US investment banking is so back
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 17 July 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Donald Trump asked lawmakers whether he should fire Federal Reserve chair Jay Powell, and Wall Street saw a surprise comeback in investment banking fees. Plus, the UK’s inflation rate rose higher than expected last month, and yields on Japan’s 10-year government debt jumped ahead of Sunday’s election.
Mentioned in this podcast:
Donald Trump asked lawmakers whether he should fire Fed’s Jay Powell
Goldman Sachs profits jump 22% after investment banking gains
UK inflation unexpectedly rises to 18-month high of 3.6%
Japan’s 10-year yield hits highest level since 2008 financial crisis
Credit: Fox News
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Today’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, Ethan Plotkin, Henry Larson and Marc Filippino. Additional help from Blake Maples, Michael Lello and David da Silva. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.1 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low carbon |
| 0:22.4 | solutions has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com. |
| 0:32.3 | Good morning from the Financial Times. Today is Thursday, July 17th, and this is your FT News Briefing. |
| 0:40.6 | Donald Trump is attacking the Federal Reserve again, and U.S. investment banking is making a comeback. |
| 0:48.4 | Plus, Japanese bond investors are worried about this weekend's election. |
| 0:53.6 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 1:06.3 | Investors are worried about the Federal Reserve's independence again. |
| 1:12.2 | U.S. President Donald Trump asked Republican lawmakers if he should fire Fed Chair J. Powell. That's what a White House official |
| 1:18.4 | told DFT yesterday. Powell's term ends next year. The dollar dropped 0.9% afterwards, but it trimmed |
| 1:27.2 | some of those losses after Trump appeared to backtrack. |
| 1:30.8 | Here's what he said in the Oval Office. |
| 1:32.8 | I don't rule out anything, but I think it's highly unlikely unless he has to leave fraud. |
| 1:38.4 | The president has repeatedly gone after Powell for not cutting interest rates as quickly as Trump wants. |
| 1:45.5 | But we have a lot of people that want that job very badly. |
| 1:49.1 | And I'm only interested in low-interest people, frankly. |
| 1:54.4 | Investors are betting that the threats to Fed independence will lead to higher inflation long-term. |
... |
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