Justices Seem Wary of Trump's Fed Case, Trump: NATO "Owes" U.S., More
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What is the main topic discussed in this episode?
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news when you want it with Bloomberg News Now. I'm Amy Morris. Supreme Court justices seem to suggest they're wary of President Trump's effort to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud. Solicitor General John Sauer argues that Cook isn't fit to serve.
The American people should not have their interest rates determined by someone who was at best grossly negligent. and obtaining favorable interest rates for herself.
But those allegations are unproven, and the justices seem to acknowledge that firing Cook could upend the Fed's independence and rattle markets. Justice Brent Kavanaugh expressed skepticism of there being no judicial review of the actions of the president.
They're positioned that there's no judicial review, no process required, no remedy available. very low bar for cause that the president alone determines. And that would weaken, if not shatter, the independence of the Federal Reserve.
Fed Governor Cook released a statement saying that the case is about whether the Federal Reserve will set interest rates by evidence or whether it will succumb to political pressure, and that as long as she serves at the Federal Reserve, she will uphold the principle of political independence. National Economic Council Director Kevin Hassett says the Fed has already crossed the line of being independent when it criticized President Trump for global tariffs.
For sure you want to talk about inflation, but precisely then, right when President Trump's coming in and setting his tariff agenda, to have the Fed criticize him so vehemently, I think is inconsistent with the desire for independence.
Hassett is referring to when Fed Chair Jay Powell said that tariffs were a potential cause for inflation, creating economic uncertainty and prompting a wait-and-see approach on interest rates. National Economic Council Director Kevin Hassett spoke to Bloomberg Television from the World Economic Forum in Davos. President Trump says NATO should allow the U.S. to acquire Greenland. He told the World Economic Forum at Davos that it is, in his words, a small ask.
I'm seeking immediate negotiations to once again discuss the acquisition of Greenland by the United States.
Trump says NATO owes it to the U.S. to grant it full rights to the Arctic territory, something he says the U.S. needs to deploy in its Golden Dome missile defense system.
I don't have to use force. I don't want to use force. I won't use force.
Denmark has rejected any talks over a takeover of Greenland, and the government is already putting in preparations for an invasion, although that is considered not likely. But the move has postponed a ratification vote on a trade deal between the U.S. and the EU indefinitely. Bernd Lange is chair of the European Parliament's Committee on International Trade.
Therefore, we are clear we will hold on the procedure with the two files until there is a clarity regarding Greenland and the threats. So we formulated quite clear until the threats are over.
Lange says the European Parliament will not proceed with the trade deal until the U.S. decides to re-engage on a path of cooperation rather than confrontation. Republican Senator Tom Tillis has been more vocal in his criticism of President Trump, including on this latest focus.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–4:07
2
What are the Supreme Court justices' concerns regarding Trump's Fed case?
4:07–5:00
3
What allegations are made against Federal Reserve Governor Lisa Cook?
5:00–6:02
4
How could firing Cook affect the Federal Reserve's independence?
6:02–7:42
Speakers
9 identifiedMore from Bloomberg News Now
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