Key insight: The White House has appealed a lower court ruling granting Federal Reserve Gov. Lisa Cook an injunction that allows her to remain at her post pending the outcome of her lawsuit challenging the president’s moves to fire her. What’s at stake: The appeals process, even if expedited, is unlikely to affect Cook’s participation […]
Trump appeals ruling allowing Fed Gov. Cook to remain Read More »
Key Insight: Consumer prices rose 0.4% in August, doubling July’s 0.2% increase, indicating inflation is rising but remains moderate. Supporting Data: The inflation numbers come after the U.S. economy reported only 22,000 jobs in August, the weakest gain since the pandemic recovery, while unemployment ticked up to 4.3%. Forward Look: The data likely does not
Inflation creeps higher in August, amid looming rate cut Read More »
With the next interest rate decision from Federal Reserve monetary policymakers just over a week away, mortgage rates have continued their downward trajectory as many lenders and investors have priced in a cut. But the markets will need to navigate one more inflation report before the Fed’s Sept. 17 meeting. On Tuesday at HousingWire’s Mortgage
Mortgage rate declines are anchored to an expected Fed cut Read More »
Bloomberg News WASHINGTON — The Bureau of Labor Statistics reported that the economy added 22,000 jobs in August, an anemic growth rate that could pave the way for the Federal Reserve to lower interest rates during their next meeting later this month. BLS reported that the unemployment rate ticked up slightly to 4.3%, while the
Economy adds anemic 22,000 jobs in August Read More »
Stephen Miran, chairman of the Council of Economic Advisers and nominee to serve on the Federal Reserve Board of Governors.Bloomberg News The news: Stephen Miran will take unpaid leave from the Council of Economic Advisers, rather than resigning So what?: Democrats spent the confirmation hearing attacking Miran’s conflict of interest and the decline in Fed
Trump Fed nominee won’t resign from White House Read More »
Bloomberg News (Bloomberg) — The Justice Department opened a criminal investigation into whether Federal Reserve Governor Lisa Cook committed mortgage fraud — ratcheting up pressure in President Donald Trump’s bid to oust her from the central bank. Federal prosecutors have issued subpoenas seeking information related to allegations that Cook misrepresented information on mortgage applications, according
Justice Department probing Lisa Cook for mortgage fraud Read More »
Alberto Musalem, president of the Federal Reserve Bank of St. Louis.Bloomberg News WASHINGTON — A member of the Federal Reserve’s interest rate-setting committee emphasized the importance of the central bank’s independence amid a looming challenge from the Trump administration. Federal Reserve Bank of St. Louis President Alberto G. Musalem, speaking at an event at the
Fed’s Musalem: ‘Accountable’ central bank independence is key Read More »
Bloomberg News An emergency court hearing to determine whether Federal Reserve Gov. Lisa Cook can remain on the central bank’s board while her lawsuit against President Donald Trump unfolds concluded without a ruling Friday. On Thursday, Cook sued the president in the U.S. District Court for the District of Columbia over Trump’s attempts to oust
No ruling on whether Fed. Gov. Lisa Cook stays on the job Read More »
Federal Reserve Gov. Lisa Cook.Bloomberg News President Donald Trump’s unprecedented move to fire Federal Reserve Gov. Lisa Cook Monday is likely to kick off a high-stakes legal battle over the exact contours of the central bank’s independence, and that battle will likely hinge on whether past actions can disqualify a board member from their current
Cook firing takes the Fed into the unknown Read More »
Bloomberg News President Donald Trump fired Federal Reserve Gov. Lisa Cook from her post in a Monday night social media post, the first time a Federal Reserve Governor has ever been removed by a president. In a move that is all but certain to ignite an unprecedented legal fight over the Fed’s independence, Trump posted
Trump fires Fed Gov. Lisa Cook ‘effective immediately’ Read More »