Another unofficial tracking site, TGJU, said the rial passed the 2m threshold on Sunday but closed lower.<\/p>\n
The currency is under pressure from US efforts to isolate Iran by threatening the country\u2019s few remaining trade partners while blockading its main ports in the Persian Gulf and choking off oil exports.<\/p>\n
Last week, Iran\u2019s central bank governor, Abdolnaser Hemmati, said its crude exports have \u201cvirtually stopped.\u201d The United Arab Emirates, one of Tehran\u2019s main trading partners, said last week that it had suspended all financial transactions with Iran until further notice.<\/p>\n
Warning of an \u201ceconomic D-Day,\u201d Bessent wrote in the Financial Times<\/a> today:<\/p>\n double quotation markAt dawn begins an economic D-Day \u2014 the single greatest financial offensive ever marshalled against an adversary.<\/p>\n Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.<\/p>\n Iran\u2019s top financial newspaper, Donya-e Eqtesad, said<\/a> the currency\u2019s drop was driven by disruption to foreign-exchange transfers and declining exports alongside increased import demand and rising inflation expectations.<\/p>\n Updated at\u00a005.26 EDT<\/p>\n Key events<\/p>\n US and UK government bond yields dip in calm start to week<\/p>\n Bond yields have dipped on both sides of the Atlantic, as some calm returned to government bond markets. This comes after last week\u2019s sell-off which saw yields hit the highest levels in decades and prompted the US Treasury to step in on Wednesday with the announcement that it would at least double debt purchases of longer-dated bonds.<\/p>\n At the start of this week, the yield, or interest rate, on the 10-year benchmark US Treasury fell nearly 3 basis points to 4.71%, while the equivalent UK gilt yield dipped about 1bp to 5.47%. Yields move in opposite direction to prices.<\/p>\n The 30-year US Treasury yield fell 2.4bps to 5.25% while the UK 30-year gilt yield slipped 1.2bps to 5.79%.<\/p>\n \u201cWe don\u2019t think it\u2019s time to panic about long-dated government bonds, even though the headwinds they face are gathering strength,\u201d said Thomas Mathews, an analyst at Capital Economics.<\/p>\n double quotation markStill not a bond crisis.<\/p>\n Last week was a mixed one for government bonds, with 10-year yields, for example, generally a little higher across developed markets. That\u2019s perhaps surprising in a week in which the US Treasury made a deliberate attempt to support the market by upping buybacks at the long end. But most of the boost from that announcement has now unwound.<\/p>\n We argued earlier in the sell-off that it wasn\u2019t yet a crisis, and that\u2019s still true. While yields are high by recent standards, term premia seem not to be especially elevated when viewed over a longer horizon. Nor is the long end of the curve especially steep by past or global standards.<\/p>\n And, although the concurrent weakness of the US dollar and strength of gold has resurfaced concerns about dollar \u201cdebasement\u201d, there\u2019s little sign investors are worried about inflation eroding their purchasing power. Long-dated inflation swap rates, at least, have barely budged.<\/p>\n Meanwhile, our economics editor Heather Stewart wrote that Trump risks driving the US into a debt crisis.<\/p>\n Mathews went on to say:<\/p>\n double quotation markThat said, while we\u2019re not in the throes of (or on the cusp of) a crisis, the US fiscal position is obviously poor. Partly because of that, our sense is that Treasury term premia are likely to rise further over time even if a sharp selloff is avoided. And there are potential catalysts for renewed trouble this week. One is the oil price and the ongoing Iran conflict, with the sides trading barbs in recent days. Another is the July PCE [personal consumption expenditures index] data, although we think those will show a further slight softening in price pressures.<\/p>\n But perhaps the biggest risk comes from the Fed\u2019s upcoming Jackson Hole conference. Chair Kevin Warsh\u2019s previously stated views about the bond market, namely that the Fed\u2019s balance sheet could be smaller and that higher long-term yields might justify rate cuts, might be poorly received in the current market environment. Saying nothing (the topic of the symposium is \u201cFinancial Innovation: Implications for Payments and Policy\u201d) could be even worse.<\/p>\n Share<\/a><\/p>\n Updated at\u00a006.55 EDT<\/p>\n New Zealand to consider banning children under 16 from social media<\/p>\n New Zealand prime minister Christopher Luxon<\/a> has said his party will introduce a bill in parliament that \u2060seeks to ban children \u2060under \u200b16 from using social media, proposing fines of up to 10% of a platform\u2019s global revenue for non-compliance.