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Business journalism studies took her to the White House | UNC Hussman School of Journalism and Media
The story by UNC Hussman alumni Brennan Doherty ’19 and video by John Roberts ’16 (M.A.) was originally published on unc.edu. This story is part of a four-part series on Carolina alumni working in Washington, D.C. Soon after her 2015 graduation from UNC-Chapel Hill, Megan Cassella was an intern for the Reuters news agency, eagerly awaiting and prepping for a special assignment. “Every now and then they needed an intern to run over to the White House last minute,” Cassella said. “You have to send your information the night before, so I started proactively sending my information to the White House every single night to be able to go the next day if they ever needed an intern.” Since then, she’s made many return trips to 1600 Pennsylvania Ave. in a career that’s included roles at Reuters, Politico, Barron’s and now CNBC, where she works as an on-air Washington correspondent. A longtime newswriter, Cassella made the move to TV in 2024, appearing on broadcasts multiple times daily to report on the biggest political and business stories. But the keys to doing a good job — knowing how to research, asking insightful questions, building relationships and explaining complex topics to a broad audience — remain the same. Did you know: Outside of the state of North Carolina, the Washington region is home to the largest concentration of Tar Heel alumni in the country. Cassella’s time as a Tar Heel was crucial in sharpening those skills, both in the UNC Hussman School of Journalism and Media and through roles at student-run publications like The Daily Tar Heel. She excelled in Carolina’s business journalism program with former professor Chris Roush, which led to an internship at The Charlotte Observer and helped Cassella find her journalistic niche. A data journalism course with Associate Professor Ryan Thornburg taught her how to find stories in numbers, and former professor Paul O’Connor’s reporting class took Cassella to the North Carolina Capitol weekly, where she gained invaluable experience interviewing politicians. “Those hands-on experiences that Carolina gave me really kept my interest and have really benefited me since I’ve been up here in D.C.,” said Cassella. “I have UNC to thank for the fact that I even went into business journalism in the first place.” Megan Cassella ’15 “You’ve got to thrive on adrenaline in this job. You’ve got to do well with last-minute changes, with running by the seat of your pants.” Megan Cassella ’15 ‘There’s nothing else like it’ In recent months, Cassella has reported live from the G7 Summit in Geneva, covered the latest developments in the U.S.-Iran war and followed changes to trade policy, including tariffs. “Anything in this realm that influences Wall Street, I’ll be covering,” Cassella said. Her working hours are long and variable. After waking up, Cassella immediately checks her phone to see what news broke overnight. By 8:15 a.m., she usually learns which newscasts she’ll be on, and then she heads to the newsroom, White House or wherever her assignment is. “We want you in the 9 a.m. show and the 11, and then the 3 o’clock show wants you, too,” Cassella said, referring to a hypothetical day. If Cassella gets an exclusive or major news breaks, she might be told, “We want that on TV right now.” Within five minutes, she’d be expected to get to the camera, figure out what to say and deliver the news to a live audience. “It’s exciting. It’s nerve-wracking,” Cassella said. “But there’s nothing else like it.” A well-rounded education Cassella grew up in Maryland, the youngest of four kids. Her oldest brother, Brian Cassella ’05, attended Carolina, became a photojournalist and recently won a Pulitzer Prize. She remembers visiting campus as a young child and loving it. “I just always wanted to go,” she said, and that desire grew when she, like her brother, gravitated toward journalism. But it wasn’t just the journalism school that drew Cassella to Carolina. “It was also the whole liberal arts curriculum,” she said. “Even though I always wanted to be a journalist, I got to college, and I sort of felt I had to think about other things. I had to explore my options and see if that’s what I really wanted.” Did you know: In April UNC-Chapel Hill opened its Carolina in the Capital office in Washington. She combined her journalism schooling with a global studies major and a history minor. That broad range of academic experiences in Chapel Hill molded her, preparing Cassella for a career that’s taken her to the highest levels of political journalism and inside the Oval Office. “When you sit back and remember you’re actually sitting inside the White House and asking questions of the president, it’s a cool feeling,” Cassella said. “No matter who is in office, no matter what administration or party, it’s a privilege to be there.” Megan Cassella on… Being a Tar Heel in Washington: I run into Tar Heels all the time. My husband’s a Tar Heel. We actually met here in Washington, not at Carolina, even though we were the same class. Probably most of our friends are still Tar Heels. Even up here in D.C., we all get together for games and March Madness. And through work, there’s Tar Heels all over the place. It’s often used as a connection. Favorite Franklin Street spot: When we go back, our first stop is always IP3. That’s more my husband’s doing than mine. In college, I was a huge Spanky’s fan. Felt like it was a classic spot. May it rest in peace. Advice to journalism students: Reps, reps, reps! Nothing beats the experience you’ll gain by simply starting to do the work — asking the questions, reporting and writing the stories, doing the TV hits. When you can, go places in person. Talk to more people than you think you’ll need. Read as much as you can, from different sources and on different topics. If you’re not sure how to start your story, that usually means you need more reporting. When you’re not sure, ask.
