Ed Kalengi

Central Bank.

U.S.

District Judge Gia Cobb peppered lawyers for Cook and the administration for about two hours Friday.

before ending the hearing without ruling on the Fed governor's request for a temporary order, blocking Trump's effort to oust her.

The judge didn't indicate which way she is leaning in a landmark lawsuit that could determine the future of the Fed's independence.

Federal Reserve Bank of San Francisco President Mary Daly suggested policymakers will be ready to lower interest rates soon, adding that inflation stemming from tariffs will likely prove temporary.

DAILY wrote Friday in a brief social media post shared by the San Francisco Fed that it will soon be time to recalibrate policy to better match our economy.

She said tariff-related price increases will be a one-off.

Consumer sentiment has taken a downturn on the University of Michigan's index.

Bloomberg's Michael McKee has the details.

And Bloomberg's Mike McKee says the latest read on the Fed's preferred inflation gauge showed price pressures are still elevated.

Wall Street moves into the trading month of September after an up August.

We get that story from Bloomberg's Charlie Pellett.

Iowa Republican U.S.

Senator Joni Ernst is expected to announce in the coming days she won't seek re-election, this according to people familiar with her plans, opening up a Senate seat that could determine which party controls the majority.

According to two U.S.

officials, President Trump's administration plans to surge officers to Chicago for an immigration crackdown in its latest move to expand the federal law enforcement pressure in major Democratic-run cities.

The operation in the country's third largest city is expected to last about 30 days and could start as early as September 5th.

The Trump administration is proposing strict new limits on visas for Chinese journalists in the U.S.

to just 90 days.