WASHINGTON—The first Friday of every month usually brings one of the government’s most closely-watched economic indicators: the monthly jobs report.
The Federal Reserve relies on the report to make policy, while news outlets — and their readers — look to the monthly jobs report as an indicator of how the economy is doing. And the White House usually trumpets the jobs numbers to celebrate or defend its handling of the economy.
Thanks to the government shutdown, we aren’t going to get September&#8217;s job report.
The jobs report set to drop last Friday would have said that the United States added 50,000 jobs in September, economists estimate. That’s 32,000 more jobs than the previous month, but 200,000 fewer than September of last year. And while significantly down from highs in mid-2022, inflation is up from earlier this year at 2.9% for the 12 months ending in August.
But that’s all we’re getting so long as the government is shut down. Out of 2,055 employees at the Bureau of Labor Statistics (BLS), only one is still reporting for duty.
Even if that one employee wanted to put out the report, he couldn’t: the Antideficiency Act bars federal agencies from carrying out normal operations during a lapse in appropriations, unless their work relates to “emergencies involving the safety of human life or the protection of property.”
Jobs numbers may not be essential under the shutdown’s legal definition, but they are a critical input for the Federal Reserve, which has to make a decision on interest rates later this month.
“You know, it is such an unusual situation,” Powell said at last month’s Federal Reserve meeting. “Ordinarily, when the labor market is weak, inflation is low; and when the labor market is really strong, that’s when you’ve got to be careful about inflation.” Powell added that it’s a situation “where we have two-sided risk, and that means there’s no risk-free path.
Powell did note that the risk of a persistent inflation outbreak is down, allowing the Fed to pursue policy in the direction of neutrality. In September, the Fed Committee voted to lower the fed funds rate by a quarter percentage point.
Polymarket, the largest crypto-based prediction market platform, is predicting an additional 25-basis-point cut on Wednesday. Typically, the Fed avoids cutting rates when inflation is above 2%. But last month, it cited a weakening labor market as justification for the cut. With odds of a 25-basis-point cut at 90%, traders on Polymarket are expecting the Fed to cite a weakening labor market again.
This is the latest dustup in a bumpy year for the Federal Reserve.
In late August, President Trump called for the firing of Federal Reserve Governor Lisa Cook over allegations of mortgage fraud. Cook refused to resign, stating that the president did not have the authority to do so because the Federal Reserve is an independent agency.
And while Cook and Trump’s feud just began last month, the president has been sparring with Powell for most of his second term.
Last week, President Trump took to Truth Social to state, “I really believe that Jerome ‘Too Late’ Powell is an OBSTRUCTIONIST!”
In July, President Trump brought his transgressions in person when he toured the Federal Reserve construction project, noting the “cost overruns are substantial.”
The conflict notably escalated in April 2025 when Trump posted on Truth Social that Powell’s “termination cannot come fast enough!”
While not having fired anyone at the Fed, President Trump did fire Bureau of Labor Statistics Commissioner Erika McEntarfer, whom he claimed “RIGGED” jobs numbers. He nominated Heritage Foundation economist EJ Antoni to lead the Bureau, but the White House has since pulled the nomination.
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Regardless of who’s at the Bureau’s helm, job numbers won’t be released until the government reopens. And without Friday’s jobs numbers, the Federal Reserve will be forced to turn to alternative sources.
Speaking at the Nashville Area Chamber of Commerce today, Atlanta Fed President Raphael Bostic offered insight into alternative data reports.
“We have a survey center,” Bostic explained. “We do a bunch of surveys of businesses — for example we ask CEOs what’s your hiring plan for the next twelve months, what’s the likelihood you will reduce prices in the next quarter to get an idea of what actual decision makers are doing.”

Fed Chair Powell Speaks At Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon

The Government Shutdown Means There’s No September Jobs Report. Is That Bad?

