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 White House said Tuesday that US President Donald Trump and Russian President Vladimir Putin agreed to seek a limited ceasesire on energy and infrastructure targets for 30 days. "The leaders agreed that the movement to peace will begin with an energy and infrastructure ceasefire, as well as technical negotiations on implementation of a maritime ceasefire in the Black Sea, full ceasefire and permanent peace," according to a readout of President Donald J. Trump's call with President Vladimir Putin on Tuesday. "These negotiations will begin immediately in the Middle East," the White House...
Canada's Prime Minister Mark Carney said it was important to strengthen ties with "reliable allies" in Europe, as he met British and French leaders on his first overseas visit amid tensions with the United States. Carney's decision to visit Paris and London instead of Washington, as is usual for Canadian leaders, comes after U.S. President Donald Trump escalated trade tensions with both Canada and Europe, and floated threats of annexing Canada. "(It) is more important than ever for Canada to strengthen its ties with reliable allies like France," Carney said, ahead of a working lunch with...
President Donald Trump's tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast on Monday, cutting its global economic outlook and warning that a broader trade war would sap growth further. In the case of a generalised trade shock, not only will U.S. households pay a high direct price, but the likely economic slowdown will cost the United States more than the extra income the tariffs are supposed to generate, the Organisation for Economic Cooperation and Development estimated in its interim outlook. Global growth is on...
Retail Sales in the United States (US) rose by 0.2% in February to $722.7 billion, the US Census Bureau announced on Monday. This reading followed the 1.2% decrease reported in January and came in worse than the market expectation for an increase 0.7%. On a yearly basis, Retail Sales were up 3.1%. Source: FXstreet
German carmaker BMW (ETR:BMWG) said on Friday it expected tariffs to cost it 1 billion euros ($1.09 billion) this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an "idiotic" trade war. BMW is directly in the firing line of the trade spat between Washington and the European Union, set to escalate in early April as Trump imposes "reciprocal" tariffs to match higher duty rates of EU and other countries and counteract their non-tariff trade barriers. Trump has increased tariffs on U.S. steel and aluminium imports and imposed...
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...