<\/p>\n The bill would \u2060require social media platforms to take reasonable steps to verify users\u2019 ages, including by utilising existing account information, facial technology and \u2060digital identity documents.<\/p>\n \u201cWe simply cannot accept the harm being done to a generation of \u200bNew Zealand children,\u201d Luxon said \u200cin a statement on Monday.<\/p>\n \u201cSocial media \u200cis exposing them to harmful content, addictive technology and pressures they are not \u200cequipped to deal with and it\u2019s affecting their family life, mental health, sleep and education.\u201d<\/p>\n It was not immediately clear if the bill would garner sufficient support to pass through parliament, with one of Luxon\u2019s coalition partners \u2013 the New Zealand First party \u2013 saying it would not support it.<\/p>\n \u201cWe have been concerned with \u200cthe proposed legislation and the direction and slippery slope that legislation like this will inevitably take our country,\u201d New Zealand First\u2019s \u200bleader, Winston Peters, who is also the country\u2019s foreign minister, said on X.<\/p>\n In December, Australia became the world\u2019s first country to ban social media for children under 16, blocking them from platforms including TikTok, Alphabet\u2019s YouTube and Meta\u2019s Instagram \u2060and Facebook.<\/p>\n That legislation had been a \u201ccolossal failure\u201d, Peters said, adding that \u200bkeeping children off \u200bsocial media should be the responsibility \u200bof parents.<\/p>\n \u201cI won\u2019t pretend that it will be simple or \u200bthat it \u200cwill be perfect,\u201d Luxon \u200bsaid at an \u200bevent.<\/p>\n \u201cWe won\u2019t get every single child off social media. Some will always find ways around it, but frankly, it\u2019s just way too important not to at least try.\u201c<\/p>\n Share<\/a>Government vows to make business rate valuations for pubs and hotels fairer<\/p>\n Another report out today:<\/p>\n The government has promised that business rate valuations will be \u201cmade fairer\u201d for pubs and hotels in England and Wales, as Andy Burnham<\/a> faces growing calls to help the UK\u2019s struggling hospitality sector.<\/p>\n An independent review for England<\/a> and Wales will look at improving the system for hospitality venues, which were hit by higher business rate bills this year after the end of pandemic-era relief and when new revaluations took effect.<\/p>\n It comes after Burnham announced last month that he would cut business rates for pubs, social clubs and live music venues in England by 20%<\/a> from April next year.<\/p>\n The government has faced calls to reduce the tax burden on hospitality businesses, which have also struggled to cope with rising energy and food bills in recent years.<\/p>\n Share<\/a>UK productivity growing faster than official figures suggest, thinktank finds<\/p>\n Some good news for the UK (and new PM Andy Burnham and his team):<\/p>\n Productivity in the UK \u2013 a vital measure of economic health \u2013 is growing more strongly than official figures suggest, according to analysis from the Resolution Foundation<\/a>.<\/p>\n The thinktank suggests the chancellor, John Healey<\/a>, may have inherited an economy finally starting to emerge from the long shadow of the 2008 global financial crisis.<\/p>\n Productivity measures the economic output produced by each worker, and is a crucial determinant of growth.<\/p>\n The Resolution Foundation reconsiders the UK\u2019s recent productivity record, using what it argues is a more accurate snapshot of the workforce than the widely criticised labour force survey<\/a>.<\/p>\n Share<\/a><\/p>\n The graduate jobs market is being squeezed from both sides, said Lukas Kaminskis, chief executive of Turing College. He explained:<\/p>\n double quotation markBusinesses are cautious about adding headcount while costs, including higher employer national insurance contributions and energy bills, affect profits.<\/p>\n At the same time, AI can increasingly perform some of the routine work that traditionally gave graduates their first step onto the career ladder. This does not mean there will be no jobs for young people, but it does mean a degree alone is becoming less of a guarantee of employment.<\/p>\n The uncomfortable truth is that too many graduates are leaving university with academic knowledge but without the practical digital skills employers can put to use from day one. Technology is changing jobs faster than many traditional degree courses can keep pace, leaving young people qualified on paper but underprepared for the workplace they are entering.