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Latvia’s President Nominates Kulbergs to Form New Government
Latvia’s President Edgars Rinkevics nominated Andris Kulbergs of the United List party to form a new government after Prime Minister Evika Silina resigned on Thursday ahead of parliamentary elections in October.
Trump’s drive for political revenge faces a key test in Saturday’s Louisiana Senate primary
President Donald Trump’s drive for political revenge faces a key test Saturday in Louisiana, where he is looking to defeat Republican Sen. Bill Cassidy five years after Cassidy voted to convict him in his second impeachment.
Indiana Farmer Balances High-Profile Ag Politics With Family Farm Values
Indiana farmer Tyler Everett shares his experience welcoming Brooke Rollins into his combine and meeting President Trump. Back on the farm, he focuses on making smart financial choices and protecting family time.
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.
Middle school students in Kaukauna gets hands‑on with food production
Kaukauna teacher brings modern agriculture to middle schoolers with hydroponic growing system.
Can a Republican defy Donald Trump and survive? Kentucky voters will decide
Congressman Thomas Massie, chastized by the US president as a ‘lowlife’, will soon face the ballot box – setting up a crucial test of Trump’s political strength
With dwindling health care options, rural residents wonder what’s next from a new Mayo Clinic CEO
Southern Minnesota communities served by the world-famous medical system are waiting to see whether Mayo expands its rural offerings or continues closing and consolidating locations.
Fond du Lac Agri-Business Council names scholarship winners
Six Fond du Lac County area students were selected for 2026 agri-business scholarships.
What to Watch in Saturday’s Republican Senate Primary in Louisiana
Senator Bill Cassidy, who has drawn President Trump’s ire, is fighting for political survival.
This Republican voted to convict Trump. Now he's up for reelection. Can he survive?
Louisiana Sen. Bill Cassidy was one of seven Republican senators who voted to impeach President Trump. Now he's running for reelection in a race that will test Trump's hold on the GOP.
Russia’s Putin to visit China following Trump’s trip
Putin and Chinese President Xi Jinping plan to 'further strengthen the comprehensive partnership', the Kremlin says.
Trump returns from China with no Iran breakthrough — and a decision to make
As Donald Trump grew increasingly frustrated with diplomatic efforts to end the war with Iran, administration officials were closely watching whether the president’s trip to China — a nation with close ties to Tehran — would yield a significant breakthrough.
Trump’s Hormuz ship insurance facility has done $0 business
US president’s $40bn scheme has had zero uptake due to absence of naval escorts through key waterway
Sen. Cassidy battles Trump-backed challenger in Louisiana Republican primary
Republican Sen. Bill Cassidy of Louisiana is fighting for his political life in Saturday’s primary against a challenger who has been endorsed by President Donald Trump
Atlanta Beltline violence: Shops report booming business despite incidents
Business owners in the Old Fourth Ward report that crime has not hurt their bottom line and sales are up.
Augusta Sports Council awards 10 scholarships to high school students across CSRA
Ten graduating student-athletes from the CSRA have been awarded GAMES Scholarships.
Trump defends saying he isn’t thinking about Americans’ finances amid Iran talks
The president also said he’s not considering the political implications of the Iran war on the midterms, when Republicans will be defending slim majorities in each chamber.
Rensselaer coalition bring Dunn Landfill health concerns to state Health Commission
For years, residents in the city of Rensselaer have raised concerns about their health and their children’s health because of the proximity of the Dunn landfill
North Dakota launches initiative focused on suicide prevention support and training for rural healthcare providers | Health and Human Services North Dakota
North Dakota is launching a new rural healthcare suicide prevention initiative aimed at strengthening follow-up care and closing critical gaps after suicide risk is identified. The effort follows recommendations from the North Dakota Suicide Fatality Review Commission and supports the Zero Suicide framework across rural and tribal healthcare systems.The initiative will support rural and tribal healthcare providers in implementing standardized suicide risk screening, follow-up care after suicide attempts and improved referral pathways into mental health and behavioral healthcare services.
Community supports student severely burned during school science experiment
The accident happened at Greeneview High School when a science experiment caught on fire.
Politics Unplugged Podcast: Dr. Terri Leyba Ruiz on education in Arizona
Dr. Terri Leyba Ruiz is running for Superintendent of Public Instruction. She joins the pod to talk about why she’s running. Then Dennis and Colin discuss the state of the Arizona Cardinals.