This Congress is one of the oldest yet. Most Americans think that’s a problem, a new CNN poll shows
The current Congress is among the oldest in US history — a trend that is expected to accelerate, especially in the Senate.
Turkish politician hit by rent-a-crowd scandal
Kemal Kılıçdaroğlu, court-appointed head of Turkey’s oldest party, denounced corruption during party event
Repairs to Madame John's Legacy, one of French Quarter's oldest buildings, causes concern
One of the oldest buildings in the New Orleans French Quarter and a rare surviving example of French Colonial architecture is at the center of a years long dispute between local preservationists and the state, nearly three years after the two sides thought they'd worked out a compromise.
The 'World Series of Stickball' honors Choctaw heritage, sports culture in Mississippi
The Gulf States Newsroom’s Joseph King went to a few games at the 76th annual Choctaw Indian Fair to report on one of the oldest sports in the nation.
ICYMI: Chairman Guthrie Joins Fox Business Network to talk AI Policy and the Ratepayer Protection Act
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
He climbed Kilimanjaro for his 90th birthday. What he wants everyone to know about aging
Dr. Art Ulene became the oldest person to climb Mount Kilimanjaro, reaching the summit on his 90th birthday. Here's his key to longevity.
Beloved co-founder of Health Brigade dies
Mary Clem, the beloved co-founder of Virginia’s oldest free and charitable clinic, sadly died, officials announced on Monday.
American Franchise Act Would Protect Small Businesses, Boost Economy
To: Members of the House Committee on Education and Workforce From: National Taxpayers Union Date: July 21, 2026 Subject: NTU’s views on the July 21 Markup I. Introduction On behalf of National Taxpayers Union, the nation’s oldest taxpayer advocacy organization, we write to express our views on legislation slated for consideration before the House Committee on Education and Workforce on July 21, 2026. While NTU recognizes that the Committee is considering a broader package of legislative propo, Author(s): Alexander Ciccone
Why has Britain’s oldest political magazine become such a rabid cheerleader for Islamophobia?
A report on the Spectator’s coverage of Muslims makes for grim reading. Conservatism is now focused on this minority to the exclusion of everything else, says Guardian columnist Nesrine Malik
Relive 'America's World Cup' with our commemorative book
The United States staged the biggest, boldest and best World Cup in 2026, and USA TODAY Sports has crafted a hardcover keepsake book to commemorate it
An American Woman Shook Up One of the Oldest of England’s Old Boys Sports
Camille VanderMeer went to Cambridge for an M.B.A. and the chance to race Oxford. She returned champion of an altogether whackier competition.
What's the oldest weapon in the world?
There are a few contenders for the world's oldest weapon, and one is over 400,000 years old.
Frozen for years, this tiny animal miraculously springs back to life - Futura-Sciences
Siberia’s Secret Super-Survivor In a remote corner of the world, where only the boldest humans venture and always with layers of insulation, a small amphibian takes coexistence with extreme cold to a whole new level. Deep within the boreal forests of Siberia—imagine endless spruces and a carpet of snow that...
Trump administration races to rebuild tariff wall knocked down by Supreme Court
The U.S. Treasury last year swelled with revenue from President Donald Trump’s double-digit taxes on imports from almost every country on earth. But the money dried up after the Supreme Court struck down the biggest and boldest of Trump’s tariffs in February. The question now is: Can the president’s trade team make good on its promise to replace the lost revenue?
Waste, fraud, abuse… and the politics of power
One of the oldest tricks in politics is knowing when to use a number and when to use a percentage. If you want something to sound enormous, you use the raw number. If you want it to sound insignificant, you use the percentage. Politicians, statisticians and public relations strategists know this. Every citizen should understand […]
World's Oldest Amber Comes From a World 150 Million Years Before Dinosaurs
This rewrites the history of plant evolution.
