Hello from the FT newsroom. Donald Trump is back in firing mode. His latest target was US Federal Reserve governor Lisa Cook — ostensibly over unproven allegations of mortgage fraud. In reality, it is his latest attempt to intimidate the central bank into cutting interest rates. The president has repeatedly berated Fed chair Jay Powell for holding rates steady. Cook is refusing to be intimidated and has said she will not be “bullied” into resigning.

Former Treasury secretary Janet Yellen pulled no punches in her op-ed in the FT, stating that Trump’s action against Cook “threatens to end the independence of the Federal Reserve — and with it, the credibility of the US’s monetary policy both at home and abroad”. It also risks backfiring, argues the FT editorial board: higher long-term yields and a weaker dollar could boost public borrowing costs and imported price pressures. Investors should beware.

1. Over the past two decades, Bengaluru in southern India has seen explosive growth in its tech sector. But after welcoming a wave of investment, the city’s transport links and utilities are lagging behind, with some prominent residents being openly critical: “the state plunders [and] kills the golden goose with no responsibility to provide basic infrastructure”, wrote one billionaire on X. Go inside the unsustainable boom in India’s Silicon Valley. (Free to read)

2. China’s economic rise transformed the province of Guangdong into a test bed for capitalism and foreign investment. Nowadays, many of its factories are empty, and their surrounding restaurants and businesses are suffering. Trump’s trade war is only part of the story. What else is driving the decline of China’s economic powerhouse?

3. The Iran-Israel war fostered a sense of wartime solidarity in the Islamic republic that both surprised the autocratic leadership and delivered it a vital boost. Yet as the dust settles, Iranians across social and political divides are in agreement: the conflict should be a catalyst for change. Our correspondents in Tehran assess whether the regime will appease them or double down.

4. Earlier this year, the Trump administration ruled out any US participation in western plans to protect postwar Ukraine from any future Russian aggression. That stance appears to be changing. US officials tell the FT that Washington is prepared to provide some support. Here is what Trump is offering.

5. What is the ultimate luxury status symbol? Once upon a time it may have been flaunting a rare handbag, sports car or flashy watch. But with the soaring cost of living, perhaps the most serious flex of wealth in developed economies in 2025 is something once considered a natural part of human life. Having kids — specifically, lots and lots of them.

6. Faced with the competing demands of fans, coaches, players and financial regulators, Premier League club managers have an increasingly difficult job. As the new season starts, take the reins of fictional squad Pinkham United in the new game from the FT, where you’ll navigate profit and sustainability rules in an attempt to guide your team to glory. (Free to read)

Thanks for reading,

Roula