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In 1951 a 25-year-old Yale graduate published a 240-page polemic inveighing against his alma mater’s left-leaning bias. The book launched the career of William F. Buckley, the most influential conservative intellectual of the post-war era. Although Buckley managed to reshape the Republican Party, his war against academia proved less successful. Conservatives still haven’t given up on changing the academy. The most robust reform momentum now is building at public university systems. In Florida, in particular, a trio of Yale alumni have ambitious plans to change the future of higher education.
Ron DeSantis, the governor of Florida, who graduated from Yale in 2001, likes to say that his state is “where woke goes to die”. In universities he put in place a tenure-review process, which critics say weakened academic freedom, and he has used his appointment powers to influence institutions. At New College of Florida, a public liberal-arts college that had been a bastion of progressivism, he appointed new trustees who fired the president and replaced him with a former Republican lawmaker. Scores of faculty and students left.
New College, which had fewer than 700 students in the autumn of 2022, has drawn national attention. Yet much more consequential reforms are under way at the University of Florida (UF), the state’s flagship university and home to some 60,000 students. It ranks as one of the top public universities in America. It also offers an increasingly attractive bargain: undergraduate tuition and fees are only $6,380 this academic year for in-state students.
Ben Sasse, a former Republican senator who became UF’s president in February 2023, says that producing graduates who can thrive in a disruptive jobs market is at the heart of his mission. He still believes a fundamental part of this ought to be learning about the liberal arts. But, says Mr Sasse, who earned a doctorate in history at Yale, humanities faculties at most universities are not “sure what their purpose is right now”. A core curriculum is “incredibly important for an educated citizenry, but you have to be making a case that you’re speaking to things that are big and broad and meaningful and enduring.” He argues that this isn’t a right-wing project but a classically liberal one. And at the heart of it is UF’s new Hamilton Centre.
Authorised by the Florida legislature in 2022, the centre is a $30m wager on the appeal of Western civilisation. Mr Sasse has said that he intends Hamilton to become UF’s 17th college (joining existing ones such as those for business, engineering, law, medicine and pharmacy). Next year it will begin offering two majors: philosophy, politics, economics and law; and great books and ideas.
Will Inboden, Hamilton’s director, wants UF to have America’s top programme in Western civilisation. The centre already employs a dozen faculty members in a cramped space on UF’s sprawling campus, dominated by the Florida Gators’ football stadium. It is hiring dozens more and eventually will move to its own building. Mr Imboden says part of the strategy is to seek out faculty in fields neglected by modern humanities departments, such as military and diplomatic history. He also favours public-facing academics.
Sunshine statement
Mr Inboden and Mr Sasse, who attended graduate school at Yale together, both served in the administration of George W. Bush. But Mr Inboden argues that the Hamilton Centre is a “pre-political” project. “Students are pretty leery of being indoctrinated,” he says. “The answer to progressive indoctrination on campuses is not conservative counter-indoctrination.”
Jill Ingram, Hamilton’s director of undergraduate students, echoes the desire to avoid a reputation of being a politicised entity. “We’re interested in giving students the tools and the practice to think for themselves, but also to bring back an appreciation for the texts and the ideas that were involved in the founding of America.”
The centre has received a mixed reception on campus. One student recalls telling an adviser that she planned to apply for a fellowship through the centre: “She was, like, ‘Don’t apply for that. It’s a bunch of right-wing storm troopers.’” Yet many who take classes from Hamilton faculty aren’t even aware the centre exists as its own entity. Students associated with it come from a variety of political backgrounds.
Florida is not alone. Other states with new schools focusing on civic thought include Arizona, North Carolina, Tennessee and Texas. A Republican state legislature funded Arizona State University’s School of Civic and Economic Thought and Leadership. When a Democrat, Katie Hobbs, became governor in 2023, it seemed its days might be numbered: Ms Hobbs labelled the school “libertarian” and proposed reallocating the funding. After some debate, however, Democrats backed down.
Places like the Hamilton Centre will face two related challenges. Finding faculty for a growing number of institutions could become harder in the years ahead. Harder still will be to avoid becoming conservative ghettos within their universities.
Ray Rodrigues, the chancellor of the State University System of Florida, says the goal is to offer better general-education courses to all. He and his colleagues also aspire to create scholars who will influence new generations: “If, at the end of the day, what we’re doing is merely trading conservative scholars from one institution to another, then we have failed.”■
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Guests and attendeess mingle and walk through the atrium during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 24, 2025.
