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Axios
3 hours ago
- Business
- Axios
Big change is coming to the Fed
So much attention has focused on the will-he-or-won't-he question of whether President Trump will try to fire the Federal Reserve chair that it's easy to overlook a deeper reality: Major change is coming to America's central bank either way. The big picture: Trump allies' recent criticism of the Fed goes far beyond the details of the current interest rate setting or the cost of its building renovations. It's wider-ranging, suggesting that the entire 111-year-old enterprise needs a fundamental overhaul. It includes distrust of the Fed's legions of Ph.D. economists and its sprawling nature, including 12 reserve banks and a cumulative 24,000 employees. Signs of change are already in the air and will surely accelerate when a new chair takes office, whether that turns out to be next week or when Jerome Powell's term ends in 10 months. What they're saying: "What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Treasury Secretary Scott Bessent said in a CNBC interview Monday. "All these Ph.D.s over there, I don't know what they do." "Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission," Bessent said Monday on X. "We need regime change in the conduct of policy," Kevin Warsh, a former Fed governor and a candidate to be its next leader, said last week. Between the lines: The outlines of the kinds of changes Trump's Fed appointee will likely pursue are becoming clear. Look for closer coordination with the Treasury Department. Warsh described a scenario where the "Fed chair and the Treasury secretary can describe to markets plainly and with deliberation" their plans for the Fed's multitrillion-dollar balance sheet. Anticipate major cutbacks in the Fed's staffing and spending; the kerfuffle over its headquarters renovation is just the tip of the spear in what many Trump allies view as wildly excessive spending. (This paper from former Fed economist Andrew Levin in March makes the case.) Expect a more pugnacious tone and more frequent TV appearances from Fed leadership, as is the style of Trump appointees across the government. Traditionally, Fed officials have been press-shy. Early signs of these shifts are evident in Tuesday's conference on bank capital, with several aspects that defy Fed customs and norms. Bessent delivered the keynote address Monday night. Trump-appointed vice chair for supervision Michelle Bowman gave an interview to CNBC on Tuesday morning — her first time on the network despite having been a Fed governor for seven years. Her appearance is during the central bank's "blackout period" before meetings at which monetary policy and macroeconomics are not to be discussed publicly. (She did not discuss those topics.) This afternoon, Bowman will interview OpenAI CEO Sam Altman — a buzzy attraction, but not the normal fare for a conference on bank capital. Reality check: For all Trump's dissatisfaction with the Fed, the unemployment rate is currently 4.1%, inflation is 2.7%, the U.S. government can borrow money for a decade at 4.34%, and the stock market is at all-time highs. The big risk of regime change is that you end up with a worse regime. The bottom line: For decades, transitions of Fed leadership have been steady, cordial, no-rocking-the-boat affairs: Paul Volcker to Alan Greenspan to Ben Bernanke to Janet Yellen to Powell.
Los Angeles Times
5 hours ago
- Entertainment
- Los Angeles Times
What Stephen Colbert's cancellation says about the future of TV
Last week's cancellation of 'The Late Show with Stephen Colbert' was an earthquake felt by every Jimmy, John and Seth in the TV business. On Thursday, Colbert shocked his studio audience, social media and Hollywood with the news that the long-running late night talk show will end in May. Colbert, who has hosted 'The Late Show' since taking over from David Letterman 10 years ago, will not be replaced. The franchise that has long led its direct broadcast competition will be no more. Commentators immediately rushed to interpret the broader meaning of the decision. At best, it was seen as the latest sign that the entire genre of late night talk programming — a bedrock of broadcasting since the 1950s — is doomed, along with the rest of entertainment programming on linear TV other than sports and live events. Others floated more nefarious explanations. You didn't have to be an Epstein files conspiracy theorist to wonder if there were political motivations behind the move. Only days before the announcement, Colbert had slammed his parent company, Paramount Global, for paying $16 million to settle Trump's lawsuit over CBS News' edits to a '60 Minutes' Kamala Harris interview — a legal salvo that experts had called frivolous. He described the settlement as a 'big fat bribe,' referencing the fact that Paramount is desperately awaiting Federal Communications Commission approval, under Trump-appointed Chairman Brendan Carr, for its long-pending $8-billion merger with David Ellison's Skydance Media. Colbert learned of the cancellation decision Wednesday and informed his audience on Thursday. To quote another classic Paramount property, 'The Naked Gun,' which is being rebooted: 'Please disperse. Nothing to see here.' The Writers Guild of America swiftly weighed in, calling for an investigation and warning that the beleaguered company was 'sacrificing free speech to curry favor with the Trump Administration.' Sens. Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) raised similar concerns. Paramount co-Chief Executive George Cheeks and CBS leaders Amy Reisenbach and David Stapf said in a statement last week that shuttering 'The Late Show' was 'purely a financial decision against a challenging backdrop in late night,' and had nothing to do with the show's performance or anything going on at Paramount. Keith Olbermann, never one to accept corporate spin at face value, raised an interesting point. 'Yes, I get this is heresy,' he wrote on X. 'But, no, CBS didn't cancel Colbert primarily to appease Trump. One incontrovertible fact confirms this: you silence him by … keeping him on TV as an uncontrollable lame duck for 10 months?' Indeed, Colbert was back on the air Monday night taking Trump to task. 'Go f— yourself,' Colbert said to the camera at one point in reference to the president. Jon Stewart's reaction did not disappoint on Comedy Central's 'The Daily Show,' where he delivered a searing, f-bomb-filled monologue against his network's parent company. 'I don't think the answer can be found in some smoking gun email,' Stewart said of 'The Late Show's' demise. 'I think the answer is in the fear and pre-compliance that is gripping all of American institutions at this very moment.' Notably, Colbert rose to fame on 'The Daily Show,' reporting in character as an over-the-top conservative commentator before launching 'The Colbert Report' on Comedy Central. (This episode, incidentally, also featured an interview with Los Angeles Times owner Patrick Soon-Shiong, who disclosed that he plans to take the paper public in the next year.) Paramount's explanation holds some water for one simple reason: The business of late night talk is in decline. Ratings and ad revenue are down, and with highly paid hosts, these shows are not cheap. Colbert remains the biggest draw in his time slot, averaging 1.9 million viewers, according to Nielsen, but he commands the largest slice of a shrinking pie. As my colleague Stephen Battaglio reported, 'The Late Show' is said to be losing tens of millions of dollars a year as younger viewers flee. Since 2022, the show has lost 20% of its audience in the advertiser-coveted 18-to-49 age group, according to Nielsen. Ad revenue for 'The Late Show' in 2024 was $57.7 million, according to down from $75.7 million in 2022. NBC's 'The Tonight Show Starring Jimmy Fallon' and ABC's 'Jimmy Kimmel Live!' have also slipped. As a result, late night shows have been slashing costs. NBC cut Fallon's show to four nights a week last year, while 'Late Night With Seth Meyers' eliminated its live band. Two years ago, CBS canceled 'The Late Late Show' hosted by James Corden. One problem: Late night shows no longer serve the role they once did — especially for generations that grew up with social media and don't subscribe to TV packages. Waiting until 11:30 p.m. to hear the hot takes on the day's news is antiquated when political satire and commentary are now freely available and on demand through podcasts, TikTok, YouTube and X. Celebrities have ways to promote their movies other than by hitting the desk-and-couch interview circuit. And if the goal is to give viewers a few chuckles before bed, there are endless Instagram accounts to choose from. The late night hosts' focus on Trump as comedic fodder surely narrowed their appeal over time as well. Over on Fox News, 'Gutfeld!' draws about 3 million viewers a night. Networks have tried to adapt by chopping up their shows into clips for online consumption, but that strategy doesn't bring in the same advertising revenue, and it gives audiences even less reason to watch the full broadcast later. Analyst Rich Greenfield, writing in a LightShed Partners blog post, said Colbert's impending departure is just the 'tip of the iceberg.' 'While there is shock and awe to the cancellation of 'The Late Show' on CBS, the real question is: why is any legacy media company still investing in original programming for linear TV outside of sports and news?' he wrote. One thing remains certain: Even if Ellison had no part in 'The Late Show's' cancellation, his deal to take over the company looms large over management's decisions. Ellison and RedBird are expected to continue slashing costs as linear TV erodes and the film business settles into its new normal post-COVID. The company has been deep in negotiations with 'South Park' creators Matt Stone and Trey Parker over their rich overall deal and streaming rights for the show. On Monday, The Times reported that Paramount had reached a deal with the 'South Park' guys that values the show's streaming rights at about $1.5 billion over five years. Ellison's team had been reluctant to overpay for a series now entering its 27th season, which led to tensions. That may foreshadow how Ellison will approach relationships with the company's top talent. Expect Paramount to continue trimming traditional TV programming in favor of its streaming service, Paramount+. The typical weekday late night format has never truly worked on subscription-based platforms, though Netflix's more experimental 'Everybody's Live with John Mulaney' has its fans. Somebody, somewhere, will eventually figure it out. As with most things in Hollywood these days, streaming will have the last laugh. Netflix kept on winning. The streamer last week reported quarterly revenue that rose 16% to $11.1 billion, while the company's net income increased 46% to $3.1 billion compared with a year earlier, beating Wall Street expectations. The strong quarter was due to a robust lineup of shows (including Season 3 of 'Squid Game'), price hikes and increased advertising sales. The Los Gatos, Calif.