2 h. ago Trump fails to oust Lisa Cook from Fed ahead of rates decision

Court ruling comes as Senate confirms president’s pick for US central bank’s board

Politics

7 h. ago Lisa Cook can stay at Fed ahead of rates decision, appeals court rules

Ruling comes as Donald Trump’s pick for central bank’s board confirmed by the Senate

Events

7 h. ago Court stops Trump’s attempt to fire Fed Board Governor Lisa Cook

Ruling allows Federal Reserve official to participate in key rate-setting meeting this week

Events

7 h. ago Trump official confirmed to Fed board but court rejects Lisa Cook removal bid

Senate votes 48-27 to confirm Stephen Miran as Fed governor but court rules Cook may remain in placeSenate Republicans voted on Monday to confirm a senior Trump official to the Federal Reserve’s board of governors as the White House raced to strengthen the US president’s control over the central bank ahead of its latest meeting.Hours before Fed policymakers convene for their September decision on interest rates, the Senate voted 48 to 27 to confirm Stephen Miran – already chair of Donald Trump’s council of economic advisers – as a governor. Continue reading...

Politics

23 h. ago FTSE 100 Live 15 September: Centrica and Sainsbury’s shares rally, AO World boosts outlook

Sainsbury’s shares have surged after the supermarket disclosed talks to sell Argos to Chinese e-commerce giant JD.com.

Politics

24 h. ago FTSE 100 Live 15 September: Centrica nuclear deal, Sainsbury's rallies on Argos talks

The outlook for interest rate cuts is in focus during a packed week of economic updates.

Economics

25 h. ago FTSE 100 Live 15 September: Centrica to build new reactors, BT appoints Bharti directors

The outlook for interest rate cuts is in focus during a packed week of economic updates.

Politics

3 d. ago Fed governor Lisa Cook listed contested home as vacation property

Documents appear to contradict White House allegation that she committed mortgage fraud

Society

3 d. ago Fed Governor Lisa Cook claimed 2nd residence as 'vacation home,' undercutting Trump fraud claims

Federal Reserve Governor Lisa Cook referred to a condominium she purchased in June 2021 as a “vacation home” in a loan estimate

Politics

4 d. ago Trump asks appeals court to let him fire Lisa Cook before next week’s Fed meeting

US central bank set to make a pivotal decision on interest rates

Events

6 d. ago Judge rules President Trump cannot fire Fed’s Lisa Cook for now

Ruling allows central bank board member to attend its next rate-setting meeting

Politics

6 d. ago Lisa Cook to remain at Federal Reserve while fighting Trump’s attempt to fire her, judge rules

Agency governor is legally challenging Trump after he sought to remove her, citing unconfirmed mortgage fraud allegationsA federal judge has ruled that Federal Reserve board member Lisa Cook can stay in her post while suing Donald Trump over his unprecedented bid to fire her.Cook is legally challenging the US president after he sought to remove her, citing unconfirmed allegations of mortgage fraud, amid an extraordinary campaign by his administration to strengthen its control over the US central bank. Continue reading...

Events

1 week ago US justice department opens criminal inquiry into Fed governor Lisa Cook

Officials to investigate claims of mortgage fraud against Cook, who has refused to accept firing by Donald TrumpThe US justice department has initiated a criminal investigation into mortgage fraud claims against Federal Reserve governor Lisa Cook as a lawsuit she filed against Donald Trump over her firing makes its way through court.Lawyers with the justice department have issued subpoenas for the investigation, according to the Wall Street Journal, who first reported the investigation, which has since been confirmed by multiple news publications. Continue reading...

Society

1 week ago US justice department launches criminal probe into Fed’s Lisa Cook

Investigation marks an escalation in Trump administration’s efforts to remove the central bank governor

Society

1 week ago US justice department reportedly opens criminal inquiry into Fed governor Lisa Cook

Officials to investigate claims of mortgage fraud against Cook, who has refused to accept firing by Donald TrumpThe US justice department has initiated a criminal investigation into mortgage fraud claims against Federal Reserve governor Lisa Cook, according to new reports, as a lawsuit she filed against Donald Trump over her firing makes its way through court.Lawyers with the justice department have issued subpoenas for the investigation, according to the Wall Street Journal. Continue reading...

Society

1 week ago Hundreds of economists sign open letter backing embattled Fed Governor Lisa Cook after Trump attacks

Notable and experienced economists warn elected officials that attacks on the Fed ‘undermine’ public confidence

Events

2 w. ago ‘Racist as hell’: Trump’s cabinet is almost all white, and he keeps firing Black officials

President’s targeting of Fed governor Lisa Cook highlights his efforts to remove diverse voices from governmentA day after Donald Trump announced that he was firing Lisa Cook, the first Black woman to serve on the board of governors of the Federal Reserve, the White House proudly released a photo. It showed Trump, his cabinet and other officials giving a thumbs-up. Of the 24 people in the Oval Office, only one was Black.For those who have studied the US president’s long and troubling history of racism, the two events were more than mere coincidence. They were indicative of a man who has recently brought white nationalist perspectives from the margins back to the mainstream. Continue reading...

Politics

2 w. ago The Guardian view on Trump and the Fed: independence is no substitute for accountability | Editorial

The US president’s move against Lisa Cook shows his despotic bent, but the Fed was never democracy’s guardian. It’s time to rethink who really controls moneyDonald Trump’s attempt to sack the Federal Reserve governor, Lisa Cook, is the familiar authoritarian trick of bending institutions to serve the leader’s immediate ends. The widespread condemnation is deserved. This is not some daring experiment in popular control of monetary policy. Yet what should follow censure is reflection. For the furore over Ms Cook has revealed a peculiar reflex: to defend the Fed’s independence as though it were synonymous with democracy itself.But is independence of the Fed, or central banks generally, really that? Eric Levitz at Vox thinks so, or at least that it is close enough. He argues that Congress sets the Fed’s objectives; independence applies only to the means. Without independence, politicians would be free to game rates for votes – as Richard Nixon did in 1972, leaning on the ...

Politics

2 w. ago Trump urges judge to deny Lisa Cook’s appeal to remain at Fed

Federal court hears argument against US president’s firing of central bank governor

Politics

2 w. ago Trump signals he has ‘somebody I like’ to replace Lisa Cook, as Fed governor sues over removal – live

President’s comment comes amid reporting that he wants to quickly nominate a replacement as Cook resists attempt to force her outLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Politics