U.S. President Donald Trump said on Monday evening that Federal Reserve Governor Lisa Cook was to be removed from her post, effective immediately, alleging that she made false statements in two mortgage applications. Trump, in a letter released to social media, said that there is "sufficient cause" for Cooke's removal. "There is sufficient reason to believe (Cook) may have made false statements on one or more mortgage agreements," Trump said in a letter, alleging that Cook declared two separate properties as her primary residences in two separate mortgage agreements signed within weeks of...
President Donald Trump said the US has more leverage over China on trade than the other way around, citing airplane parts as a key item Washington has to counter Beijing's restrictions on rare earths. "We have much bigger and better cards than they do," he said Monday. "If I played those cards, that would destroy China. I'm not going to play those cards." China halted most shipments of rare-earth magnets to the US in April, weaponizing the nation's 90% grip on global production to squeeze American factories. Beijing agreed to normalize flows as part of a trade truce...
Global investors were stunned on Tuesday (August 26th) after US President Donald Trump renewed his attacks on the Federal Reserve's independence, caught between concerns over the politicization of policy and market benefits. Trump's announcement that he was firing Fed Chair Lisa Cook caught markets by surprise, even though he had made it clear last week that Cook was a target and had been attacking Chairman Jerome Powell for months as part of his campaign to push the Fed to cut interest rates. "This is another rift in the fabric of the United States and its investability," said Kyle Rodda,...