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...
US President Donald Trump said on Sunday that unless the China trade deficit is solved, there will be no deal, according to Reuters. Trump further stated that "sometimes you have to take medicine" when asked about recent market volatility, insisting he was not deliberately trying to trigger a selloff. US Commerce Secretary Howard Lutnick confirmed on Sunday that the tariffs would not be postponed and the policy will remain in place for days and weeks. Treasury Secretary Scott Bessent noted that more than 50 nations have approached the administration for negotiations but cautioned,...
The US economy added 228K jobs in March 2025, well above a downwardly revised 117K in February and beating forecasts of 135K. It is the strongest figure in three months, as job gains occurred in health care (54K), social assistance (24K), and in transportation and warehousing (23K). Employment also increased in retail trade (24K), partially reflecting the return of workers from a strike. Federal government employment declined by 4K, following a loss of 11K jobs in February. Employment showed little change over the month in other major industries, including mining, quarrying, and oil and...
China's reaction to new U.S. tariffs will likely focus on domestic stimulus and strengthening ties with trading partners, according to analysts based in Greater China. Hours after U.S. President Donald Trump announced additional 34% tariffs on China, the Chinese Ministry of Commerce called on the U.S. to cancel the tariffs, and vowed unspecified countermeasures. The sweeping U.S. policy also slapped new duties on the European Union and major Asian countries. Chinese exports to the U.S. this year had already been hit by 20% in additional tariffs, raising the total rate on shipments from...
The ISM Services PMI fell sharply to 50.8 in March 2025 from 53.5 in February, well below forecasts of 53. The reading pointed to the softest expansion in the services sector since June last year. New orders (50.4 vs 52.2) and inventories (50.3 vs 50.6) slowed and employment contracted sharply (46.2 vs 53.9). Also, supplier deliveries eased (50.6 vs 53.4) and backlogs of orders indicated contraction for the seventh time in the last eight months (47.4 vs 51.7). Meanwhile, production rose faster (55.9 vs 54.4) and price pressures eased (60.9 vs 62.6). " There has been a significant increase...
Initial jobless claims in the United States decreased by 6,000 to 219,000 in the week ending March 29, below market expectations of 225,000, to remain at historically low levels. In the meantime, recurring claims rose by 56,000 to 1903,000 in the previous week, the highest since November 2021 and well above forecast. In the meantime, unemployment claims filed under programs for Federal government employees, which have been under close scrutiny due to firings by the Department of Government Efficiency (DOGE), fell by 257 to 564. Despite the decrease, reports that many firings by DOGE were...
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...