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...
During her press conference, European Central Bank President Christine Lagarde outlined the ECB's decision to cut key interest rates by 25 basis points at the March policy meeting. She elaborated on the rationale behind the move, emphasizing its role in supporting economic stability. Lagarde also addressed questions from the media, providing insights into the ECB's outlook and future policy direction.ECB press conference key highlight. "Consumer confidence remains fragile"."Services are resilient"."Uncertainty is holding back investment"."Surveys suggest that employment growth is...
U.S. applications for unemployment benefits fell last week, returning to the stale level seen at the start of the year. Initial claims fell 21,000 to 221,000 in the week ended March 1. The median forecast in a Bloomberg survey of economists was for 233,000 applications.Continuing claims, a proxy for the number of people receiving benefits, rose to 1.9 million in the previous week, according to Labor Department data released Thursday. (Newsmaker) Source: Bloomberg
Bank of England Governor Andrew Bailey urged the United States on Wednesday to settle its concerns about the global economy through dialogue rather than the kind of import tariffs that U.S. President Donald Trump has imposed this week. Bailey, speaking to British lawmakers, said he had addressed the importance of open trade at a meeting of Group of 20 central bankers and finance ministers last week in South Africa that was not attended by new U.S. Treasury Secretary Scott Bessent. "If you think the world economy is somehow out of balance, the place to address those balances is in a...
President Donald Trump will announce tariff changes for Canada and Mexico this afternoon as he considers lowering tariffs on sectors such as autos, Commerce Secretary Howard Lutnick told Bloomberg Television Wednesday morning. Trump is expected to make a decision on the issue this afternoon, Lutnick said, reiterating that the administration's tariff policy will be reevaluated on April 2 to cover larger imports and reciprocal levies. "There will be tariffs — let's be clear — but what he's thinking about is what parts of the market he might consider giving relief to by the time we get to, of...
In February, US private sector employment grew by just 77K, lower than the initial estimate of 140K, according to the latest Automatic Data Processing (ADP) report. It was also lower than January's 183K. (Newsmaker) Source: FXstreet
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...