-based company raised its full-year guidance. In terms of viewership, Netflix is on a solid run. In June, the service accounted for 8.3% of total TV usage, according to Nielsen, its greatest share since January. It was the third most-watched distributor of the month for the first time, coming in behind Disney (10%) and a still-growing YouTube (12.8%). Netflix viewership rose 13.5% compared with May, thanks to popular new shows and an influx of young viewers on summer break. Engagement is critical for Netflix. More time spent watching means fewer cancellations and increased appeal for advertisers. The company's lineup for the rest of the year has a number of highlights, including 'Wednesday' Season 2, 'Stranger Things' Season 5 and Christmas Day NFL games. Peacock is getting more expensive. Beginning July 23, NBCUniversal's Peacock Premium will cost $10.99 a month, up $3 from the current $7.99 fee. The Premium Plus option will jump to $16.99 a month, up from $13.99. Customers can pay $109.99 for an annual plan of Peacock Premium, or $169.99 a year for its Premium Plus option. NBCUniversal is joining rivals by hiking prices in order to reach profitability. The company needs to show streaming profits as it prepares to spin off its mature but still money-making cable TV networks. Watch: I'm enjoying Lena Dunham's 'Too Much,' starring Megan Stalter of 'Hacks.' Here's Robert Lloyd's review. Read: The Biggest K-Pop Band to Top the Charts Isn't Even Real. Also: Bros, Budweisers, and Divorced Dads: Butt Rock Is Back, Baby Listen: Tyler the Creator — 'Stop Playing With Me.' Listen: Drain — 'Stealing Happiness From Tomorrow.'
RTÉ News
15 hours ago
- Politics
- RTÉ News
White House restricts Wall Street Journal access to Trump over Epstein story
The White House has barred The Wall Street Journal from traveling with US President Donald Trump during his upcoming visit to Scotland, after the newspaper reported that he wrote a 50th birthday greeting to his former friend, alleged sex trafficker Jeffrey Epstein in 2003. The move comes after Mr Trump on Friday sued the WSJ and its media magnate owner Rupert Murdoch for at least $10 billion (€8.5 billion) over the allegation in the article, which Mr Trump denies. The Trump administration's handling of the Epstein case has threatened to split the Republican's far-right Make America Great Again (MAGA) base, with some of his supporters calling for a full release of the so-called "Epstein Files". The punishment of the Wall Street Journal marks at least the second time the Trump administration has moved to exclude a major news outlet from the press pool over its reporting, having barred Associated Press journalists from multiple key events since February. "As the appeals court confirmed, The Wall Street Journal or any other news outlet are not guaranteed special access to cover President Trump in the Oval Office, aboard Air Force One, and in his private workspaces," said Press Secretary Karoline Leavitt. "Due to The Wall Street Journal's fake and defamatory conduct, they will not be one of the 13 outlets on board (Air Force One)." Mr Trump departs this weekend for Scotland, where he owns two golf resorts and will meet British Prime Minister Keir Starmer. Earlier this month, the US Department of Justice, under Trump-appointed Attorney General Pam Bondi, said there was no evidence suggesting disgraced financier Epstein had kept a "client list" or was blackmailing powerful figures before his death in 2019. In its story on Thursday, the WSJ reported that Mr Trump had written a suggestive birthday letter to Epstein, illustrated with a naked woman and alluding to a shared "secret". Epstein, a longtime friend of Mr Trump and multiple other high-profile men, was found dead in a New York prison cell in 2019 while awaiting trial on charges that he sexually exploited dozens of underage girls at his homes in New York and Florida. The case sparked conspiracy theories, especially among Mr Trump's far-right voters, about an alleged international cabal of wealthy pedophiles. Epstein's death, which was declared a suicide, before he could face trial, supercharged that narrative. Since returning to power in January, Mr Trump has moved to increase control over the press covering the White House. In February, the Oval Office stripped the White House Correspondents' Association (WHCA) of its nearly century-old authority to oversee which outlets have access to certain restricted presidential events, with Mr Trump saying that he was now "calling the shots" on media access. In a statement, the WHCA president urged the White House to "restore" the WSJ to the pool. "This attempt by the White House to punish a media outlet whose coverage it does not like is deeply troubling, and it defies the First Amendment," said WHCA President Weijia Jiang.
