Federal Reserve Governor Lisa Cook will file a lawsuit to prevent President Donald Trump from firing her, a lawyer for the embattled central bank official said on Tuesday, kicking off what could be a protracted legal fight over the White House's effort to shape U.S. monetary policy. "His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action," Cook's lawyer, prominent Washington attorney Abbe Lowell, said in a statement. The statement was issued a day after Trump said he would fire Cook, the...
The ISM Manufacturing PMI edged up to 49 in June 2025 from 48.5 in May, compared to forecasts of 48.8, signalling economic activity in the manufacturing sector contracted for the fourth consecutive month. However, the rate of contraction slowed, amid a rebound in production (50.3 vs 45.4) and improvements in inventories (49.2 vs 46.7). On the other hand, new orders (46.4 vs 47.6), employment (45 vs 46.8) and backlog of orders (44.3 vs 47.1) contracted at a faster pace. Also, inflationary pressures increased slightly (69.7 vs 69.4) and tariffs-induced prices growth accelerated. Meanwhile, the...
Data from the US Bureau of Labor Statistics showed that the number of job openings in May rose sharply to 7.77 million, well above the market estimate of 7.3 million. This indicates that the US labor market is still quite strong. The job opening rate rose to 4.6% from 4.4% previously. Meanwhile, the number of people who resigned from their jobs also increased to 3.29 million, indicating workers' confidence in new opportunities. On the other hand, the number of layoffs actually decreased to 1.6 million, indicating that the layoff rate is getting lower. This data could reduce pressure on the...
Goldman Sachs says it now expects the Federal Reserve to slash interest rates earlier than initially anticipated, citing relatively mild effects from U.S. President Donald Trump's aggressive tariff agenda. Writing in a note to clients, the analysts led by Jan Hatzius said they now predict that the central bank will cut borrowing costs by 25 basis points in September, prior to an earlier forecast that the next reduction would come in December. "While it is far from clear, we think the odds of a cut in September are somewhat above 50% because we see several routes to get there --...
Euro zone inflation rose slightly to 2% in June, according to flash data from statistics agency Eurostat on Tuesday, meaning consumer prices in the single currency area are now in line with the European Central Bank's target of 2%. Economists polled by Reuters had expected the reading to come in at 2% in the twelve months to June. Euro zone inflation had fallen by more than expected to 1.9% in May. Core inflation, which excludes energy, food, tobacco and alcohol prices, was unchanged at 2.3% in June. The closely watched services inflation print picked up to 3.3% in June, after cooling...
Jerome Powell, Chairman of the Federal Reserve System (Fed), and Christine Lagarde, European Central Bank (ECB) President, will speak at the 2025 ECB Forum on Central Banking at 13:30 GMT on Tuesday, July 1.Alongside Fed Chairman Powell and ECB President Lagarde, Bank of England (BoE) Governor Andrew Bailey and Bank of Japan (BoJ) Governor Kazuo Ueda will also be taking part in the same panel. The Fed left its policy rate unchanged in the range of 4.25%-4.5% following the June policy meeting, and the revised Summary of Economic Projections (the so-called dot-plot) showed that policymakers...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...