<\/p>\n Employers increasingly need people who can use AI, interpret data and work confidently with digital tools, rather than compete with technology. These skills are becoming essential across almost every industry, not just within technology companies. Universities therefore need to place far greater emphasis on employability, practical projects and real workplace experience.<\/p>\n This is also why apprenticeships and other work-based routes deserve much more attention. They allow people to learn while working, develop skills an employer actually needs and finish with experience as well as a qualification.<\/p>\n University will remain the right choice for many, but in a job market changing this quickly, we need to stop presenting a traditional three-year degree as a guaranteed route into a successful career.<\/p>\n Share<\/a>UK graduate job vacancies plunge to lowest in a decade<\/p>\n Over here, graduate job vacancies in the UK have sunk to their lowest level since they started being tracked a decade ago, according to a recruiting website.<\/p>\n Just 8,383 jobs for people leaving university were advertised in July, Adzuna reported on Monday, down 45% compared with the same point last year and the lowest since the company started gathering the data in 2016.<\/p>\n The number comes as 262,820 people prepare to go to university in September, a record high that underlines the tough conditions facing graduates entering the job market as entry-level roles are threatened by AI<\/a>.<\/p>\n About 1 million young people in the UK were not in education, employment or training, otherwise known as Neets,<\/a> in the first quarter of this year, according to the Office for National Statistics.<\/p>\n Adzuna said sectors including healthcare, nursing, hospitality and logistics posted fewer vacancies, adding that the figures suggested that a recovery reported during the spring had gone into reverse.<\/p>\n Andrew Hunter, a co-founder of Adzuna, said:<\/p>\n double quotation markJuly\u2019s numbers are a step backwards, not a blip. The annual vacancy decline got worse for the first time since January, and (the number of) jobseekers per vacancy are now higher than they were a year ago.<\/p>\n The graduate job market also keeps setting new lows, which tells us employers still haven\u2019t found a reason to open up hiring at that level.<\/p>\n The figures point to a sharp worsening in the graduate market compared with a decade ago. In 2017, there were more than 55,000 graduate positions.<\/p>\n More recently, employers have also reined in their hiring in the face of increases in national insurance contributions and the minimum wage<\/a> announced by the former chancellor Rachel Reeves in her last two budgets.<\/p>\n The extra labour cost for businesses also comes as some companies are prioritising investment in automation and artificial intelligence<\/a> tools rather than hiring.<\/p>\n Share<\/a>Fast-fashion giant Shein sets cut-price $27bn valuation for Hong Kong IPO<\/p>\n Shein\u2019s announcement was somewhat underwhelming.<\/p>\n The online retailer, which built a fast-fashion empire on what seemed like impossibly low prices<\/a>, has been forced to lower its own valuation after falling into the red earlier this year.<\/p>\n It is one of the longest-awaited initial public offerings (IPO) of recent years, after plans to list in New York were blocked by regulators over forced labour concerns. Shein then considered a \u00a350bn float in London, but faced similar questions about its supply chain<\/a> from campaigners, MPs and investors.<\/p>\n The company moved its headquarters to Singapore between 2021 and 2022, a move analysts have said was intended to avoid increasing global scrutiny of Chinese firms.<\/p>\n Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, on 27 July. Photograph: Go Nakamura\/Reuters<\/p>\n In early 2025, Shein refused to reassure British MPs<\/a> that its products do not include cotton produced in the Xinjiang region of China, which has been linked to forced Uyghur labour.<\/p>\n Founded by the entrepreneur <\/a>Chris Xu<\/a>, the company runs most of its operations from China but sells all its goods outside the country. It reached a valuation of $100bn in an April 2022 fundraising round, making it the third most valuable startup in the world.<\/p>\n Share<\/a><\/p>\n There isn\u2019t much action in European stock markets ahead of the US sanctions on Iran.<\/p>\n This comes after a sell-off in many Asian stock exchanges, following the Chinese online market place Alibaba\u2019s heavily-discounted share placing.<\/p>\n In London, the FTSE 100 index is trading more than 15 points higher at 10,83, up 0.1%. The German, French and Italian markets are flat (just about in positive territory) and the Spanish exchange rose 0.2%.