Chairman Griffith Delivers Opening Statement at Subcommittee on Health Hearing on Maintaining U.S. Leadership in Biomedical Innovation
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
Chairman Griffith Delivers Opening Statement at Subcommittee on Health Markup of Three Bills Combatting Illicit Drug Threats
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
Apple is mad because OpenAI breaks Silicon Valley's unspoken rule
OpenAI is defying Silicon Valley's oldest playbook, helping explain why Apple is fighting so hard.
Health Subcommittee Markup
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
VFW cartoon showing veterans facing a firing squad sparks calls for an investigation
A cartoon depicting a firing squad of bureaucrats and media with rifles aimed at US veterans has prompted a powerful congressman to call for an investigation into one of America’s oldest veterans advocacy groups, stoking a debate over free speech for political satire.
Calling all business leaders and innovators: The Trailblazer Awards are open for nominations
For a second year, the Jacksonville Daily Record will honor the boldest, brightest minds and highest achievers in Northeast Florida’s business community.
Science news this week: Time emerges inside a mini-universe, scientists thicken Arctic ice, and one of the oldest graves of a free Black person in the US found
July 11, 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend
NASA is creating a fifth state of matter on the ISS, thanks to an upgrade to a mini-fridge-sized quantum lab
A new set of upgrades to the International Space Station’s Cold Atom Laboratory is allowing NASA to probe quantum mechanics at the coldest possible temperatures while in zero gravity.
Political survivor Le Pen makes her boldest gamble yet for France's presidency
In launching her fourth bid for the French presidency, just hours after judges cleared her to run, Marine Le Pen portrayed herself as a fighter who had defied the odds to overcome a months-long legal battle that threatened to end her political ambitions.
Washington County Fair announces 2026 entertainment lineup
BRENHAM — The historic Washington County Fair, proudly known as "The Oldest County Fair in Texas", has officially announced its star-studded entertainment lineup for its 158th annual run from Sept.
ESA’s Euclid Space Telescope Finds Universe’s Most Ancient Quasars
Led by ESA (European Space Agency) with contributions from NASA, the Euclid space telescope has discovered 31 of the oldest quasars ever documented. In
Oldest Mississippi businesses. These institutions have survived at least a century
Discover the Mississippi institutions that have thrived for more than a century, from historic newspapers to local stores.
NASA's Hubble spots a stellar sparkler for the Fourth of July
NASA's Hubble Space Telescope has captured a spectacular red, white, and blue view of one of the Milky Way's oldest star clusters to celebrate the nation's 250th anniversary. Hidden within the ancient cluster are clues to how exploding stars helped transform the young universe into one capable of forming planets and, eventually, life.
I visited Fraunces Tavern, the oldest restaurant in New York City
I visited Fraunces Tavern, New York City's oldest tavern and restaurant, which has welcomed diners for more than 250 years.
Cristiano Ronaldo Continues To Make History, Breaking World Cup Knockout Stage Record
Cristiano Ronaldo has become the oldest player to ever play in the knockout stage of the World Cup.
The PlayStation Stores On PlayStation 3 And Vita Are Shutting Down
Starting this year and into 2027, Sony is sunsetting the digital storefront for two of its oldest online store platforms.
America 250 road trip: A new mom discovers the oldest secret in sports
What makes a sport American? Fans leave clues at a Florida pickleball party, a Charleston crawfish-eating contest and Vince Lombardi's grave.
America 250 road trip: A new mom discovers the oldest secret in sports
What makes a sport American? Fans leave clues at a Florida pickleball party, a Charleston crawfish-eating contest and Vince Lombardi's grave.
America 250 road trip: A new mom discovers the oldest secret in sports
What makes a sport American? Fans leave clues at a Florida pickleball party, a Charleston crawfish-eating contest and Vince Lombardi's grave.
Is the world’s smallest Pepsi bottler also Oregon’s oldest business?
Adam Van Dusen opened a mercantile in Astoria in 1849. The sixth-generation of the family is still in business there today.
Something Is Very Wrong with Modern Longevity Science
A new book argues that many of the world’s oldest people aren’t so old after all.