Consumers sue Amazon for not refunding Trump tariff costs
Amazon.com Inc was sued on Friday by consumers seeking refunds for costs passed on to them in the form of higher prices as a result of tariffs the U.S. Supreme Court later concluded had been unlawfully imposed by President Donald Trump.
Scientists discover hidden “brakes” that stop massive earthquakes
A mysterious underwater fault near Ecuador has been producing nearly identical magnitude 6 earthquakes every five to six years, baffling scientists for decades. Researchers now believe the fault contains hidden “brake zones” where seawater and unusual rock structures work together to stop quakes from becoming even larger. The discovery came from ultra-detailed seafloor recordings that captured how the fault behaves before and after major earthquakes.
Westwood business students win national awards
FROM A NEWS RELEASE ISHPEMING — Eleven Westwood High School business students attended the Business Professionals of America National Leadership Conference, “Amplify Your Impact,” from May 6-10. Nearly 7,000 delegates attended the conference, which was held in Nashville, Tennessee. Three students came home national winners. National award winners are: Lucy Ostola, third place, legal office […]
Downtown Youngstown entertainment venues rebound financially
YOUNGSTOWN — The city-owned entertainment facilities started the year off strong with a $300,448 operating surplus during the first quarter — the fourth-best January-March in its history — rebounding from a $484,728 loss in 2025. “It’s a great start for the year,” said Eric Ryan, president of JAC Management Group, which operates the Covelli Centre, […]
Political analyst says Schlossberg has some ‘serious problems’ as the Kennedy heir’s campaign flops
Political analyst Matt Towery analyzes Jack Schlossberg’s, grandson of former President John F. Kennedy, troubled congressional campaign on ‘The Ingraham Angle.’
Health officials track fourth King County resident tied to MV Hondius Andes hantavirus
Public Health – Seattle & King County officials are monitoring a fourth King County resident for possible exposure to the Andes type of hantavirus linked to the
Summer, sunshine and science: Physics Day at Lagoon
Students from across the Intermountain West gathered to explore the world of science — and it was thrilling in more ways than one
Live Results: Louisiana midterm state and congressional primaries
Louisiana voters will participate in a revamped and stripped-down state primary Saturday and decide the political fate of an embattled Republican U.S. senator targeted for defeat by President Donald Trump.
Youth sports, Eversource, student mental health: CT politics news
These news briefs are part of The Connecticut Mirror’s 2026 political coverage. For more, sign up for our newsletter 'The Issue.'
Youth sports, Eversource, student mental health: CT politics news
These news briefs are part of The Connecticut Mirror’s 2026 political coverage. For more, sign up for our newsletter 'The Issue.'
Lincoln police arrest man suspected in 6 business burglaries
The Lincoln Police Department has identified and arrested the man allegedly responsible for six burglaries across the city.
Girls high school flag football: Students push to have growing sport sanctioned in Minnesota
Students are pushing to have high school girls flag football sanctioned by the Minnesota State High School League as the sport grows in popularity across the state and the nation.
These Oshkosh residents want you to log off and talk politics — in real life - Wausau Pilot & Review
by Miranda Dunlap / Wisconsin Watch, Wisconsin Watch May 13, 2026 Click here to read highlights from the story Oshkosh resident Nikolas DeGroot started
Rubio: Iran won’t be able to leverage US politics into forcing ‘bad’ deal on Trump
Secretary of State Marco Rubio on Thursday said Iran attempting to use U.S. politics, specifically rising energy prices and its impact on Americans, will not pressure President Trump and lead him i…
CDC Didn’t Tell New York About Resident on Hantavirus-Plagued Cruise
There’s no indication that the New Yorker was returning to the U.S. But public health experts said the city and state still should have been informed.
2026 Student Ads - Launch Family Entertainment Center-Ann Arbor - The Sun Times News
The Sun Times News thanks Launch Family Entertainment Center-Ann Arbor for sponsoring the 2026 Student Ads event. See all the ads for Launch Family Entertainment Center-Ann Arbor!
Connecticut health officials warn of hepatitis A outbreak linked to shellfish
The Connecticut Department of Public Health warned residents about a hepatitis A outbreak in New York that has been linked to shellfish.
