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 »
Federal Reserve Gov. Lisa Cook.Bloomberg News President Donald Trump said Friday morning that he would terminate Federal Reserve Gov. Lisa Cook from her post “if she doesn’t resign” over allegations that she claimed a secondary home was her primary residence in a 2021 mortgage application. “Yeah, I’ll fire her if she doesn’t resign, yeah,” Trump
Trump says he will fire Fed Gov. Cook ‘if she doesn’t resign’ Read More »
Federal Reserve Chair Jerome Powell at the Federal Reserve Bank of Kansas’ Economic Symposium in Jackson Hole, Wyo., on Thursday.Bloomberg News Federal Reserve Chair Jerome Powell signaled that the central bank may soon adjust its monetary policy, potentially paving the way for a rate cut in September. In a highly anticipated Friday morning speech at
Powell opens the door to interest rate cuts in September Read More »
The impact of Trump-era tariffs on goods and services is starting to trickle through the economy, but for now, the effect on inflation appears minimal, raising expectations for a potential interest rate cut in the near term. The July Consumer Price Index, released Tuesday, showed headline price growth of 2.7% over the previous year, the
Fed faces key choice on rates after latest inflation report Read More »