Chairman Guthrie, Health Vice Chair Harshbarger, Congresswoman Miller-Meeks Lead Site Visit to Iowa Hospitals to Highlight Benefits of the Rural Health Transformation Program
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
Health Subcommittee Markup of 15 Bills Addressing Illicit Drugs and Health Care Price Transparency
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
Mars Meets The Seven Sisters, In Astronomical Event You Won't See Again Until 2034
Mars meets the Pleiades this weekend, the subject of what may be humanity's oldest story.
Scientists seek clues to longevity from three Brazilian sisters over 100
What is the secret to a long life? Three Brazilian sisters with a combined age of 316, who were named by Guinness this month as the oldest living trio of siblings in the world, may help researchers find out.
Earth’s oldest asteroid impact struck 3 billion years ago
While scientists are revising the timeline at Australia's North Pole Dome, it's still our oldest known crater.
Dogs or cats: which is actually smarter, according to science - Futura-Sciences
It is one of the oldest arguments between pet owners, and it usually generates more heat than light. So what happens when you ask science instead of your group chat? The honest answer is that “smarter” is a slippery word, but researchers do have one hard number that tilts the...
X-Ray Specs for the World’s Oldest, Sealed Letters
A team of historians, scientists and engineers has developed a portable X-ray scanner to study 4,000-year-old letters encased in clay envelopes.
Interstellar comet may be oldest object seen in our solar system, research finds
Observations suggest comet spent billions of years on ‘vast unimaginable trajectories’ around our galaxy
Future astronauts could walk across rocks from deep inside the Moon
A colossal ancient collision may have left some of the Moon’s deepest secrets surprisingly close to future Artemis landing sites. By recreating the impact that formed the giant South Pole-Aitken basin—the Moon’s largest and oldest crater—scientists found that a low-angle strike from a large, iron-cored object blasted material from deep inside the Moon, including mantle rocks.
How America's last denim mill survived the collapse of the US clothing industry
Foreign competition has shuttered nearly every US denim mill. We went inside one of the oldest ones left and checked out the high-tech competition.
Historical cricket club celebrates bicentenary
The club is the oldest in its county and has a history spanning 200 years.
Seattle’s Woodside/Braseth Gallery celebrates 65 years
Seattle's Woodside/Braseth Gallery is now one of the oldest continuously run galleries in the United States.
Denver’s celebrated political reporter Lynn Bartels has died
She is remembered for her ability to get a scoop, her grit and her depth of knowledge about Colorado politics.
Colorado’s oldest business was family-run for eight generations
Almost 170 years ago, an influential figure in western settling of the San Luis valley opened a store that still operates today.
We finally know why oldest children do so much better than their younger siblings
For the first time, we have actionable insight into how to make all of our children’s lives better.
Back two years later to finish the Newport Bermuda Race
The Newport Bermuda Race, which begins Friday off the shore of Fort Adams State Park, dates to 1906, making it the oldest regularly scheduled ocean race in the world.
A Deadly Outbreak of Plague, Nearly 5,000 Years Before the Black Death
The oldest known cases, discovered among hunter-gatherers in Siberian graves, contradict the theory that the disease once was mild.
Siouxland company L.G. Everist marks 150 years in business
One of Siouxland’s oldest companies is celebrating their 150 years of business in coal and mining.
South Carolina's Oldest Mall Is A Century-Old Hub Of Shops, Boutiques, And Entertainment
Explore Columbia’s historic Arcade Building, South Carolina’s oldest indoor mall, with unique shops, art galleries, restaurants and Main Street attractions.
After 207 years, Cincinnati's oldest business moving to historic Tri-State mansion
Bromwell's Fireplace Specialists, founded in 1819, announced plans to relocate from downtown Cincinnati to the historic Hauck summer home in Sharonville.
50 of the oldest actors who are still working in Hollywood
Stacker manually curated a list of 50 of the oldest actors who are still working in the entertainment industry.
50 of the oldest actors who are still working in Hollywood
Stacker manually curated a list of 50 of the oldest actors who are still working in the entertainment industry.
An ancient whale graveyard in the Indian Ocean teems with life
Located up to 23,000 feet below the surface of the southeastern Indian Ocean, the site spans the largest area and is so far the deepest and oldest found.