US moves to end job protections for hundreds of health department workers
President Donald Trump's administration on Friday moved to strip U.S. Department of Health and Human Services workers of civil service job protections, according to an email reviewed by Reuters.
Feature: Moore ’26 Keeps Busy with Double Science Major and Music
Luke Moore ’26 came to Kansas Wesleyan on a music scholarship. He’s graduating this weekend (May 16) with a double major in Chemistry and Physics. He’s as active on the music side as he is with his science activities — he’s played the cello for 10 years, including four years at Kansas Wesleyan. It’s common, he said, for scientists and musicians to share those interests. “I’ve spoken to plenty of musicians who would have done science if they weren’t musicians, and I’ve talked to plenty of scientists who would have done music if they weren’t scientists,” Mooresaid. He played the cello in the string orchestra, which he’s done since his first year, and as a junior and senior, sang in the Philharmonic Choir as a bass. He hadn’t sung in a choir since middle schoolin Garden City, but he found he really enjoys that aspect of his college career. Also as a junior, Moore helped re-activate the STEM Club as vice president. For two years, he helped build the club’s battlebot. Last year the bot came home from battles in Kansas City in pieces, lots of pieces. This year it came home with the first-place trophy. He’s helped make frozen nitrogen ice cream at Homecoming and other events and helped organize the STEM Club’s first gingerbread house competition for the holidays. Willing to get his hands – and face – dirty for science, he encouraged fellow musicians and scientists to smash him in the face with whipped cream pies on Pi Day (March 14) as a fundraiser for the STEM Club. His capstone project involved developing a metallic organic framework (MOF) that takes a methylene blue dye out of water. “I’m proud that I was able to design this project, and I was proud that I did end up making the MOF,” Moore said. The professors and attitudes at KWU have made all this possible. “I don’t actually have time for everything,” Moore said. “I have to prioritize things. Things inevitably fall through the cracks, but it’s hard for me to choose one over the other, because I like a lot of things. And I don’t want to not do music, and I don’t want to not do science.” Moore said that Kansas Wesleyan, as a smaller university, gives students the opportunity to try things. “If I were to want to be in a music ensemble, it would probably be a bit harder in a larger school. One nice thing about this school is that everyone’s involved in something,” he said. “Professors know that you have other things going on, and they are flexible and understanding.” Moore has applied to grad schools, with an goal of earning his Ph.D. and landing at a university big enough to allow for a small research team that also gives him an opportunity to teach. He’s off to a good start. Moore is receiving the award for Outstanding Research in the Math, Physics and Computer Studies Department at Commencement this year. Story by Jean Kozubowski
Oregon health officials warn of measles exposure at Happy Valley clinic
Health officials have identified a new measles exposure site in Happy Valley.
Updates to UNO Nebraska Medicine Health Center Office Visit Coverage
Starting July 1, 2026, the student health fee will include five covered office visits at the Nebraska Medicine UNO Health Center per academic year. After five visits, standard office visit charges will apply.
WPI student graduates after 50 years in computer science
Kerry Lynn is graduating 50 years after when he was first supposed to from WPI. He got his degree in computer science when AI is taking over and making jobs for students difficult. He worked in the technology industry for years.
Public Health Response to Hantavirus: Key Takeaways
Learn about the hantavirus outbreak from the MV Hondius and the ongoing public health response — including the important work of state and local health departments.
The DOJ Just Made a Shocking Confession About One of Trump’s Worst Early Executive Orders
On Thursday, the U.S. Court of Appeals for the D.C. Circuit heard argument in two cases about when the president can target private attorneys.
Race list for May 26 Texas primary runoff
Early voting for the Texas primary runoff runs May 18-22. See the federal, state and county runoffs on ballots in Collin, Dallas, Denton and Tarrant.
A ‘Man With No Country,’ Cassidy Fights for Political Future
Senator Bill Cassidy, targeted by President Trump, is walking a political tightrope as he battles other Republicans for the chance to seek a third term.
Strategies for improving women’s health explored at student-led summit | Harvard T.H. Chan School of Public Health
Speakers at the first Women’s Health Student Summit at the School discussed the need for a new approach to women's health.
Safety Tips: Environmental health, safety and risk management
New Mexico State University's Department of Environmental Health, Safety and Risk Management (EHS&RM) is dedicated to protecting the health and safety of students, faculty, staff and visitors...