<\/p>\n South Korea\u2019s tech-dominated Kospi index tumbled after Samsung Electronics said it spent $80bn to buy back its own shares after weeks of turbulent trading, triggering an 8.4% drop in its share price. The chipmaker\u2019s shares, and the wider Kospi, had surged over months on optimism around the artificial intelligence boom, but peaked in June and have since fallen amid worries over companies\u2019 debt-fuelled AI spending.<\/p>\n Tokyo\u2019s Nikkei closed down 0.7% and China\u2019s CSI 300 fell 1.2% while Hong Kong\u2019s Hang Seng lost 1.9%.<\/p>\n Fast-fashion giant Shein announced that its stock market debut will take place on the Hong Kong exchange on 1 September, at a valuation of close to $27bn (\u00a319.8bn), significantly down from a near-$100bn private market peak four years ago.<\/p>\n Share<\/a>Iran’s rial falls to record low<\/p>\n Iran\u2019s currency has weakened to an all-time low against the dollar amid US efforts to cripple the country\u2019s economy after almost six months of war.<\/p>\n US Treasury secretary Scott Bessent is due to announce new US sanctions against Iran at a press conference scheduled for 1pm EDT, which is 6pm London time.<\/p>\n The rial was trading at 1.992m per dollar on the unregulated market on Monday, according to Bloomberg News<\/a>, which cited data from tracking website Bonbast \u2013 down 4.5% since Donald Trump announced a \u201ccrushing economic operation\u201d against Tehran last week.<\/p>\n Another unofficial tracking site, TGJU, said the rial passed the 2m threshold on Sunday but closed lower.<\/p>\n The currency is under pressure from US efforts to isolate Iran by threatening the country\u2019s few remaining trade partners while blockading its main ports in the Persian Gulf and choking off oil exports.<\/p>\n Last week, Iran\u2019s central bank governor, Abdolnaser Hemmati, said its crude exports have \u201cvirtually stopped.\u201d The United Arab Emirates, one of Tehran\u2019s main trading partners, said last week that it had suspended all financial transactions with Iran until further notice.<\/p>\n Warning of an \u201ceconomic D-Day,\u201d Bessent wrote in the Financial Times<\/a> today:<\/p>\n double quotation markAt dawn begins an economic D-Day \u2014 the single greatest financial offensive ever marshalled against an adversary.<\/p>\n Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.<\/p>\n Iran\u2019s top financial newspaper, Donya-e Eqtesad, said<\/a> the currency\u2019s drop was driven by disruption to foreign-exchange transfers and declining exports alongside increased import demand and rising inflation expectations.<\/p>\n A man who runs a mobile currency exchange office is counting money in Tehran, Iran on 6 October 2025. Photograph: Anadolu\/Getty ImagesShare<\/a><\/p>\n Updated at\u00a005.26 EDT<\/p>\n Thames Water creditors plan board shake-up if rescue deal goes ahead<\/p>\n A group of senior Thames Water creditors plan a boardroom shake-up if Britain\u2019s biggest water company avoids nationalisation and their turnaround plan goes ahead.<\/p>\n The creditors said<\/a> they plan to appoint four new board members if the government allows them to take formal ownership of the struggling company.<\/p>\n They said they have lined up Liz Barber, the former boss of Yorkshire Water, to join the board, along with Dame Bernadette Kelly, the former permanent secretary at the Department for Transport, and Clive Selley, the former chief executive of Openreach, which builds and maintains the UK telecommunications network. Mike McTighe, the former chair of Openreach who is already advising Thames Water, would also join the board.<\/p>\n This comes as new prime minister Andy Burnham faces growing pressure to renationalise Thames Water under the government\u2019s special administration regime, which would mean large losses for creditors. Burnham has previously indicated the government should take control of Thames<\/a> in order to write off debts worth billions of pounds.<\/p>\n Thames Water in Windsor, Berkshire, on 21 August. Photograph: Maureen McLean\/Shutterstock<\/p>\n The company, which is struggling under a \u00a320bn debt mountain, serves 16 million customers across London and the south east but has been on the verge of financial collapse for almost three years. It could run out of cash as soon as October \u2013 but still paid its finance chief a \u00a31m signing fee earlier this month \u2013 a decision the environment department labelled \u201cunacceptable\u201d.<\/p>\n The creditors, a group of distressed debt investors and financial institutions that go by the name of London & Valley Water, are negotiating with ministers and the regulator Owat and want to take over Thames Water formally this autumn, if regulators will give leniency on future fines. Under their plan, they would inject short-term bridge financing ahead of a broader debt restructuring.<\/p>\n The consortium said the new directors would \u201coversee Thames Water\u2019s 10-year turnaround and deliver a comprehensive transformation of Thames Water in the interest of customers and the public\u201d.