Federal Reserve

Government Shutdown

Jerome Powell

New documents suggest a Biden-era FBI investigation went way beyond the 2020 election, the Federal Reserve makes its interest rate decision, and Secretary of State Marco Rubio ends his trip in the Middle East as Israel moves into Gaza City.
It’s Thursday, September 18, 2025, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
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<h2 style="text-align: center;">Biden FBI Targeted TPUSA, Other GOP Groups</h2>
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-973869" src="https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered-300x169.jpg" alt="" width="300" height="169" srcset="https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/09/Partisan-Probe-Uncovered.jpg 1920w" sizes=" (max-width: 300px) 100vw, 300px" />
Topline: Whistleblower documents reveal that during the Biden administration, the FBI secretly targeted Charlie Kirk’s Turning Point USA and other conservative groups.
The investigation targeted not just President Trump, then candidate Trump, but a wide range of conservative groups – including TPUSA. Known as Arctic Frost, the FBI investigation began in April 2022 under the direction of then-Director Christopher Wray. It ensnared 92 Republican-linked entities, from the Republican National Committee to state attorneys general associations.
The aim: The stated objective was to examine what the FBI described as a &#8220;multifaceted conspiracy&#8221; to keep Donald Trump in power after the 2020 election. This included investigating false claims of election fraud and filing lawsuits to challenge the election results. Documents show that the probe also focused on financial aspects, including post-election fundraising that allegedly misled donors about overturning the election results, as well as ties to the January 6 Capitol riot.
But whistleblowers told Senate Judiciary Committee Chairman Chuck Grassley (R-IA) that the probe expanded far beyond the 2020 election. In November 2022, the probe was handed over to Special Counsel Jack Smith and involved coordination with not only the FBI and DOJ, but also the National Archives, the U.S. Postal Service, and other agencies.
The scale: More than 150 interviews conducted, more than 400 subpoenas issued – including 300 for witness records, 200 phone selectors, and 20 financial probes – plus search warrants for 10 phones, 20 devices, seven iCloud accounts, 28 emails, and even Trump&#8217;s Twitter.
But why? What’s not clear is the specifics of why TPUSA, or really any of these groups, were targeted. There has been no evidence to suggest that TPUSA was involved in a false elector scheme, any financial misconduct, or any other activity that should have put them in the crosshairs of federal investigators. More declassified releases are expected.
<h2 style="text-align: center;">Fed Cuts Rates</h2>
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-973871" src="https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates-300x169.jpg" alt="" width="300" height="169" srcset="https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/09/Fed-Cuts-Rates.jpg 1920w" sizes=" (max-width: 300px) 100vw, 300px" />
Topline: Amid President Trump’s ongoing push to reshape the Federal Reserve, Chairman Jerome Powell announced a cut in interest rates on Wednesday, offering a potential jolt to the Trump economy. 
Powell said the Federal Reserve will be lowering its benchmark interest rate by a quarter point — the first cut since last December. That means some minor, but tangible, relief for those buying a home or car, refinancing their student loans or credit card debt, and so on.
From the horse’s mouth: Powell on Wednesday said: “While the unemployment rate remains low, it has edged up. Job gains have slowed, and downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. In support of our goals and in light of this shift in the balance of risks, today the Federal market committee decided to lower our policy interest rate by a quarter percentage point.”
What’s next: Investors are confident this is just the first cut. They’re predicting similar quarter-point cuts in October and December. Many of those investors were clearly thrilled by the news — we saw both the DOW and S&amp;P 500 jump to record highs on Wednesday.
Trump makes moves: This month, Trump appointed and the Senate approved Stephen Miran, one of his top economic advisers, to the Fed’s powerful Board of Governors. That makes Miran one of 12 people voting on rate decisions — while the other 11 voted Wednesday for a quarter-point cut, he was the only one who voted for a larger, half-point cut.
Miran’s role as chair of the White House Economic Council makes him the first Governor in the Board’s 100-plus-year history who’s also technically an employee of the president — though he’ll take a leave of absence from his White House role. 
Democrats respond: Democrats in Congress introduced a bill Tuesday that would bar Federal Reserve officials from simultaneously holding another position appointed by the president. That bill is unlikely to pass the Senate, given the Republican majority, but it could be revived in the future, depending on the outcome of the midterms next year. 
<h2 style="text-align: center;">Rubio Visits The Middle East As Israel Moves On Gaza City</h2>
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-973873" src="https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive-300x169.jpg" alt="" width="300" height="169" srcset="https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/09/Gaza-City-Offensive.jpg 1920w" sizes=" (max-width: 300px) 100vw, 300px" />
Topline: Secretary of State Marco Rubio traveled to the Middle East this week as Israel launched its long-awaited ground invasion of Gaza City, a major population center and one of the last strongholds of Hamas.
Expert opines: Victoria Coates, vice president of the National Security and Foreign Policy Institute at The Heritage Foundation, on the consequences of the invasion of Gaza City: “I think the region understands that this has to happen. It would be desirable to come up with a solution for the Palestinians of Gaza before this was necessary. But the fact of the matter is that Hamas won&#8217;t let them out. They&#8217;re the only population on the planet that aren&#8217;t being allowed to flee from a war zone. And part of that is Hamas. And part of that is the fact that the Egyptians won&#8217;t let them cross there. The Jordanians won&#8217;t let them come to Jordan. That also is telling.”
Israel recently targeted Hamas leaders staying in Doha, Qatar, with an airstrike that was immediately condemned by the Qatari government, which has served as one of the main Arab state mediators between Israel and the terror group Hamas. To the extent that the strike affects negotiations, Coates says it is possible that the impact will be beneficial, “because we weren&#8217;t getting anywhere with the old process.”
Coates: “This was a big step on the part of Israel to strike Hamas in Doha. At least one Hamas terrorist died. So I&#8217;m not going to be sorry about it. But at the same time, that was a potential world crisis between Israel and Qatar and potentially with the rest of the Gulf. Now, the good news is that the secretary flew directly from Tel Aviv to Doha … And so he was pretty much demonstrating through his travel that he&#8217;s going to go talk to both of them. There&#8217;s going to be a direct flight in between them. And … at the Arab summit meeting in Doha, the Abraham Accords countries did not withdraw from the accords. It happened to be the fifth anniversary of the accords on Monday, and that did not happen. They decided to stay in. And so that, to me, is the most powerful symbol that the accords will endure – and we can get back at some point to the business of increasing normalization.”

