Trump Trying to Oust Cook Again, Judges Halt Ballroom Project, More
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News when you want it with Bloomberg News Now I'm Dan Schwartzman. 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 26th 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 bit to oust her over the mortgage fraud accusations, faulting the president for nothing. It was a dismal jobs report for July showing that U.S. employers lost 23,000 jobs, while the numbers for May and June were revised sharply lower by a combined 103,000 workers.
Meanwhile, many people have given up looking for a job, leading to the unemployment rate falling one notch to 4.1%. President Trump's top economic advisor, National Economic Council Director Kevin Hassett, reacted to the report.
Private sector job creation was, you know, right about at the break even positive number. It was government employment that went down a lot, about fifty something thousand. And the other thing is that we see in the hospitality sector, you know, the end of the World Cup is really clearly in the data too. If you exclude those two things, you had about a hundred thousand uh number and that's consistent with all the other indicators like the purchasing managers being really high.
That's White House economic advisor Kevin Hassett on Bloomberg Radio and Television. Meanwhile, the jobs report could ease pressure on the Federal Reserve to hike interest rates in September. That's according to Wolf Research Chief Economist Stephanie Roth.
If data looks somewhat softer in the next couple months, especially on when it comes to the inflation side, they're probably not gonna want to hike in September. They're probably gonna wanna just see how the data progresses. Now that's gonna probably have to mean core PCE tracking below point two five percent roughly over the next two prints.
Stephanie Roth was a guest on Bloomberg Surveillance. The downside surprise has treasury yields falling, and markets are pushing bets on the next rate hike to December. 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% Analysts covering SpaceX have given the stock a buy rating. Oil steady, this tensions in the Middle East flared while traders monitored progress toward a deal between Iran and Oman to restore shipping through the straight or Hormuz. Brent 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 Senate today confirming Brett Matsumoto as Commissioner of the Bureau of Labor Statistics, reinstating a crucial leadership role after President Trump fired his predecessor last year.
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