Jim Watson | Afp | Getty Images
After years dominated by the pandemic, supply chains, energy and inflation, there was a new topic topping the agenda at the World Bank and International Monetary Fund’s Spring Meetings this year: tariffs.
The IMF set the tone by kicking off the week with the release of its latest economic forecasts, which cut growth outlooks for the U.S., U.K. and many Asian countries. While economists, central bankers and politicians have been engaged in panels and behind-the-scenes talks, many are attempting to work out whether trade tensions between China and the U.S. are — or perhaps are not — cooling.
These were some of the main messages from ECB members this week.
Christine Lagarde, European Central Bank president
On inflation and monetary policy:
“We’re heading towards our [inflation] target in the course of 2025, so that disinflationary process is so much on track that we are nearing completion. But we have the shocks, you know, and the shocks will be a dampen on GDP. It’s a negative shock to demand.”
“The net impact on inflation will depend on what countermeasures are eventually taken by Europe. Then we have to take into account the [German] fiscal push by the defense investments, by the infrastructure fund.”
“We have seen successive movements, you know, announcement [of U.S. tariffs], and then a pause, and then some exemptions. So we have to be very attentive… Either we cut, either we pause, but we will be data dependent to the extreme.”
On market moves:
“When we had done our projections, we anticipated that… the dollar would appreciate, the euro would depreciate. It’s not what we saw. And there have been some counter-intuitive movements in various categories.”
“The German market has obviously been shocked in a positive way by the program soon to be put in place by the German government, with a commitment to defense, with a commitment to a big fund for infrastructure development.”
Klaas Knot, The Netherlands Bank president
On tariff uncertainty:
“If I look back over the last 14 years, in the initial days of the pandemic I think that was comparable uncertainty to what we have now.”
“In the short run, it’s crystal clear that the uncertainty that is created by the unpredictability of the tariff actions by the U.S. government works as a strong negative factor for growth. Basically, uncertainty is like a tax without revenue.”
On the inflation impact:
“In the short run, we will have lower growth. We will probably also have lower inflation. As we also see, the euro is appreciating as energy prices have also come down. So together with the sort of negative factor uncertainty in the short run, it’s crystal clear that it will accelerate the disinflation.”
“But in the medium term, the inflation outlook is not all that clear. I think there are still these negative factors. But in the medium term, you might get retaliation. You might get the disruption of global value chains, which might also be inflationary in other parts of the world than the U.S. only. And then, of course, we have the fiscal policy coming in in Europe. So this is actually a time in which you need projections.”
On a June rate cut and market pricing for two more ECB rate cuts in 2025:
“I’m fully open minded. I think it’s way too early to already take a position on June, whether it would be another cut. It will fully depend on these projections.”
“I would need to see a more structured analysis of the impact on the inflation profile ahead of us, and only then can I say whether the market is pricing fair or whether I don’t.”
Robert Holzmann, Austrian National Bank governor
On the need to wait for more data and news on tariffs:
“We have not seen this uncertainty now for years… unless the uncertainty subsides, by the right decisions, we will have to hold back a number of our decisions, and hence, we don’t know yet in what direction monetary policy should be best moved.”
“Before looking at data in detail, the question is, what kind of political decisions will be taken? Is it that we will have some tariff increases? Is it that we will have strong tariff increases? Is it that we will have retribution by high counter tariffs?”
On the ECB’s April rate cut:
“I think there’s a broad consensus [on rates]. But of course, at the margin, people differ.”
“My assessment is that at this time, it wasn’t clear yet to what extent [tariff] countermeasures were being taken. Because with countermeasures in Europe, prices may have increased. Without countermeasures, quite likely the price pressure is downward. And for the time being, we don’t know yet the direction.”
On the direction of interest rates:
“I think if the recent noises about an arrangement [on trade] were to be true, in this case, quite likely it is more towards the downside than the upside with regard to prices. But this can be changed with different decisions and the result of which, we may even imagine in [the] other direction. For the time being, no, it will be down.”
“There may be further cuts this year, but the number is still outstanding.”
Mārtiņš Kazāks, Bank of Latvia governor
On opportunity from tariffs:
“With all this uncertainty and vulnerability, this is also the time of opportunities for Europe.”
“It’s a time for Europe to grasp all the aspects of being an economic superpower and becoming a really fully-fledged political and geopolitical superpower, and this requires doing all the decisions that in the past, were not carried out fully.”
“This requires political will, political guts to make those decisions, and to strengthen the European economy and assert its place in a global world.”
On market reaction to tariffs:
“So far it seems to be relatively orderly … but if one looks at the spillovers to Europe, the financial markets are working more or less fine, we haven’t seen spreads exploding or anything like that.”