MRN 9.18.25 Thumbnail V3

Morning Brief: Biden Targeted TPUSA, Fed Finally Lowers Rates & Israel Pushes Into Gaza City

Morning Brief: Biden Targeted TPUSA, The Fed Cuts Rates, and Israel Moves On Gaza City

Charlie Kirk

Department of Justice

Donald Trump

Gaza

Hamas

Israel

Joe Biden

Marco Rubio

Media

Morning Wire

Politics

Turning Point USA

The Federal Reserve slashed interest rates by a quarter of a percentage point on Wednesday following increased pressure from President Donald Trump.
In an 11-1 vote, the Fed policymakers approved a 25-basis-point cut. Stephen Miran, the newest Federal Reserve Board Governor who was appointed by Trump and approved by the Senate earlier this week, was the lone member to dissent, advocating for a half-point cut, CNBC <a href="https://www.cnbc.com/2025/09/17/fed-rate-decision-september-2025.html">reported</a>. The rate cut is unlikely to satisfy the president, either. Trump predicted earlier this week that the Fed would approve a “big cut.”
“It’s perfect for cutting,” Trump <a href="https://thehill.com/homenews/5503502-trump-expects-big-interest-rate-cut/">said</a> on Sunday. “We’re doing well and everything — energy is way down, groceries are down, everything, almost everything — is way down.” In a social media <a href="https://truthsocial.com/@realDonaldTrump/posts/115208353139528932">post</a> on Monday, Trump called on Fed Chair Jerome Powell to “CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!”
In a statement following its decision, the Fed pointed to slowing job gains and noted that inflation “has moved up and remains somewhat elevated.”
“Uncertainty about the economic outlook remains elevated,” the statement added. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.”
Fed Chair Jerome Powell again brought up uncertainty surrounding Trump’s tariffs during a press conference Wednesday afternoon, saying, “Higher tariffs have begun to push up prices in some categories of goods, but they&#8217;re overall effects on economic activity and inflation remain to be seen.”
“Our obligation is to ensure that a one-time increase in the price level does not become an ongoing inflation problem,” Powell added.
The rate cut is the first one that the Fed has announced since Trump was sworn in for his second term. Inflation, which the Fed closely monitors while considering rate cuts, has remained around 3%. Year-over-year inflation is currently at 2.9%, which is above the Fed’s target of 2%, but the rate has remained under 3% since February.
The Fed’s two-day meeting began on Tuesday, shortly after Trump’s nominee, Miran, was approved by the Senate to replace Board Governor Adriana Kugler, who announced that she was stepping down last month. Miran, a senior adviser to Trump, is remaining in his role in the administration while also serving out the remainder of Kugler’s term, which ends in January.
The president tried to fire Board Governor Lisa Cook after she was accused of committing mortgage fraud. The U.S. Court of Appeals for the District of Columbia Circuit, however, halted Trump’s attempt to remove Cook from her position. Trump is also preparing to appoint a new Fed Chair when Powell’s term as the chair ends in May 2026.
Traders are predicting two more rate cuts later this year, one next month and another in December, The Wall Street Journal <a href="https://www.wsj.com/livecoverage/fed-interest-rate-decision-live-09-17-2025?gaa_at=eafs&amp;gaa_n=ASWzDAjBzxLTuEgKlF_q1CHaJ4kgAkagZ4dPx1rrIWLR5-u6YUp62oGeahCc2wwPHHU%3D&amp;gaa_ts=68cad590&amp;gaa_sig=aNUYopYjLk58gGdQM7c1DR1sOnComacJggNy7xpwk9f3fnE3y0divFkvzElsRELOrAUge_PaivpzzWTOgqcl9Q%3D%3D">reported</a>. The markets had a mixed reaction on Wednesday morning as many anticipated the Fed’s decision to lower rates. The Nasdaq Composite and S&amp;P 500 both dropped slightly, but the Dow Jones Industrial Average rose before the decision.
Mortgage rates also dropped to a three-year low on Tuesday ahead of the Fed’s interest rate cut, CNBC <a href="https://www.cnbc.com/2025/09/16/mortgage-rates-drop-to-3-year-low-ahead-of-fed-meeting.html">reported</a>. The average 30-year fixed mortgage rate fell 12 basis points from Monday to Tuesday, down to 6.13%.

