Donald Trump blasts late-night hosts Stephen Colbert, Jimmy Kimmel and Jimmy Fallon
On Wednesday, Trump spoke to reporters, where he claimed Stephen Colbert has 'no talent' before turning his sights to Jimmy Kimmel and Jimmy Fallon.
Trump's remarks about Colbert follow the 'Late Show' cancellation by CBS and Paramount that will see the long-running show end entirely.
The president revealed he thinks Fallon and Kimmel's shows are next to be cancelled, as Colbert had 'better ratings' than both of his fellow hosts.
'Fallon has no talent; Kimmel has no talent. They're next, I hear; they're going to be gone,' Trump said.
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an hour ago
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The door is open for Trump to create more chaos
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There are reports that Trump's advisers (which include unusual names, like Fox's Sean Hannity and MAGA heavyweight Steve Bannon) are urging him to appoint someone who will occupy the seat only until January, giving him more time to decide on Powell's replacement. Trump could appoint someone designated as Powell's successor, hoping that a 'shadow' chair would undermine Powell and Powell's messaging both within and outside the Fed's boardroom. The US Treasury Secretary Scott Bessent (who has withdrawn himself from contention for the role), mooted exactly that strategy ahead of last year's US election. Whether the appointment is short term or unveils Powell's successor, however, the new governor would be one of only two Trump-appointed members on the seven-member board and the 12-member Federal Open Market Committee that actually decides US monetary policies. The other is the Fed's deputy chair, Michelle Bowman. Loading While Trump has made it very clear what he wants from the next Fed chair, it is less obvious what qualifications, other than loyalty, Trump wants from the incoming BLS commissioner. The blueprint for this administration – 'Project 2025' – recommended appointing political appointees to the Labor department, within which the BLS sits, and consolidating the BLS with other data collecting agencies into a 'more manageable' mega statistical agency. The BLS could do with a (non-political) overhaul. It has a challenge with its current data surveys because, post-COVID, the response rates from businesses have dropped significantly. That's part of the explanation for why its revisions of June quarter data, which showed a major fall in jobs generation, were so large. Even as it has become harder for the bureau to collect accurate data, it has experienced a reduction in its resources in recent years that is being compounded by job losses and an 8 per cent cut to next year's budget because of Trump's assault on the US bureaucracy. If its data is to be made more reliable and credible, it needs more, not fewer, resources and someone – like Kugler – who is non-partisan and clearly qualified as its head. If Trump appoints a loyalist, it would cast a shadow over the accuracy of data central to the markets and businesses' understanding of economic conditions and probably lead to an increase in risk premia in US interest rates. The ironic aspect of Trump's response to the weak employment data is that it actually strengthens the case for a rate cut. The Fed has a dual mandate, charged with maximising employment and price stability. It has kept rates on hold while it waits to see the effects of Trump's trade policies on an inflation rate that, at 2.7 per cent, is already above its target of 2 per cent. The two appointments to critical economic agencies have the potential to undermine the credibility of the Feds's policy decisions and the BLS's data if financial market participants and businesses suspect that the Fed's decisions and the BLS' data have been tainted by political influences. The inflation rate has been edging up even before the full effects of Trump's tariffs have had time to reveal themselves, but the economy has slowed markedly and the BLS data shows the unemployment rate is edging up even as the job market shrinks and salaries stagnate. Where, before that data, the odds were against a rate cut at the Fed's meeting next month, they – and an increasing number of Fed governors – now favour a rate cut. 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The yield curve would steepen, and it is those yields at the longer end of the curve that determine the rates on mortgage and car loans and business' interest costs. Loading It is the Fed's credibility as an independent, apolitical agency that will contain inflation that gives it a broader influence over the curve than just the federal funds rate. Similarly, if the BLS data is regarded as tainted and unreliable, it will inject uncertainty and caution into businesses' decision-making and probably lead to less employment and investment.
