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Welcome to Money Distilled. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.

Prime Minister Rishi Sunak has caused a bit of a squall in a teacup by apparently calling the independence of the Bank of England into question, by implying that a vote for the Tories was a vote for lower interest rates.

LONDON, July 8 (Reuters) - Bank of England policymaker Jonathan Haskel said he wanted to keep interest rates on hold as inflation pressures remained in the jobs market.

"The labour market continues to be tight, and I worry it is still impaired," Haskel said in the text of a speech he is due to deliver later on Monday.

"I would rather hold rates until there is more certainty that

Mozambique’s central bank became the first in Africa to cut rates for a third straight time this year, heeding a call from the International Monetary Fund to further ease monetary policy.

The Banco de Mocambique lowered its benchmark lending rate, known by its Portuguese acronym Mimo, to 15% from 15.75%, Governor Rogerio Zandamela told reporters Monday in the capital, Maputo. It’s the

A House Democratic lawmaker is urging the Federal Reserve to cut interest rates as soon as possible, warning that failure to do so could plunge the country into a recession. "I am writing to call upon the Federal Reserve to immediately cut interest rates. Even though the Fed has a statutory dual mandate of price stability and maximum employment, it has swung the pendulum too far in the