President Trump Visits Federal Reserve

Federal Reserve Cuts Interest Rates After Months Of Pressure From Trump

Economy

Interest Rates

Trump Administration

(Reuters) &#8211; A U.S. appeals court declined on Monday to allow Donald Trump to fire Federal Reserve Governor Lisa Cook &#8211; the first time a president has pursued such action since the central bank&#8217;s founding in 1913 &#8211; in the latest step in a legal battle that threatens the Fed&#8217;s longstanding independence.
The decision by the U.S. Court of Appeals for the District of Columbia Circuit means that the administration only has hours to appeal to the U.S. Supreme Court if it hopes to block Cook from attending the Fed&#8217;s policy meeting on Tuesday and Wednesday where it is expected to cut U.S. interest rates to shore up a cooling labor market.
The White House on Tuesday said it planned to appeal the ruling to the Supreme Court.
&#8220;The President lawfully removed Lisa Cook for cause. The Administration will appeal this decision and looks forward to ultimate victory on the issue,&#8221; White House spokesman Kush Desai said.
The D.C. Circuit denied the Justice Department&#8217;s request to put on hold a judge&#8217;s order temporarily blocking the Republican president from removing Cook, an appointee of Democratic former President Joe Biden.
U.S. District Judge Jia Cobb had ruled on September 9 that Trump&#8217;s claims that Cook committed mortgage fraud before taking office, which Cook denies, likely were not sufficient grounds for removal under the law that created the Fed.
The decision was 2-1, with Circuit Judges Bradley Garcia and J. Michelle Childs in the majority, both of whom were appointed by President Joe Biden. Circuit Judge Gregory Katsas, a Trump appointee, dissented.
In an opinion joined by Childs, Garcia wrote that Cook is likely to prevail on her claim that she has been denied due process in violation of the U.S. Constitution&#8217;s Fifth Amendment.
&#8220;Before this court, the government does not dispute that it provided Cook no meaningful notice or opportunity to respond to the allegations against her,&#8221; the judge wrote.
A White House spokesperson did not immediately respond to a request for comment.
The Fed, which had no comment on the ruling, has not made any legal arguments in the case. It has asked the courts for a swift resolution of the matter, and has said it will abide by any court ruling.
Cook&#8217;s lawyers did not immediately respond to a request for comment.
Separately, the Senate on Monday night narrowly confirmed Trump&#8217;s nominee to a recently vacated seat on the Fed board. The largely party-line 48-47 vote means that it is likely that Stephen Miran, currently chair of the Council of Economic Advisers, will also participate in this week&#8217;s rate-setting meeting alongside Cook.
FOR CAUSE
In setting up the Fed, Congress included provisions to shield the central bank from political interference. Under the law that created the Fed, its governors may be removed by a president only &#8220;for cause,&#8221; though the law does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.
In Monday&#8217;s opinion, Garcia wrote that because Cook’s due process claim was &#8220;very likely meritorious&#8221;, there was no need for the court to address the meaning of &#8216;for cause&#8217; at this point in the case.
Cook, the first Black woman to serve as a Fed governor, sued Trump and the Fed in late August. Cook has said the claims did not give Trump the legal authority to remove her and were a pretext to fire her for her monetary policy stance.
The Trump administration has argued that the president has broad discretion to determine when it is necessary to remove a Fed governor, and that courts lack the power to review those decisions.
The case has ramifications for the Fed&#8217;s ability to set interest rates without regard to the wishes of politicians, widely seen as critical to any central bank&#8217;s ability to function independently to carry out tasks such as keeping inflation under control.
Trump this year has demanded that the Fed cut rates aggressively, berating Fed Chair Jerome Powell for his stewardship over monetary policy. The Fed, focusing on fighting inflation, has not done so, though it is expected this week to make a cut.
The Supreme Court this year has allowed Trump to proceed with the removal of various officials serving on federal agencies that had been established by Congress as independent from direct presidential control.
But in a May order in a case involving Trump&#8217;s dismissal of two Democratic members of federal labor boards, the Supreme Court signaled that it views the Fed as distinct from other executive branch agencies. It said the Fed &#8220;is a uniquely structured, quasi-private entity&#8221; with a singular historical tradition.
Unlike other members of regulatory boards that the Supreme Court allowed Trump to remove, Cook&#8217;s protection from at-will removal distinguished her case, Garcia wrote in Monday&#8217;s opinion.
The Trump administration in a court filing on Thursday had asked the D.C. Circuit to move quickly so that Trump could remove Cook before the Fed&#8217;s policy meeting on Tuesday and Wednesday. Administration lawyers said that allowing the president to fire Cook would &#8220;strengthen, not diminish, the Federal Reserve’s integrity.&#8221;
Cook&#8217;s lawyers in a filing in response said removing Cook ahead of the meeting would impact U.S. and foreign markets, and that the public interest in keeping her in office outweighed Trump&#8217;s efforts to take control of the Fed.
In his dissenting opinion, Katsas said there was a greater risk of harm to the Trump administration than there was to Cook in leaving her in her job while the appeal played out.
&#8220;Moreover, the Board of Governors no doubt is important, but that only heightens the government’s interest in ensuring that its Governors are competent and capable of projecting confidence into markets,&#8221; Katsas wrote.
In blocking Cook&#8217;s removal, Cobb had found that the &#8220;best reading&#8221; of the 1913 law is that it only allows a Fed governor to be removed for misconduct while in office. The mortgage fraud claims against Cook all relate to actions she took prior to her U.S. Senate confirmation in 2022.
Trump and his appointee William Pulte, the Federal Housing Finance Agency director, have claimed that Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits.
A loan estimate for an Atlanta home purchased by Cook shows that she had declared the property as a &#8220;vacation home,&#8221; according to a document reviewed by Reuters, information that would appear to undercut the allegations against her. And the property tax authority in Ann Arbor, Michigan, said in response to a Reuters inquiry that Cook has not broken rules for tax breaks on a home there that Cook had declared her primary residence.
The finding, which came in response to a Reuters request that the city review Cook’s property records, could boost Cook’s defense against efforts by the Trump administration to remove her from the Federal Reserve board.
Trump&#8217;s Justice Department also has launched a criminal mortgage fraud probe into Cook, and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter.
(Reporting by Daniel Wiessner in Albany, New York, Jan Wolfe in Washington, DC, Tom Hals in Wilmington, Delaware and Ann Saphir; Editing by Alexia Garamfalvi, Will Dunham and Shri Navaratnam)
&nbsp;