“But in terms, however, of the macro scenarios, this uncertainty is extremely elevated in the sense that, given the possible outcomes, the multiple scenarios and their probabilities are very similar with the baseline [tariff] scenario.”
US President Donald Trump speaks during a bilateral meeting with Prime Minister of Norway Jonas Gahr Store in the Oval Office of the White House in Washington, DC, on April 24, 2025.
Saul Loeb | Afp | Getty Images
President Donald Trump denied that an aggressive bond market sell-off influenced his decision earlier this month to hold off on aggressive “reciprocal” tariffs against U.S. trading partners.
“I wasn’t worried,” Trump said in a Time magazine interview during which he was asked about financial market tumult after his April 2 “liberation day” announcement.
In the decree, Trump slapped 10% across-the-board duties against all U.S. imports and released list of tariffs against dozens of other nations. The extra levies were based on trade deficits the U.S. had against the respective countries and raised fears about inflation, a potential recession and disruption of long-held trade agreements.
Markets recoiled following the release. Treasury yields initially headed lower but quickly snapped higher. The 10-year yield rose half a percentage point in just a few days, one of its quickest moves ever, as investors also ditched stocks and the U.S. dollar.
Ultimately, Trump issued a 90-day stay on the reciprocal tariffs to allow time for negotiation. But he said it wasn’t because of the market tumult.
“No, it wasn’t for that reason,” Trump told Time in the interview from Tuesday that was published Friday. “I’m doing that until we come up with the numbers that I want to come up with. I’ve met with a lot of countries. I’ve talked on the telephone. I don’t even want them to come in.”
Yields have since moved lower, with the 10-year most recently around 4.28%, about a quarter percentage point higher than its recent low. Trump had said when he made the decision to hold off that the bond market had gotten the “yips.”
“The bond market was getting the yips, but I wasn’t. Because I know what we have,” he said. “I know what we have, but I also know we won’t have it for long if we allowed four more years of the gross incompetence. This thing was just running — it was running as a free spirit. This was — this was the most incompetent president in history.”
Though negotiations over tariffs are ongoing, Trump added that he would consider it a “total victory” even if the U.S. has levies as high as 50% still in place a year from now.
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The Bank of England is focused on the potential impact of U.S. tariffs on U.K. economic growth if there is a slowdown in global trade, the central bank’s governor Andrew Bailey said Thursday.
“We’re certainly quite focused on the growth shock,” Bailey told CNBC’s Sara Eisen in an interview at the IMF-World Bank Spring Meetings.
Going into its May 8 monetary policy meeting, the central bank will consider “arguments on both sides” around the impact of tariffs on growth and domestic supply constraints on inflation, Bailey said.
“There is clearly a growth issue we start with, with weak growth … but a big question mark is how much of that is caused by the weak demand, how much of it is caused by a weak supply side,” he continued.
“Because the weak supply side, of course, unfortunately, has the sort of the upside effect on inflation. So we’ve got to balance those two. But I think the trade issue is now the new part of that story.”
Inflation could be pulled in either direction by wider forces, with a redirection of trade exports into other markets being disinflationary, but a retaliation on U.S. tariffs by the U.K. government — which he stressed did not appear likely — pushing up inflation.
Bailey added that he did not see the U.K. as being close to a recession at present, but that it was clear economic uncertainty was weighing on business and consumer confidence.
IMF downgrade
The IMF earlier this week downgraded its 2025 growth forecast for the U.K. to 1.1% from 1.6%, citing the impact of U.S. President Donald Trump’s trade tariffs, higher borrowing costs and increased energy prices.
However, economic forecasting remains mired in uncertainty as countries engage in negotiations with U.S. officials over Trump’s swingeing universal tariff policy, currently on pause. The U.S. has imposed 25% tariffs on steel, aluminum and autos and a 10% levy on other British exports.
U.K. policymakers have expressed hopes of reaching a trade deal with the White House, with U.S. Vice President J. D. Vance saying there is a “good chance” of an agreement.
Bailey told CNBC on Thursday that he would be “very encouraged if the U.K. does make a deal,” but that its economy was very open and services-oriented, so it would still be impacted by a wider slowdown in growth or trade.
He also noted that inflation would increase from the current 2.6% in the coming readings due to effects from markets such as energy prices and water bills, but that the bump up would be “nothing like what we saw a few years ago.”
The Bank of England held interest rates at 4.5% at its March meeting, before Trump shocked the world with the scale of his tariff announcement.
Markets now see the BOE slashing rates to 4% by its August meeting.