San Antonio Metro Health, H-E-B relaunch insulin assistance program for residents
SAN ANTONIO - San Antonio-area residents who are struggling to afford insulin may be able to get help starting today.San Antonio Metro Health and H-E-B are re-l
Trump leaves China with breakthroughs — and unfinished business on Xi’s biggest fights
Trump returns from China summit praising Xi and trade progress, but Taiwan, AI, human rights, and Iran remain unresolved after high-stakes talks.
Craft Academy students expand learning through travel
Morehead State’s Craft Academy students spent spring break learning beyond the classroom with trips to Washington, D.C., and Paris.
A Year Ago, Experts Worried About NAEP’s Future. Now, the Test is Expanding
The results would drill down on what students know in their senior year, as well as in civics and science.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Rep. Chris Deluzio targets rising youth sports costs in Let Kids Play Act
'Youth sports should not be a luxury item,' Deluzio said.
Help is available at the click of a button
The U's Wellness Hub has a new website to help with a variety of student needs.
A look at major Ebola outbreaks and when the disease was first identified
African health officials say there is a new outbreak of the Ebola disease in the Central African country of Congo, with at least 246 suspected cases and 65 deaths
A political dynasty heiress and a former trade minister advance to Peru’s presidential runoff
LIMA, Peru (AP) — Peruvian voters will choose their next president between a political dynasty heiress and a former trade minister who has promised to reform Peru’s mining sector, after advancing on Friday to Peru’s June presidential runoff election.
Trump says sculpture garden honoring prominent Americans is planned for park along Potomac River
President Donald Trump plans to build an exhibit of statues featuring prominent Americans in a tightly regulated park along the Potomac River, potentially opening a new legal fight over whether his administration is ignoring the approvals process that typically governs Washington's monumental core.
Dallas weighs City Hall’s future as potential Mavericks sports, entertainment site
There were 418 submissions from residents, developers, architects, business leaders and others who responded to the city’s call for concepts favored repairing or restoring the Dallas City Hall.
Texas high court rejects removal of Democratic lawmakers who led quorum break over redistricting
The Texas Supreme Court has refused to declare that Democratic state lawmakers who briefly left the state last year in a quorum break to stop a vote on new congressional voting maps pushed by President Donald Trump vacated their offices.
College to Boost Region’s Health Care Workforce with $3 Million Kenan Investment
Wake Tech is expanding the Boost student success model, a workforce development initiative designed to help students complete their degrees sooner, into nursing and other health care programs.
NFIB small business optimism index barely budges in April; Iowa director cites inflation drag
The National Federation of Independent Business Small Business Optimism Index edged up 0.1 points in April to 95.9, remaining below its 52-year average of 98.0 for the second consecutive month, according to the NFIB’s monthly survey released Friday, May 15. The NFIB Uncertainty Index fell 4 points from March to 88, though it remains well […]
City Launches Diabetes Insulin Assistance Program with H-E-B
The San Antonio Metropolitan Health District and H-E-B are relaunching the Diabetes Insulin Assistance Program beginning May 15, 2026, to help residents manage the cost of life-saving diabetes medication.
Marine Corps Veteran embraces first Winter Sports Clinic
Sixteen years ago, a car accident left USMC Veteran Joe Gibson paralyzed. Through adaptive sports at the Winter Sports Clinic, he is pushing past barriers.
Did Apple's MacBook Neo accidentally build the new Googlebook?
Google better price this one adequately.
UCF Materials Science Student Earns Notre Dame Undergraduate Research Fellowship
Jeonghyun Song traded the arts for engineering, where he found beauty in chemistry. Now, his pursuit of more sustainable materials is taking him to the University of Notre Dame to advance his research.
Philippines vows to hand fugitive senator to ICC following shootout
Senator Ronald 'Bato' dela Rosa wanted for alleged role as top enforcer of ex-president Duterte's deadly drug war.
Health agency names two schools affected by Berkshire meningitis outbreak
Students from Reading Blue Coat school, and Highdown secondary school and Sixth Form Centre receiving treatment
Trump and top CEOs leave a more self-reliant China with few deals to show for it
Before leaving a two-day summit in Beijing, President Donald Trump said he had made many trade deals with China, accompanied by a cohort of “brilliant” tech billionaires.
