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...
Federal Reserve Chair Jerome Powell said it remains to be seen if the Trump administration's tariff plans will prove to be inflationary, mapping out a checklist of things that could cause new import taxes to lead to more persistent price pressures. "In a simple case where we know it's a one-time thing, the textbook would say look through it," with no need for the Fed to respond with tighter monetary policy, Powell said at a question-and-answer session during an economic forum in New York City. "But you also want to be sure of a couple things," he continued. "If it turns into a series of...
In remarks from the Oval Office on Friday, U.S. President Donald Trump discussed with disgust the massive tariffs Canada has on dairy and lumber and indicated that reciprocal tariffs from the U.S. could be "coming today" or next week. "They'll be met with the exact same tariff unless they drop it, and that's what reciprocal means," Trump said. "We may do it as early as today, or we'll wait till Monday or Tuesday, but that's what we're going to do. We're going to do, we're going to charge." The comments from Trump follow the 25% tariffs Trump placed on most goods from Canada this week....
US Nonfarm Payrolls (NFP) rose by 151,000 in February, the US Bureau of Labor Statistics (BLS) reported on Friday. Source: FXstreet
US President Donald Trump hit markets with yet another structural pivot on his tariff agenda, announcing some temporary exemptions for certain sectors, as well as getting his 25% tariffs against Mexico and Canada muddled up with his separate "reciprocal tariff" strategy that is currently slated to come into effect in April. While giving comments to reporters at the White House, President Trump meandered back and forth through several topics. Details on reciprocal tariffs remain almost entirely absent, other than the Trump administration's insistence that they are definitely happening next...
U.S. President Donald Trump on Thursday said Mexico won't be required to pay tariffs on any goods that fall under the United States-Mexico-Canada Agreement on trade until April 2, but made no mention of a reprieve for Canada despite his Commerce secretary saying a comparable exemption was likely. "After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on Truth Social. "This Agreement is until April 2nd." Earlier on Thursday, U.S. Commerce Secretary Howard Lutnick...
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...