Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump said he was prepared for a legal fight with Federal Reserve Governor Lisa Cook after he moved to oust her from her post following allegations that she falsified mortgage documents.The Fed, weighing in for the first time this week, said it would abide by any court decision in Cook’s legal challenge of her dismissal by Trump. A Fed spokesperson added the central bank has deferred any decision on Cook’s current working status, and noted there is no official business before the Fed board this week.“Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System,” the Fed said in a statement. Trump, speaking at a Cabinet meeting on Tuesday, said he was also prepared to abide by any court decision, but indicated he was not concerned about Cook’s challenge.Today's show features: Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia Law School, on the legal battle between the White House and the Federal Reserve Bloomberg News Equities Reporter Bailey Lipschultz on the Tuesday trade Que Nguyen, Partner and Chief Investment Officer, Equity Strategies at Research Affiliates on markets and investing in Big Tech, as well as the Federal Reserve Bloomberg Intelligence Senior Defense Analyst Wayne Sanders on US Commerce Secretary Howard Lutnick suggesting that the US government is looking at the defense sector for potential stakes in companies See omnystudio.com/listener for privacy information.

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