US President Donald Trump has said he will sue the New York Times for $15bn (£11bn) over what he called defamation and libel.

“The New York Times has been allowed to freely lie, smear, and defame me for far too long, and that stops, NOW!” Trump posted on his social media platform, Truth Social, on Monday.

He singled out the Times’ endorsement of Kamala Harris in the last presidential election in 2024, saying it had become a “mouthpiece for the Radical Left Democrat Party”.

A spokesperson for the newspaper said the suit was “an attempt to stifle and discourage independent reporting”, adding it “has no merit”.

“The New York Times will not be deterred by intimidation tactics,” the spokesperson added.

Trump said that his lawsuit was being launched in Florida, a Republican stronghold.

He has long expressed displeasure at what he bills left-leaning media outlets unfavourable to his presidency.

In a post late on Monday, Trump took issue at the Times’ endorsement of his election rival, saying: “Their Endorsement of Kamala Harris was actually put dead center on the front page of The New York Times, something heretofore UNHEARD OF!”

In the post he also accused other media outlets or TV programmes of “smearing” him through “a highly sophisticated system of document and visual alteration”.

ABC News and Paramount’s CBS News both agreed to multimillion-dollar payouts to Trump to settle lawsuits brought by the president in recent months.

He has also launched a case against the Wall Street Journal over its reporting on the Epstein scandal.

This is not the first time Trump has sought to sue the New York Times.

In 2023, a judge has dismissed a lawsuit filed by him, then an ex-president, against the New York Times, saying the claims in the lawsuit “fail as a matter of constitutional law”.

The $100m (£79m) lawsuit accused the newspaper and Trump’s estranged niece, Mary Trump, of “an insidious plot” to obtain his tax records.

It was filed in 2021 and relates to a Pulitzer Prize-winning series on Trump’s financial affairs.

Trump also lost another defamation bid in 2023, when he sought in vain to sue CNN for allegedly likening him to Adolf Hitler. A federal judge later threw out the $475m (£369m) lawsuit.

Clarification: This story has been updated to include the lawsuits against ABC News and Paramount which ended with settlements in Trump’s favour.

The US Federal Reserve opened a key interest rate meeting on Tuesday, just hours after Donald Trump’s close aide Stephen Miran was sworn in as a governor of the central bank, while another top official, Lisa Cook, is fighting the president’s attempt to oust her.Miran, who has been a senior adviser to Trump, took the oath of office on Tuesday, the Fed said in a statement, as its rate-setting Federal Open Market Committee (FOMC) began a two-day policy gathering AFP reported. His arrival followed a narrow Senate vote on Monday night confirming him as one of the FOMC’s 12 voting members.Markets widely expect the Fed to announce its first interest rate cut of 2025 when the meeting concludes on Wednesday, as policymakers seek to shore up a weakening jobs market. But political pressure on the independent central bank has intensified, with Trump repeatedly urging Chair Jerome Powell to cut rates more aggressively.Miran’s appointment gives him a single vote on the FOMC, and it is unclear whether he will align with Trump’s calls for steeper reductions. On Tuesday, Trump told reporters that the Fed should “listen to smart people like me.”Before joining the Fed, Miran was serving as chairman of the White House Council of Economic Advisers. His decision to take a leave of absence from that role, rather than resign, drew criticism from Democratic lawmakers, particularly as his Fed term lasts just over four months. He is filling the unexpired term of Adriana Kugler, who stepped down before her stint was due to end in late January.The meeting is also overshadowed by Trump’s attempt to remove Cook, a Fed governor appointed by former president Joe Biden, over allegations of mortgage fraud. Cook has not been charged, and the alleged incidents predate her appointment. A federal appeals court ruled late Monday that she could remain in place while her legal challenge proceeds, but the Trump administration plans to take the case to the Supreme Court.White House spokesman Kush Desai told AFP that the president “lawfully removed Lisa Cook for cause,” which he said could mean malfeasance or dereliction of duty. He added: “The administration will appeal this decision and looks forward to ultimate victory on the issue.”The Fed has held its benchmark lending rate between 4.25 percent and 4.50 percent since December, monitoring the impact of Trump’s tariffs on the economy. Markets are betting on a 25-basis point cut this week, while looking for signals on the pace and scale of reductions in the months ahead.

US stocks stayed close to record highs on Tuesday as investors awaited the Federal Reserve’s first interest rate cut of the year, expected on Wednesday. The S&P 500 rose 0.1% from its recent peak, the Dow Jones Industrial Average gained 52 points, or 0.1%, and the Nasdaq composite was 0.1% higher as of 9:35 a.m. Eastern time.The rally reflects expectations that the Fed will begin a series of rate reductions to support economic growth, with a slowing job market prompting officials to prioritise employment over inflation. Analysts expect additional cuts through the remainder of 2025 and into 2026.Consumer spending exceeds expectationsRetail sales data for August showed higher-than-expected consumer spending, with overall sales rising 0.6% month-on-month and 5% year-on-year. Spending gains were seen at motor vehicle dealers, restaurants, bars, and grocery stores, while furniture and general merchandise stores reported declines. The figures suggest households continue to spend despite tariff-driven price pressures, limiting near-term recession risks.Corporate results and geopolitical factors influence tradingCorporate earnings added mixed signals. Oracle shares gained 3.5% on speculation it may help keep TikTok operating in the US, while Dave & Buster’s dropped 15.4% following weaker quarterly profits. New York Times Co. fell 1.6% after former President Donald Trump filed a $15 billion defamation lawsuit against the company and four journalists, citing coverage related to the 2024 election.Global markets showed modest movements, with Japan’s Nikkei 225 rising 0.3% to a record high despite political uncertainty following Prime Minister Shigeru Ishiba’s resignation. European indexes dipped slightly. Meanwhile, the yield on the US 10-year Treasury eased to 4.03% from 4.05%, reflecting anticipation of lower interest rates.Bank of America’s latest survey showed global fund managers heavily weighted toward US equities at the highest level in seven months, although 58% also said stocks look overvalued. Analysts noted that attention will focus on Fed Chair Jerome Powell’s press conference and projections, which could guide market direction in the months ahead.