FILE PHOTO: Dr. Lisa DeNell Cook, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing in Washington

Appeals Court Protects Biden-Appointed Fed Governor Lisa Cook From Trump Ouster

Courts

Lisa Cook

(Reuters) &#8211; A federal judge on Tuesday temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, an early setback for the White House in an unprecedented legal battle that could upend the central bank&#8217;s long-held independence.
The preliminary ruling by U.S. District Judge Jia Cobb in Washington, D.C. found that the Trump administration&#8217;s claims that Cook committed mortgage fraud prior to taking office were likely not sufficient grounds for her removal.
Cook denies any wrongdoing.
&#8220;President Trump has not identified anything related to Cook’s conduct or job performance as a Board member that would indicate that she is harming the Board or the public interest by executing her duties unfaithfully or ineffectively,&#8221; Cobb wrote in her ruling.
Trump moved to fire Cook in late August, but the Fed has said she remains in her position. The Fed declined to comment on the decision.
The White House spokesman Kush Desai on Wednesday defended Trump&#8217;s actions, saying that the president had &#8220;lawfully removed&#8221; Cook for cause over the mortgage allegations and that &#8220;this ruling will not be the last say on the matter.&#8221;
Trump on Tuesday did not respond to a reporter&#8217;s question about the ruling.
Cobb&#8217;s ruling prevents the Fed from following through on Cook&#8217;s firing while her lawsuit moves forward.
The case, which will likely end up before the U.S. Supreme Court, has ramifications for the Fed&#8217;s ability to set interest rates without regard to politicians&#8217; wishes, widely seen as critical to any central bank&#8217;s ability to keep inflation under control.
Trump has demanded that the U.S. central bank cut rates immediately and aggressively, berating Fed Chair Jerome Powell for his stewardship over monetary policy. The central bank is expected to deliver a rate cut at its September 16-17 policy meeting.
&#8220;This ruling recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve from illegal political interference,&#8221; Cook&#8217;s lawyer Abbe Lowell said in a statement.
The law that created the Fed says governors may be removed only &#8220;for cause,&#8221; but does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.
Cobb found that the &#8220;best reading&#8221; of the law is that it only allows a Fed governor to be removed for misconduct while in office. The mortgage fraud claims against Cook all relate to actions she took prior to her U.S. Senate confirmation in 2022.
Trump and William Pulte, the Federal Housing and Finance Authority director appointed by the president, say Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits.
The U.S. Justice Department has also launched a criminal mortgage fraud probe into Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter.
Cook sued Trump and the Fed, saying the claims did not give Trump the legal authority to remove her and were a pretext to fire her for her monetary policy stance.
Cook, the first Black woman to serve as a Fed governor, has denied the fraud claims in court filings, saying that she &#8220;did not ever commit mortgage fraud.&#8221;
But she has said that even if the allegations were true, it would not be grounds for removal because the alleged conduct occurred before she was confirmed by the U.S. Senate.
The Trump administration has argued that the president has broad discretion to determine when it is necessary to remove a Fed governor, and that courts lack the power to review those decisions.
(Reporting by Daniel Wiessner in Albany, New York and Ismail Shakil. Additional reporting by Andrea Shalal, Howard Schneider, Mike Scarcella, Nate Raymond and Jeff Mason; Editing by Noeleen Walder, Alexia Garamfalvi, Paul Simao, Sam Holmes and Tomasz Janowski)

