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...
President Donald Trump is preparing to announce new auto tariffs as early as Wednesday, escalating trade tensions ahead of a broader tariff rollout next week, according to a report from Bloomberg, citing people familiar with the matter. The details of the tariffs, including their scope and possible exemptions, remain unclear, said Bloomberg. The news caused midday volatility in large U.S. auto stocks, including GM, Ford, Tesla (NASDAQ:TSLA), and Stellantis (NYSE:STLA). Bloomberg said it is also uncertain whether the tariffs will take effect immediately or be implemented over...
The UK (UK) Consumer Price Index (CPI) rose 2.8% year-on-year (YoY) in February, following a 3.0% acceleration in January, data released by the Office for National Statistics (ONS) showed on Wednesday. Markets were expecting a 2.9% growth in the reported period. The reading remains well above the Bank of England's (BoE) target of 2%. Core CPI (excluding volatile food and energy) rose at an annual rate of 3.5% in the same period, compared to a 3.7% surge in January, which was below market expectations of 3.6%. (Newsmaker23) Source: FXstreet
Australia's monthly inflation indicator showed price pressures continued to cool in February, keeping the door open for the Reserve Bank of Australia to cut interest rates further, perhaps as early as next month. The inflation indicator rose 2.4% in the 12 months to February, slightly below market expectations and well entrenched within the RBA's target band, the Australian Bureau of Statistics said Wednesday. The data for February comes after the indicator held steady at 2.5% for the previous two months. The hot spots for price gains over the last year were in food and non-alcoholic...
The US economy entered 2025 with a fair amount of momentum. However, GDP growth in the first quarter of the year looks to be soft. Real consumer spending declined in January, although the weakness may be attributable, at least in part, to bad weather. Furthermore, the surge in imports in January, which mechanically reduce GDP (everything else equal), will also weigh on output growth in Q1. In our view, the surge in imports reflects front-running ahead of potential increases in tariff rates.Tariff announcements have come and gone in recent weeks. In terms of our forecast, we assume that the...
US President Donald Trump said Monday that auto tariffs would go into effect soon, though he indicated that not all of the levies he has threatened would go into effect on April 2 and that some countries might get waivers, a move Wall Street took as a sign of flexibility on an issue that has roiled markets for weeks. At the same time, Trump opened another front in the global trade war by imposing secondary tariffs of 25% on any country that buys oil or gas from Venezuela, a directive that sent oil prices soaring. At the White House, Trump told reporters that not all of the new tariffs...
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...