Esse Health Agrees to Pay 2.53M to Settle Data Breach Lawsuit
American Multispecialty Group, doing business as Esse Health, a Missouri-based independent physician group serving the greater St. Louis area, experienced Esse Health has agreed to pay $2,525,000 to settle class action litigation stemming from an April 2025 data breach that affected more than 521,000 individuals.
These Are the Most Obvious Signs That You Travel for Business, According to Flight Attendants
Flight attendants share how they identify business travelers, from clothing to behavior, and explain why these passengers are often the easiest to serve.
The State of Rural Hospitals in the U.S, 2012-2023
ASPE’s Office of Health Policy has developed an Issue Brief modeling the key determinants of rural hospital closure or conversion as well as an interactive Rural Hospital Dashboard to highlight key characteristics and trends among rural hospitals. The Issue Brief uses a Cox proportional hazards model to identify low occupancy rates, for-profit ownership and proximity to an urban county as key determinants of closure or conversion to outpatient only facilities.
Why Trump (rightly) Fired the National Science Foundation Board
President Trump’s recent firing of all 22 members of the National Science Foundation board ignited the sort of institutional panic one normally associates with medieval villagers spotting a comet.
Inaugural Mind-Body Science and Health lecture planned
The inaugural Distinguished Lectureship in Mind-Body Science and Health will be delivered by Wendy Berry Mendes, Yale University professor of psychology, on May 28 at the Mellon Institute. Mendes will discuss “Affect Contagion: Physiologic Synchrony among Strangers and Close Others,” from 2:30 to 3:30 p.m. in the Mellon Institute Auditorium. The lectureship is sponsored by the Pittsburgh Health Psychology and Behavioral Medicine Research Network, a joint project of Pitt and Carnegie Mellon University, and Pitt’s Center for Mind-Body Science and Health. RSVP as soon as possible to help plan for a reception following the lecture. This is a public event. Students, post-docs, and early-stage investigators are especially encouraged to attend.
Class of 2026 Public Health Master’s Candidate Receives National Research Award and Reflects on Conference Experience - University of New Haven
Jamesha Barrett ’26 MPH received a national public health research award at the 2026 Society for Public Health Education (SOPHE) conference, where she presented research on addressing food insecurity among international graduate students.
Urban Science survey: Dealers confident in sales process, wary of AI for lead follow-ups
The sixth annual automotive research study by Urban Science in collaboration with The Harris Poll highlighted that nine in 10 U.S. car buyers said a traditional
Trump, Xi and the Politics of Pig Rearing
The presidential summit and hopes for soybean deals are occurring against the backdrop of China’s struggling pork industry.
Health care's solvable problem: maternal mortality
Making a dent in maternal mortality stands out for its bipartisan support and lack of downsides.
Two orphan manatees begin rehab at Bradenton's Bishop Museum of Science
IN BRIEF: Special blessing for new Epiphany Cathedral church bells; SPD supports Special Olympics; new Venice Middle School principal; Pinewood Derby.
Mayor Johnson expands alternate response effort for mental health emergencies
For now, Mayor Brandon Johnson is using $5.2 million from the final chunk of federal stimulus funding delivered to Chicago during the pandemic to check another key item off his progressive to-do list.
How a Jim Caviezel film got mixed up in a Brazilian political scandal
American actor Jim Caviezel's upcoming feature "Dark Horse," a biopic about former Brazilian President Jair Bolsonaro, has been billed by a movie industry publication as a thriller about the far-right firebrand's battle "against a corrupt establishment."
How new Florida law will change high school sports rosters overnight
Florida Senate Bill 538 requires non-traditional student-athletes to play sports at a high school in the county in which they reside.
Louisiana university focuses on wellness and nutrition, starting with its medical students
Wellness knowledge starts in medical school, a Louisiana university leader says. Here's how one Louisiana hospital system is examining nutrition training.
A Republican’s Mysterious Absence Reflects Congress’s Silence on Health
Presidents are expected to tell the public basic health information, but members of the House and Senate often stay silent about medical conditions, even those that affect their ability to do their jobs.
Scientists identify massive new dinosaur following Thailand dig
Nagatitan chaiyaphumensis had enough unique features to be considered a new species.
When Trump met Xi as peers
The image of two superpowers on similar footing was exactly what Chinese President Xi Jinping aimed to achieve with the visit, analysts said.
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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