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Fed's Powell has 'utmost integrity', says Bank of England's Bailey

BY Reuters | ECONOMIC | 08/07/25 08:18 AM EDT

LONDON, Aug 7 (Reuters) - U.S. Federal Reserve Chair Jerome Powell is a man of "utmost integrity", Bank of England Governor Andrew Bailey said, following sharp criticism of Powell's performance by U.S. President Donald Trump.

Bailey declined to comment directly on whether he was worried by Trump's attacks on Powell, but described the Fed chair as a friend.

"Jay Powell is a friend of mine, obviously we are very close, we work very closely together, and I'll say this again, he is a man of the utmost integrity," he said, speaking after the BoE cut rates to 4% from 4.25% earlier on Thursday.

"I'm really not going to comment on what's going on in the U.S. other than to comment on somebody who obviously I do know very well and I respect very much." (Reporting by David Milliken, William Schomberg, Suban Abdulla and William James, writing by Alistair Smout; Editing by Sachin Ravikumar)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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