Good morning. Donald Trump is reportedly considering naming a shadow chair of the Federal Reserve, in a bid to undermine Jay Powell and push him and the Fed to cut interest rates. That would be a dumb thing to do. Let’s hope cooler heads prevail. Email us: unhedged@ft.com.

Friday Interview: Enrico Letta

Enrico Letta is the dean of IE School of Politics and president of the Jacques Delors Institute. He served as prime minister of Italy in 2013-14 and led the Italian Democratic party from 2021 to 2023. He is also the author of “Much More than a Market”, a report on EU market integration commissioned by the European Council and the European Comission. He spoke to Unhedged by phone last week, covering topics ranging from the costs of regulatory fragmentation to the creation of a virtual 28th European regime.

Unhedged: Why wasn’t financial integration a priority when the European single market was created?