<\/p>\n McTighe said:<\/p>\n double quotation markThe challenge at Thames Water is huge. If this recapitalisation plan is accepted, we will apply full dedication as a new board, working alongside the executive team to transform the business and build a culture in which the customers and local communities who depend on Thames Water come first.<\/p>\n We will focus relentlessly on protecting public health and safety, respecting and improving the local environment, ensuring what people pay for their water is fair and the most vulnerable are protected, investing to secure clean and reliable water supplies for current and future generations, and being accountable for what we do.<\/p>\n It will take time to fix Thames Water, but we are committed to rebuilding trust with the customers and public Thames Water serves.<\/p>\n Share<\/a><\/p>\n \u201cHaving stirred up a hornets\u2019 nest in the Middle East, there may have been some expectation that the US administration would seek to bolster relationships elsewhere, but instead the opposite has happened,\u201d said Susannah Streeter, chief investment strategist at the Wealth Club. She explained:<\/p>\n double quotation markRelations between the USA and Canada have taken another fractious turn after trade talks collapsed, leading to 50% tariffs on some Canadian goods being imposed over the weekend.<\/p>\n Canadian exporters will be bracing for a drop in sales if US importers try and find alternative supplies rather than paying the tariffs. But it\u2019s likely many costs will be passed on through wholesalers and retailers and it will be American consumers who\u2019ll end up paying more, with tariffs acting like a tax on imports.<\/p>\n While the impact on inflation through this latest hike should be relatively contained, the cumulative effect of tariffs across multiple trading partners is an increasing worry, especially combined with higher energy prices induced by conflict in the Middle East.<\/p>\n The collapse in US-Canada trade talks could add another upward nudge to Treasury yields, with the trade row deepening concerns about US economic policy, mounting debt and inflationary pressures.<\/p>\n The Trump administration has tried to sell tariffs as a way of bringing in huge amounts of government revenue and helping tackle America\u2019s debt mountain. But the chaotic tariff regime has been beset with legal challenges and has led to mass refunds, so far from making a dent, the US deficit is heading towards $2.1tn this year and the national debt has just breached $40trn.<\/p>\n Also, tariffs and wars are not just costly, they risk acting as a drag on growth while simultaneously pushing up prices, creating a toxic combination. Slower growth can also mean weaker tax revenues, making it harder for the US to grow its way out of its debt mountain. These are all concerns that will be playing on central bankers\u2019 minds, ahead of the key Jackson Hole summit later this week, and investors will be looking for insights from Fed chair Kevin Warsh about where interest rates could head given the highly tricky economic and monetary environment.<\/p>\n Share<\/a>The lesson from Canada\u2019s collapsed trade talks with the US: negotiation may be futile<\/p>\n Here is some analysis on the looming trade war between the US and Canada:<\/p>\n The calamitous collapse of trade negotiations between Canada<\/a> and the United States is a warning to nations worldwide that pursuing any kind of dialogue with the current US administration is doomed at the outset, according to observers who say this recent episode indicates seeking a fair deal is futile.<\/p>\n Andrea Lawlor, an associate professor of political science at McMaster University in Ontario, said:<\/p>\n double quotation markNo matter the closeness of the historical relationship, the American administration has signalled that it now prioritises its interests above those of some sort of global economic coordination or harmony.<\/p>\n It feels like these talks \u2018failed\u2019. However, I\u2019m not sure there was really a success to be had.<\/p>\n The two countries are now in a deepening trade war after weeks of urgent talks fell apart shortly before the 12am EST (5am BST) deadline on Saturday, when the US imposed 50% tariffs on $20bn (\u00a314.6bn) worth of Canadian goods.<\/p>\n A defiant Mark Carney said on Saturday that he had rejected the deal because of last-minute US demands that would have undermined Canada\u2019s sovereignty<\/a>. The Canadian prime minister said: \u201cThey asked too much and they offered too little \u2026 you\u2019re at war when you\u2019re attacked, and we got attacked.\u201d He promised to match US tariffs \u201cdollar for dollar\u201d.