FILE PHOTO: Federal Reserve Bank of Kansas City’s 2025 Jackson Hole conference

Judge Steps In To Block Trump From Ousting Fed Governor Lisa Cook

The U.S. Department of Justice (DOJ) has <a href="https://www.wsj.com/politics/policy/lisa-cook-justice-department-probe-e7e801a6?gaa_at=eafs&amp;gaa_n=ASWzDAi-x1uObM-ouMQbF0PI67ubWITebM-NdCDtCfTL7W90ZRz24dcL2EAxufBpjws%3D&amp;gaa_ts=68b9adfc&amp;gaa_sig=ZMZASAa9bYsThktLwgBJ6HVseASrX7apCQs0hDQIB-tZHkMB-Xzkuuzs0NMCxG-IE_DO2maf7fcgKvNNp4Czhw%3D%3D">opened a criminal investigation</a> into Federal Reserve Governor Lisa Cook.
The probe centers on allegations that Cook misrepresented her primary residence on mortgage applications — one in Michigan, the other in Georgia — to obtain more favorable loan terms. These accusations were first <a href="https://www.cbsnews.com/news/trump-lisa-cook-federal-reserve-governor-bill-pulte/?utm_source=chatgpt.com">raised</a> by Bill Pulte, head of the Federal Housing Finance Agency and a Trump appointee, who referred the matter to the DOJ last month. Pulte wrote on X:
<blockquote>
According to mortgage documents obtained by U.S. Federal Housing, it appears an individual, Ms. Lisa DeNell Cook, has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms.
</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Here is the Criminal Referral Letter on Lisa Cook, the current Fed Governor. <a href="https://t.co/aG0LGnokei">pic.twitter.com/aG0LGnokei</a>
&mdash; Pulte (@pulte) <a href="https://twitter.com/pulte/status/1958138434171629636?ref_src=twsrc%5Etfw">August 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Cook has denied wrongdoing and argues the claims are politically motivated, calling her firing unlawful.
In January 2022, former President Joe Biden nominated Cook to the Board of Governors of the Federal Reserve. She was confirmed in May 2022, becoming the first black woman to serve as a Fed governor.
Days after Pulte’s accusations, President Trump <a href="https://www.washingtonpost.com/politics/2025/08/20/trump-resignation-fed-governor-cook/?utm_source=chatgpt.com">demanded her resignation</a>, citing “serious financial misconduct.” She refused to resign. Five days later, Trump <a href="https://time.com/7312213/lisa-cook-trump-fire-federal-reserve-governor-mortgage-fraud-powell-interest-rates/?utm_source=chatgpt.com">issued a letter</a> to Cook stating he had fired her for cause, writing, “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and possibly criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.”
Three days after that, Cook <a href="https://www.cnn.com/2025/08/28/economy/fed-lisa-cook-lawsuit">filed a lawsuit</a> in federal court, seeking to block her removal. The next day, a federal judge heard arguments in Cook’s lawsuit but did not rule on the case.
At the beginning of this month, nearly 600 economists signed a <a href="https://tatyanaderyugina.github.io/fed-open-letter/">letter</a> defending Cook and warning against threats to Fed independence.
If the DOJ files criminal charges against Cook, Trump would have legal grounds to justify Cook’s removal; Cook’s legal team argues that the president cannot dismiss a Fed governor except under strict “for cause” standards.
City Journal <a href="https://www.city-journal.org/article/lisa-d-cooks-careless-scholarship?utm_source=chatgpt.com">noted</a>:
<blockquote>
Cook also seems to have consistently inflated her own credentials. In 2022, investigative journalist Christopher Brunet pointed out that, despite billing herself as a macroeconomist, Cook had <a href="https://dailycaller.com/2022/01/20/bidens-fed-nominee-lisa-cook-criticized-for-being-unqualified-embellishing-resume">never</a> published a peer-reviewed macroeconomics article and had misrepresented her publication history in her CV, claiming that she had published an article in the journal American Economic Review. In truth, the article was published in American Economic Review Papers and Proceedings, a less prestigious, non-peer-reviewed magazine. &#8230;
In a series of academic papers spanning more than a decade, Cook appears to have copied language from other scholars without proper quotation and duplicated her own work and that of coauthors in multiple academic journals without proper attribution. Both practices appear to violate Michigan State University’s own written <a href="https://ombud.msu.edu/sites/default/files/content/Plagiarism-What-is-it.pdf">academic</a> standards.
</blockquote>

