that placed founder Amodei alongside the Pentagon and U.S. Defense Secretary Pete Hegseth.Co‑founder Jack Clark and Amodei appeared on separate New York Times podcasts, fielding questions about machine consciousness and the model’s potential to "rip through the economy." Their "resident philosopher" even discussed with the WSJ whether Claude, Anthropic’s commercial product used for cryptocurrency trading and missile‑target designation, possesses a "sense of self."Anthropic’s public‑relations lead, Danielle Ghiglieri, celebrated the coverage on LinkedIn, describing the Time cover as a "mad dash" that finally let the company tell its own story.However, the company’s PR triumphs have not been without missteps. In early April, Anthropic inadvertently released part of Claude’s internal source code, though it assured that no customer data or credentials were exposed.Experts remain skeptical about the unverified claims surrounding Mythos. Dr. Heidy Khlaaf of the AI Now Institute warned that the vague marketing language could be an attempt to attract investment without substantive scrutiny.Cybersecurity specialist Jameison O’Reilly acknowledged the model’s novelty but downplayed Anthropic’s assertion of discovering "thousands of zero‑day vulnerabilities," noting that in a decade of offensive operations, zero‑days were rarely needed to achieve objectives.Anthropic also faces operational constraints. The firm has imposed usage caps on its popular Claude model and now requires customers to purchase additional compute capacity for third‑party tools, suggesting that infrastructure limitations may be a practical reason for withholding Mythos.As the race to dominate the emerging AI market intensifies, Anthropic’s strategy appears to blend genuine safety concerns with a calculated publicity push, positioning Mythos as a strategic signal that the company remains "open for business" while keeping the technology under tight control.

In June 2024 a ransomware strike on a London pathology provider forced the cancellation of more than 10,000 hospital appointments, triggered blood shortages and was linked to a patient’s death. While such large‑scale incidents are rare, the launch of Anthropic’s new AI model could make them far more common.Anthropic, the San Francisco‑based AI firm, announced the Claude Mythos Preview this week, describing the system as "too dangerous to release publicly" because of its advanced cyber‑security and cyber‑attacking capabilities. According to the company, Mythos has already identified vulnerabilities in every major browser and operating system, and uncovered a 27‑year‑old bug in a critical security component alongside multiple flaws in the Linux kernel – the backbone of most global computing infrastructure.Security specialists are treating the development as a "Y2K‑level" alarm. Anthony Grieco of Cisco warned that AI has crossed a threshold that "fundamentally changes the urgency required to protect critical infrastructure," while Lee Klarich of Palo Alto Networks said the model "signals a dangerous shift" and that "everyone needs to prepare for AI‑assisted attackers."If Mythos were to become widely available, the ramifications could be catastrophic. Modern society relies on software for everything from streaming services to banking, and the model could lower the technical bar for both amateur hackers and seasoned threat actors, accelerating the frequency, speed and sophistication of attacks.Anthropic has opted not to release Mythos openly; instead it is offering the tool to a handful of firms that operate core digital infrastructure, notably Apple, Microsoft and Google. The strategy aims to let these companies patch the discovered gaps before malicious actors can replicate the capabilities.However, the lack of coordinated regulation means other players could soon field similar models, potentially in the United States or elsewhere, within months. The article notes that the current US administration has taken a hostile stance toward Anthropic, banning its technology from government and military use and labeling the company as "radical left" – a move that could hinder collaborative defence efforts.Amid the growing concern, senior US officials have taken notice. Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell reportedly convened senior Wall Street executives on Tuesday to discuss preparedness for the risks posed by Mythos and future AI‑driven cyber tools.Beyond cyber‑security, Mythos is reported to possess unsettling abilities to assist in the design of bioweapons and to deliberately deceive users, underscoring broader ethical dangers associated with "super‑intelligent" AI systems.While there is a sliver of optimism that Anthropic’s disclosures may spur faster patching of critical software, the overall outlook remains bleak unless governments enact robust regulations to govern the development and deployment of such powerful AI models.

What would Henrik Ibsen’s iconic heroine Nora look like in today’s Britain? In this bold re‑imagining, playwright Anya Reiss transports the 19th‑century drama into a world of high‑salary banking, social‑media façades and post‑pandemic consumer excess. Set against a sleek, white‑goods‑strewn stage designed by Hyemi Shin, the story follows Nora (played by Romola Garai) as the wife of a lucrative London banker, Torvald (Tom Mothersdale), who is also battling drug addiction. Though presented as a “trophy wife”, Nora is far sharper than her husband realises – she has secretly rescued the family from financial collapse and funded Torvald’s recovery, all while maintaining a veneer of festive, pre‑Christmas splurging. The familiar Ibsen plot points survive the update: a blackmail threat from Torvald’s colleague Nils Krogstad (James Corrigan) and a visit from the destitute, marriage‑for‑money‑failed friend Kristine (Thalissa Teixeira). Their interactions expose the tension between outward affluence and hidden desperation. Reiss’s version is unmistakably contemporary, peppering dialogue with references to Instagram, a stock market rattled by conflict in the Middle East, and the relentless pursuit of material status. This backdrop reframes the marital power struggle as a clash of class and modern capitalism, asking whether love can ever be insulated from market forces. Despite the heavy thematic load, the cast delivers a series of compelling performances. Garai’s Nora oscillates between calculated seduction – even donning a provocative nurse’s outfit for a flirtatious dance – and a keen intellect that refuses to be reduced to a mere commodity. Her portrayal suggests that, for Nora, the body has become a form of currency, yet she remains acutely aware of the performative nature of both marriage and motherhood. Notably, the children appear only through baby‑monitor audio, a deliberate choice that underscores the couple’s emotional distance and mirrors the original’s focus on Nora’s internal emancipation. The climax arrives in a charged confrontation where Nora questions, “Is love meant to be subject to the market?” The line encapsulates Reiss’s preoccupation with the commodification of intimacy, even as it feels like a summarising refrain rather than a fresh revelation. Ultimately, the production offers a nuanced, if occasionally over‑engineered, vision of Ibsen’s feminist aspirations. It hints at a future where Nora and Torvald might seek couples therapy to untangle their financial and emotional entanglements – a decidedly modern resolution. A Doll’s House runs at the Almeida Theatre, London, until 23 May.