<\/p>\n Donald Trump had initially announced the tariffs on 20 July,saying Canada had unfairly discriminated against American businesses.<\/p>\n The core example provided by the White House is Canada\u2019s bans on the sale of US alcohol in eight of its 10 provinces and all three territories. The removal of US spirits, wine and beer from shelves came into effect after Trump\u2019s first round of tariffs, slapped on Canada in early 2025.<\/p>\n The breakdown of talks came as a shock. Trump had claimed on Tuesday that a three-day extension would be applied to the tariff deadline, as an agreement was all but signed. On Wednesday, he told reporters that a \u201cvery fair deal for both\u201d sides had been ironed out.<\/p>\n But as details of the agreement began to leak to Canadian media, there was growing alarm that Carney and his negotiators were conceding too much in exchange for lower tariffs on steel, aluminium and cars.<\/p>\n Maple syrup products are seen in a market in Montreal, Quebec, on 23 August. Photograph: Andrej Ivanov\/AFP\/Getty ImagesShare<\/a>Introduction: Canadian dollar dips after US-Canada talks collapse into trade war; oil prices fall ahead of US sanctions on Iran<\/p>\n Good morning, and welcome to our rolling coverage of the global economy, the financial markets, the eurozone and business.<\/p>\n The Canadian dollar fell after the country\u2019s trade talks with the US collapsed on Friday and Washington imposed 50% tariffs on $20bn of Canadian goods, prompting Canada to retaliate.<\/p>\n The Canadian dollar dipped 0.2% to C$1.3798 per US dollar, retreating from a three-month high. It had been strengthening on hopes of a trade deal with the US. The two sides appeared close to an agreement on Friday to lower tariffs on steel, aluminium and cars, but the deal fell apart at the last minute.<\/p>\n Mark Carney, Canada\u2019s prime minister, said they were \u201cwalking away from a bad deal\u201d, and would now \u201cmatch Washington\u2019s new tariffs dollar for dollar\u201d<\/a>. So that means Canada will face 50% new tariffs on goods including wine, furniture, dairy products, cement, clothing, fishing rods and hockey sticks, covering around 5% of Canada\u2019s exports to the US.<\/p>\n Carney said that their own retaliatory tariffs on US steel, electronics, dairy, appliances, agricultural equipment, pulp and paper and other products would take effect on 8 September. The new US tariffs come on top of existing levies on cars, aluminium, steel and lumber.<\/p>\n Over in the US, president Donald Trump posted that \u201cCanada wants the benefits of being a State, without being one!!! They have also charged our great farmers, for many years, massive amounts of Tariffs. No more!!!\u201d<\/p>\n Analysts at Deutsche Bank led by Jim Reid said:<\/p>\n double quotation markThere\u2019s already been a market reaction this morning to the breakdown of the talks, with the Canadian dollar weakening against every other G10 currency, including a -0.26% fall against the US dollar. Otherwise, Bloomberg also reported overnight that Canada saw little chance of the talks resuming before the midterm elections.<\/p>\n Asian stock markets declined while oil prices also fell as markets waited for details of threatened US sanctions on Iran due later on Monday.<\/p>\n Japan\u2019s Nikkei fell nearly 0.7%, Hong Kong\u2019s Hang Seng dropped 1.9% and South Korea\u2019s Kospi tumbled 3.2%.<\/p>\n China\u2019s Alibaba shares slumped in Hong Kong after it launched a $10.2bn share sale at a \u2060sharp discount to fund development of chips, AI infrastructure and models.<\/p>\n Brent crude, the global oil benchmark, lost 1.6% to $92.81 a barrel.<\/p>\n Later this week, the annual Jackson Hole conference kicks off in Wyoming, and the new US Federal Reserve<\/a> chair, Kevin Warsh, is due to speak on Friday.<\/p>\n His speech comes at a critical time, amid anxiety in government bond markets over inflation and Donald Trump\u2019s tax and spending plans that helped push the national debt to over $40 trillion.<\/p>\n Analysts said bond traders would be looking for signals from Warsh over its commitment to fighting inflation.<\/p>\n The Trump-appointed head of the US central bank has previously signalled reluctance to \u201cspoon-feed\u201d financial markets over how it plans to set interest rates to keep fast-rising prices in check.<\/p>\n However, anxiety over Trump\u2019s handling of the economy and investor fears that his war with Iran is stoking inflation have rocked global financial markets amid a dramatic sell-off in US government bonds<\/a>.<\/p>\n The Agenda<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/08\/1787569209_262_7200.jpg\")
A man who runs a mobile currency exchange office is counting money in Tehran, Iran on 6 October 2025. Photograph: Anadolu\/Getty ImagesShare<\/a><\/p>\n