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...
Higher tariffs could begin raising inflation this summer, a period that will be key to Federal Reserve consideration of possible rate cuts, Fed Chair Jerome Powell told members of Congress on Tuesday. Pressed by Republican members of the House Financial Services committee about why the Fed isn't cutting rates, as President Donald Trump has demanded, Powell said he and many at the Fed expect inflation to start rising soon, and that the central bank was in no rush to ease borrowing costs in the meantime. Powell particularly said he would not open the door to a rate cut at the Fed's July...
The Israel Defense Forces (IDF) said Tuesday morning that it had identified a missile that was launched from Iran into southern Israel some time ago. Iranian Foreign Minister Abbas Araqchi said Tuesday morning that if Israel stops its "illegal aggression" against the Iranian people by 4 a.m. Tehran time (0030 GMT) on Tuesday, Iran has no intention of continuing its response after that, according to Reuters. Market reaction At the time of writing, West Texas Intermediate (WTI) was trading 1.25% lower on the day and was trading at $66.15. Gold (XAU/USD) was trading 0.62% lower on the day...
Iran fired missiles at a US air base in Qatar after promising it would respond "proportionately and decisively" to President Donald Trump's weekend airstrikes on three of its nuclear facilities.Qatar said the barrage at Al Udeid base the biggest such US facility in the Middle East was intercepted and that there were no casualties. Al Udeid is the regional headquarters for US Central Command, which oversees the American military in the region, and is home to several thousand US service-members, though many staff had been evacuated. Oil prices fell immediately after the attack, with Brent...
A fact-finding mission mandated by the United Nations said on Monday that some of Israel's strikes on Iran may have broken international humanitarian law, citing the killing of civilians in an apartment block and three aid workers in Tehran. Israel began airstrikes on Iran in a surprise attack on June 13 that killed many of Iran's top commanders and has intensified attacks since, prompting an exodus from the capital. The United States joined on Sunday by hitting Iran's underground nuclear sites. "Among those killed in Tehran were dozens of residents of an apartment complex and three...
FOMC Governor Michelle Bowman indicated that if inflation pressures stay contained, she would be in favour of lowering the policy rate at the next meeting to align it more closely with its neutral setting and maintain a healthy labour market. Open to cutting rates as soon as the July FOMC meeting if inflation pressures stay contained.Should put more weight on downside risks to the job market going forward. It is time to consider adjusting the policy rate.Trade policy only likely to have ‘minimal impacts' on inflation. Data not showing much impact from trade policy shifts.Government policy...
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...