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...
Indonesia's economy grew 0.53% qoq in Q4 of 2024, compared with market consensus of 0.56% and after a 1.5% increase in Q3. It was the third straight quarterly growth but the softest in the sequence, amid a sharp slowdown in fixed investment (2.44% vs 8.35% in Q3). Meanwhile, private consumption recovered (1.64% vs -0.48%), boosted by spending related to year-end, as did government expenditure (38.58% vs -1.17%). On the trade front, exports (4.63% vs 7.78%) and imports (3.23% vs 9.37%) slowed, on weaker demand both globally and domestically. Production-wise, activity slowed for mining (3.25%...
UK retail sales rose by 0.9% on a like-for-like basis in March 2025, outpacing market forecasts of a 0.5% increase. The boost was largely driven by unseasonably warm weather, which spurred spending on gardening, DIY, food, and health and beauty products. Mother's Day also contributed to the uplift, though the late timing of Easter this year somewhat distorted year-on-year comparisons. Food sales grew by 1.6% in March, while non-food sales saw a modest 0.6% increase. Helen Dickinson, Chief Executive of the British Retail Consortium, commented: "Despite a challenging global geopolitical...
No country should bypass international laws to authorise resource exploration in the seabed, China's foreign ministry said on Monday, following a report of U.S. plans to stockpile deep-sea metals to counter China's dominance in the sector. The Trump administration is drafting an executive order to enable stockpiling of deep-sea metals found on the Pacific Ocean seabed to counter China's dominance of battery minerals and rare earth supply chains, the Financial Times reported on Saturday, citing people familiar with the matter. The stockpile would "create large quantities ready and available...
Fed Governor Christopher Waller said the Trump administration's tariffs posed a significant shock to the US economy that might force the Fed to cut rates to avert a recession, though they could also be just a negotiating tactic with minimal lasting impact.New tariff policy one of the biggest shocks to affect US economy in decades.I believe higher inflation from tariffs will be temporary.If current 25% average tariff rate stays for some time, inflation could peak near 5%.In this large-tariff scenario, drag on output, employment could be longer-lasting; unemployment could rise to 5%.Under...
Consumer confidence in the US continued to deteriorate in April, with the University of Michigan's (UoM) Consumer Sentiment Index dropping to 50.8 in the flash estimate from 57 in March. This reading came in worse than the market expectation of 54.5. The underlying details of the report showed that the Current Conditions Index fell to 56.5 from 63.8 in the same period, while the Consumers Expectations Index worsened to 47.2 from 52.6. The one-year inflation outlook component of the survey jumped to 6.7% from 5%, and the five-year inflation outlook edged higher to 4.4% from 4.1%. Source:...
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...