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 National Development and Reform Commission of the People's Republic of China (NDRC) has trimmed the number of items on its negative list from 117 to 106. China's Negative List is a government-issued list that identifies areas and industries in which foreign investment is restricted or forbidden. It's an important part of China's effort to manage and gradually liberalize its foreign investment policy. The Chinese authorities partially liberalize eight national measures, including telecommunications services, TV production, pharmaceuticals, internet information services for drugs and...
Japanese Finance Minister Katsunobu Kato told G7 countries on Thursday that "US tariffs are highly disappointing.US tariffs, countermeasures are creating uncertainties in financial market.Stressed that free trade regime promotion important.Constructive policy discussion important.No comment on Bessent's foreign exchange remarks.Many countries make reference to US tariffs.Forex rate should be determined by market.Excessive forex move negatively affect economy.In meeting with Bessent tomorrow, hope to hold talks on the basis of past understanding on the need for the two countries to coordinate...
Sales of new single-family homes in the United States surged by 7.4% from the previous month to a seasonally adjusted annualized rate of 724,000, extending the 1.8% increase in the earlier period to the highest in six months, and firmly above market expectations of 680,000 homes. The sales were in line with the growth in mortgage applications in the period as benchmark borrowing costs fell. Source: Trading Economics
The latest Services PMI data, released by Markit Economics, has indicated a slowdown in the growth of the private sector service companies. The actual figure came in at 51.4, a significant drop from the forecasted 52.8. The Services PMI, a key indicator of economic health, is based on surveys of over 400 executives in private sector service companies, covering sectors such as transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. An index level above 50 signals an improvement, while a level below 50 indicates a...
The Manufacturing Purchasing Managers' Index (PMI) in the US has shown an unexpected increase, according to recently released data. The actual PMI was reported to be 50.7, outperforming both the forecasted and previous figures. Predictions for the PMI had been set at 49.0, indicating a forecasted contraction in the manufacturing sector. However, the actual figure of 50.7 not only exceeded this forecast but also surpassed the previous month's PMI of 50.2. This indicates a slight expansion in the manufacturing sector, as a PMI reading above 50 is generally seen as a sign of growth. The PMI...
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...