MixCollage-04-Sep-2025-11-33-AM-4105

Justice Dept Zeroes In On Fed Governor Lisa Cook

This week, President Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115092130707196133">sent a letter</a> to Federal Reserve Governor Lisa Cook, who was appointed by President Joe Biden in 2022, informing her of her immediate removal from her position of service, citing allegations of mortgage fraud.
In a time when buying a home is out of reach for millions of Americans, in part due to the high interest rates set by the Federal Reserve, it is obvious that someone who allegedly committed mortgage fraud by claiming two different homes as their main residence to get better loan terms would be unfit to serve. While the President provided documentation alleging fraud, time will tell whether Ms. Cook indeed committed fraud. Innocent until proven guilty.
Aside from this point, however, there is a much larger problem at play.
The Constitution is clear: All members of the Executive Branch report to the President of the United States. This is a basic chain-of-command that is not difficult to understand.
Yet time and time again, we see political appointees cling for dear life to their appointed, and temporary, positions of service, exhibiting unmatched levels of arrogance and entitlement.
Take Lisa Cook, for example.
A decorated former professor of economics who has conducted plenty of research and advised the Obama administration, her resume passes muster. Still, are there not thousands of other economic experts who might serve the American people in this position?
Not according to Ms. Cook, who remains defiant.
“I will not resign,” she <a href="https://x.com/bencasselman/status/1960175891658498543">pouted</a> through her attorney like a petulant child, adding that the President of the United States has no authority to fire her.
<blockquote class="twitter-tweet">
Just received this statement from Lisa Cook, via her attorney: 
&#8220;President Trump purported to fire me &#8216;for cause&#8217; when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have… <a href="https://t.co/57C6p0cwMI">https://t.co/57C6p0cwMI</a>
— Ben Casselman (@bencasselman) <a href="https://twitter.com/bencasselman/status/1960175891658498543?ref_src=twsrc%5Etfw">August 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Credit: @bencasselman/X
Of course, that is not true.
As every middle school civics student knows, and as President Trump spelled out quite clearly in his letter, his authority comes from Article II of the Constitution of the United States: The executive Power shall be vested in a President of the United States of America.
Lawyers are scrambling in Washington and across the nation to come up with legal arguments for both sides. But it doesn’t take a Juris Doctorate, just a basic reading comprehension level, to understand that the President oversees the Executive Branch. Ultimately, all members of the Executive Branch report to him.
If that were not the case, then who is in charge? 
Who has the authority to appoint and fire within the Executive? Lisa Cook?
Let’s take it a step further to examine the practicality of the matter: Why on earth would Ms. Cook wish to continue her service when her boss, the President, has fired her? She is no longer wanted in the Trump administration. This was not a lifetime appointment. She was always going to have to return back to the real world and her real job.
Cue the arrogance to center stage.
Ms. Cook apparently believes she alone is capable of serving as on the Board of Governors at the Fed, and that her politically-appointed position holds more power in it than the President of the United States holds via Article II of the Constitution.
She will use the mainstream media and the fury of liberal Democrats who suffer from Trump Derangement Syndrome (looking at you, Gavin Newsom) for as many news cycles as she can to stir up trouble and get her 15 minutes of fame.
Meantime, those Americans trying to afford a home will just have to wait.
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Lisa Cook is not the first, nor will she be the last, to throw a temper tantrum when asked to leave. She is just one of thousands of bureaucrats in Washington who mistakenly believe they are independent from and just as important as the sitting President of the United States.
Woe to anyone, including the president, who challenges that notion!
But perhaps the American people can use this moment to see just how difficult it is for the president to exert his authority over the very government he has been elected to lead. Millions of Americans voted for President Donald Trump. Nobody voted for Lisa Cook.
They voted for his vision, his leadership, and his discretion. They voted for his judgment. Politically-appointed bureaucrats may not like it, but that is how democracy works.
Time to pack your things, Ms. Cook.
* * *
Carly Bird is a Republican strategist and founder and president of Bird’s Eye Consulting. She previously served as the national spokeswoman for Ron DeSantis’ presidential campaign.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

