U.S. TREASURY SECRETARY BESSENT: WE'VE TAKEN ACTIONS TO ENSURE OIL SUPPLY STRANDED AT SEA MADE AVAILABLE TO GLOBAL MARKET

ECB'S NAGEL: WE’LL HAVE ENOUGH DATA BY APRIL TO DETERMINE IF WE NEED TO ACT OR WE CAN WAIT AND SEE

U.S. Treasury Secretary Scott Bessent has discussed with market participants the idea of reshaping the relationship between the U.S. Treasury and the Federal Reserve by incorporating elements of the Bank of England’s governance model, according to people familiar with the matter. Bessent has expressed admiration for the UK system, where the Bank of England operates with operational independence but maintains formal communication with the government through mechanisms such as inflation-target letters between the governor and chancellor. Supporters of the idea argue it could improve transparency and clarify responsibilities during crises, while critics warn it could blur the Fed’s independence established under the 1951 Treasury-Fed Accord.