Trump Considers Removing Cook, Trump to Appeal Ballroom Ruling, More
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What is the main topic discussed in this episode?
AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon.
News when you want it with Bloomberg News Now. I'm Dan Schwartzman.
What is the latest on President Trump's plan to remove Federal Reserve Governor Lisa Cook?
President Trump is once again considering removing Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud, according to a letter. The letter gives Cook until August 26 to respond to the allegations, which her lawyer Abe Lowell says are, quote, baseless and have not been tested in a court of law. The Supreme Court in a 5-4 decision back in June allowed Cook to remain in her job while she fought Trump's bid to oust her over the mortgage fraud accusations, faulting the president for not giving her notice and a chance to be heard before trying to remove her. President Trump said he'd like rates to come down before the November midterms, but in an interview with Punchbowl News, he acknowledged Fed Chair Kevin Walsh can't do it on his own without the Fed board.
This week, Bloomberg News reported the president has spoken to Walsh several times, since he took over as Fed chair. White House economic advisor Kevin Hassett says that shouldn't come as a surprise.
How is the Fed’s leadership and rate outlook influencing the November midterms?
Kevin Warshad, the president, have a very close long-term relationship from New York City, from Florida, and they talk about the economy all the time, and I talk to Kevin as well as to Scott Besson. And so that's like not really news.
National Economic Council Director Kevin Hassett says he's sure the president doesn't give worse interest rate advice. Hassett was a guest on Bloomberg Radio and Television. Wage growth continues to lag behind inflation, and the Federal Reserve Board members are divided on when to step in as inflation persists. Jared Bernstein, a former White House economic advisor, commented on Bloomberg's balance of power.
3.2 percent that's the year-over-year wage growth that's the lowest we've seen since the pandemic and so the folks at the fed recognize that whatever inflation we're seeing isn't coming from the labor market that means that it's largely coming from the supply side of the equation the tariffs the war along with some pressure from ai picks and shovels
That's former White House economic advisor Jared Bernstein on Bloomberg's balance of power. SpaceX shares jumped for a second straight day, ahead nearly 16%, bringing them close to breaking back above the company's $135 IPO price. The lockup expiration more than doubled the total number of shares available to trade to $1.55 billion since SpaceX went public. Nearly 80% of analysts covering SpaceX have given the stock a buy rating. Oil steadied as tensions in the Middle East flared, while traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz. Brents settled above $83 a barrel, though still notching a third-trade weekly loss. Futures have been highly sensitive to headlines around the terms and timing of a potential pact on the waterway that could restore millions of barrels of Middle Eastern supply.
The price of food around the globe ticked higher in July, to the highest amount in more than three years. The United Nations' Index of Food Commodity Prices finds that the 0.6% increase was led by grain, sugar, and vegetable oils. Intensifying attacks and extreme heat are fueling fear over supplies from the Black Sea grain region and Europe, while worsening dryness threatens corn and soybean yields in major growing areas in the U.S.
Why are wage growth, inflation, and supply‑side pressures driving Fed policy debates?
It was legislation championed by the late Senator Lindsey Graham. Today, the Senate passed a sweeping new Russia sanctions bill authorizing punishing tariffs on China, India, and other top buyers of the country's oil and gas, as well as extended Iran sanctions.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:34
2
What is the latest on President Trump's plan to remove Federal Reserve Governor Lisa Cook?
0:34–1:22
3
How is the Fed’s leadership and rate outlook influencing the November midterms?
1:22–3:24
4
Why are wage growth, inflation, and supply‑side pressures driving Fed policy debates?
3:24–4:45
5
What’s driving SpaceX’s stock surge and how might the lock‑up expiration affect investors?
4:45–5:43
6
How are Middle‑East tensions and oil market dynamics impacting Brent prices this week?
5:43–6:17
7
What are the key provisions of the new Senate Russia sanctions bill and its geopolitical impact?
6:17–7:08
8
Why is President Trump appealing the federal court’s ruling on his White House ballroom construction?
7:08–7:21
Speakers
8 identifiedMore from Bloomberg News Now
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