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First Post
16 hours ago
- Politics
- First Post
Trump removes WSJ from Scotland trip press pool over Epstein letter
The punishment of the Wall Street Journal marks at least the second time the Trump administration has moved to exclude a major news outlet from the press pool over its reporting, having barred Associated Press journalists from multiple key events since February read more The White House on Monday barred The Wall Street Journal from traveling with US President Donald Trump during his upcoming visit to Scotland, after the newspaper reported that he wrote a bawdy birthday message to his former friend, alleged sex trafficker Jeffrey move comes after Trump on Friday sued the WSJ and its media magnate owner Rupert Murdoch for at least $10 billion over the allegation in the article, which Trump denies. The Trump administration's handling of the Epstein case has threatened to split the Republican's far-right Make America Great Again (MAGA) base, with some of his supporters calling for a full release of the so-called 'Epstein Files.' The punishment of the Wall Street Journal marks at least the second time the Trump administration has moved to exclude a major news outlet from the press pool over its reporting, having barred Associated Press journalists from multiple key events since February. STORY CONTINUES BELOW THIS AD 'As the appeals court confirmed, The Wall Street Journal or any other news outlet are not guaranteed special access to cover President Trump in the Oval Office, aboard Air Force One, and in his private workspaces,' said Press Secretary Karoline Leavitt. 'Due to The Wall Street Journal's fake and defamatory conduct, they will not be one of the thirteen outlets on board (Air Force One).' Trump departs this weekend for Scotland, where he owns two golf resorts and will meet with UK Prime Minister Keir Starmer. Earlier this month, the US Department of Justice, under Trump-appointed Attorney General Pam Bondi, said there was no evidence suggesting disgraced financier Epstein had kept a 'client list' or was blackmailing powerful figures before his death in 2019. In its story on Thursday, the WSJ reported that Trump had written a suggestive birthday letter to Epstein in 2003, illustrated with a naked woman and alluding to a shared 'secret.' Epstein, a longtime friend of Trump and multiple other high-profile men, was found hanging dead in a New York prison cell in 2019 while awaiting trial on charges that he sexually exploited dozens of underage girls at his homes in New York and Florida. The case sparked conspiracy theories, especially among Trump's far-right voters, about an alleged international cabal of wealthy pedophiles. STORY CONTINUES BELOW THIS AD Epstein's death – declared a suicide – before he could face trial supercharged that narrative. Since returning to power in January, Trump has moved to increase control over the press covering the White House. In February, the Oval Office stripped the White House Correspondents' Association (WHCA) of its nearly century-old authority to oversee which outlets have access to certain restricted presidential events, with Trump saying that he was now 'calling the shots' on media access. In a statement, the WHCA president urged the White House to 'restore' the Journal to the pool. 'This attempt by the White House to punish a media outlet whose coverage it does not like is deeply troubling, and it defies the First Amendment,' said WHCA President Weijia Jiang. 'Government retaliation against news outlets based on the content of their reporting should concern all who value free speech and an independent media.'
The Sun
19 hours ago
- Politics
- The Sun
White House bars WSJ from Trump trip over Epstein report
WASHINGTON: The White House has blocked The Wall Street Journal from covering President Donald Trump's upcoming trip to Scotland, escalating tensions over the newspaper's recent report linking Trump to Jeffrey Epstein. The decision follows Trump's $10 billion lawsuit against the WSJ and its owner, Rupert Murdoch, over claims he denies. Press Secretary Karoline Leavitt stated, 'Due to The Wall Street Journal's fake and defamatory conduct, they will not be one of the thirteen outlets on board (Air Force One).' The move marks the second instance this year of the Trump administration excluding a major news outlet, after restricting Associated Press journalists from key events since February. The WSJ's report alleged Trump wrote a suggestive 2003 birthday note to Epstein, referencing a shared 'secret' and featuring a nude illustration. Epstein, a financier accused of sex trafficking minors, died in prison in 2019, fueling conspiracy theories among Trump's far-right base. The White House Correspondents' Association condemned the decision, with President Weijia Jiang calling it 'deeply troubling' and a violation of press freedoms. The Trump administration has tightened media controls since January, including revoking the WHCA's authority over press access. Trump's Scotland visit includes meetings with UK Prime Minister Keir Starmer and stops at his golf resorts. The Justice Department, led by Trump-appointed Attorney General Pam Bondi, recently stated no evidence supports claims Epstein maintained a 'client list' or blackmailed elites. - AFP