Chairman Griffith Delivers Opening Statement at Subcommittee on Health Hearing to Examine Policies to Increase Health Care Transparency for Patients and Employers
The Committee on Energy and Commerce is the oldest standing legislative committee in the U.S. House of Representatives and is vested with the broadest jurisdiction of any congressional authorizing committee.
Cincinnati’s oldest business is moving out of Downtown
Cincinnati’s oldest continuously operating business is moving from its Downtown location.
Madonna's 'Confessions II' film is her boldest (and best) work in years
Madonna's 'Confessions II' breaks down the icon's legacy and previews her new album. EW reviews the short film's significance in her canon and why it's her best work in years.
Cincinnati's oldest business is moving out of Downtown
Cincinnati's oldest continuously operating business is moving from its Downtown location. Here's where it's going.
How Louisiana's oldest skate shop has survived in French Quarter to become a global brand
Ahead of this year's Go Skateboarding Day and the first-ever X Games League Championship, we put the spotlight on Louisiana's oldest skate shop.
More than a century later, business is blooming at City Floral
The garden center — the oldest remaining greenhouse in Denver — celebrated its 115th anniversary this spring.
Oldest and newest stadiums in MLB: When every active ballpark opened
While Fenway and Wrigley rock on, what are MLB's other oldest stadiums?
How a YouTuber Helped Solve a Science Mystery
Scientists revisited the Antikythera Mechanism after a YouTuber’s experiment—and may have finally solved the mystery of the world's oldest computer.
Bronze Age 5-year-old's skull found in Uzbekistan is the oldest known evidence of surgery in Central Asia
A child's 4,000-year-old skull found in Uzbekistan has signs of trepanation, making it the oldest evidence of surgery in Central Asia on record.
Trump in ‘excellent health,’ president’s physican says
Trump, who will turn 80 in June, is the oldest person to assume the presidency.
This Revolutionary Energy Gel Will Transform the Tour de France. It Contains the Last Thing You’d Expect.
A project led by former Ineos scientist achieved what Pogačar and UAE Emirates couldn't and solved one of the oldest puzzles of sports nutrition.
Trump to get "routine annual" medical exam 7 months after last visit to Walter Reed
White House boasts Trump's "excellent health" as questions loom over the medical reality of the oldest inaugurated president.
Dolphins oldest defender details importance of OTAs with new staff
The Miami Dolphins have some strong leaders on the roster, but defensive lineman Zach Sieler is one of the best.
Oldest cigar store in Mississippi to open new Jackson location
Country Squire Tobacconist, Mississippi's oldest cigar and pipe store, unveils its new Jackson location after $2.3 million in renovations.
Scientists discover the oldest wooden tools ever used by humans
Scientists have uncovered the oldest known hand-held wooden tools ever used by humans — and they’re an astonishing 430,000 years old. Buried for hundreds of thousands of years at an ancient lakeside site in Greece, the carefully carved wooden objects reveal that early humans were far more skilled and resourceful than once believed.
One of America’s oldest beer brands discontinued after 177 years in US
Schlitz Premium, the Milwaukee-born lager that once dominated the U.S. brewing industry, is being discontinued after more than 175 years.
NAACP calls for boycott of Southern college sports programs over voting rights
The NAACP is calling on Black athletes and fans to boycott the athletic programs of public universities in states that are taking steps that the nation’s oldest civil rights group says are restricting Black voting rights.
NAACP calls for boycott of Southern college sports programs over voting rights
The NAACP is calling on Black athletes and fans to boycott the athletic programs of public universities in states that are taking steps that the nation's oldest
May Fair Draws Crowds for Four Days of Entertainment
The Dixon May Fair returned May 7-10 for its 149th rendition, bringing carnival rides, live music, livestock exhibitions and community traditions to Northern California’s oldest fair.
Europe's oldest science park could be redeveloped
Cambridge Science Park submits plans which could create 20,000 jobs and new public spaces.
The Newest Oldest President
Donald Trump is turning 80. But will he face the scrutiny that Joe Biden did?
How outbreaks at sea have been helping to shape the global health system since medieval times
Outbreaks at sea are one of the oldest problems in public health. From medieval plague quarantines to modern times, they have repeatedly tested the ability to control infectious disease – and have played a key role in shaping the international public health framework in place today.
Science news this week: PCOS has a new name, Neanderthals were the world's oldest dentists, and the first nuclear bomb explosion spawned an 'alien' crystal
May 16, 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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