President Trump Meets With His Cabinet At The White House

Yes, The President Can Fire Politically-Appointed Bureaucrats

Federal Government

President Trump

President Trump fires a Biden-appointed Federal Reserve governor over an investigation into alleged mortgage fraud, setting up a historic legal showdown. In a surprising policy shift, President Trump calls for allowing hundreds of thousands of Chinese students into U.S. universities. The Department of Transportation cracks down on states that issue commercial driver&#8217;s licenses to truckers who are not proficient in English.
It’s Wednesday, August 27, 2025, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
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<h2>Trump Fires Fed Governor, Setting Up Legal Battle</h2>
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Topline: President Trump has fired Federal Reserve Governor Lisa Cook, a Biden appointee, citing a Department of Justice investigation into alleged mortgage fraud, a move that Cook is refusing to accept, setting up a historic legal showdown.
On Monday night, President Trump fired Cook &#8220;for cause,&#8221; citing a DOJ investigation into whether she committed mortgage fraud by allegedly claiming primary residence in two separate states to secure more favorable loan terms. &#8220;We need people that are 100% above board — and it doesn&#8217;t seem like she was,&#8221; Trump said.
Cook responded with a statement saying the president &#8220;has no authority to do so&#8221; and that she will not resign, announcing her intention to file a lawsuit. The move marks the first time in the Fed’s history that a president has removed a member of the board of governors and could set up a legal battle that goes to the Supreme Court.
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The shakeup at the Fed comes as the Trump administration made another major economic move, with the U.S. government acquiring a 10% stake in tech giant Intel for nearly $9 billion. The White House framed the move as a matter of national security, aimed at reviving the U.S. semiconductor industry and breaking America&#8217;s reliance on China.
<h2>Trump Calls for More Chinese Students in U.S. Universities</h2>
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&nbsp;
Topline: In a surprising policy shift that has drawn criticism from some allies, President Trump has called for raising the quota for Chinese nationals allowed to study in the United States to 600,000.
The president defended the move in a cabinet meeting, arguing that many less prestigious U.S. universities would not survive financially without the revenue from Chinese students. The proposal has drawn criticism from some conservatives who worry about the national security risks, including the theft of technology and research by students with ties to the Chinese Communist Party.
The move also appears to contrast with the administration&#8217;s previously announced hardline stance. In May, Secretary of State Marco Rubio said the administration would &#8220;aggressively revoke visas for Chinese students&#8221; who are connected to the CCP or are studying in &#8220;critical fields.&#8221;
<h2>DOT Cracks Down on Non-English-Speaking Truckers</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-965649" src="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1024x576.jpg" alt="" width="1024" height="576" srcset="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3.jpg 1920w" sizes=" (max-width: 1024px) 100vw, 1024px" /></div>
Topline: Following a fatal crash in Florida caused by an illegal immigrant, the Department of Transportation is cracking down on states that issue commercial driver&#8217;s licenses to truckers who are not proficient in English.
The move comes after Harjinder Singh, an illegal immigrant from India, killed three people in a crash caused by an illegal U-turn in a semi-truck. Singh had a Commercial Driver&#8217;s License (CDL) from a sanctuary state and was later found to be unable to properly identify most highway traffic signs.
Transportation Secretary Sean Duffy announced that states currently in violation of an executive order requiring English proficiency, such as Washington, California, and New Mexico, have 30 days to come into compliance or risk losing federal funding. &#8220;We just want to keep drivers safe,&#8221; Duffy said. &#8220;Not in just red states, Americans drive in all states &#8230; and they deserve to be safe.&#8221;
In a related move, Secretary of State Marco Rubio announced last week that the State Department has paused the issuance of work visas for foreign truck drivers. Rubio said the move was necessary because &#8220;the increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers.”

MRN 8.27.25 Thumbnail V1

Morning Brief: Fed Governor Defies Trump, Chinese Student Deal & WH Clamps Down On Foreign Truckers

Communist China

Department of Transportation

Education

Sean Duffy

Truckers

President Donald Trump told Federal Reserve Governor Lisa Cook that she had been terminated on Monday, citing allegations of mortgage fraud.
“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote to Cook in a letter.
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” he wrote. “I have determined that there is sufficient cause to remove you from your position.”
Trump cited allegations by Federal Housing Finance Agency Director Bill Pulte, who accused Cook of claiming two separate properties as her primary address within weeks of purchasing each with financing.
&#8220;President Trump purported to fire me &#8216;for cause&#8217; when no cause exists under the law, and he has no authority to do so,&#8221; Cook said in a <a href="https://x.com/amacker/status/1960175247140806676">statement</a> responding to Trump&#8217;s letter. &#8220;I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Cook, who has not been charged with a crime, has hired attorney Abbe Lowell as legal counsel. Lowell is a veteran defense attorney with decades of experience representing high-profile political figures, including former President Bill Clinton, former Sen. Bob Menendez (D-NJ), and Hunter Biden.
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&#8220;President Trump has taken to social media to once again &#8216;fire by tweet&#8217; and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority,&#8221; said Lowell. &#8220;We will take whatever actions are needed to prevent his attempted illegal action.&#8221;
Pulte accused Cook of having “falsified bank documents and property records” to purchase two properties, a house in Ann Arbor, Michigan, and a condo in Atlanta, according to CNN. Mortgage documents show that Cook took out mortgages on both properties and claimed both as her primary residence.
Trump said Monday that questions about Cook’s integrity have undermined Americans’ confidence in her ability to serve on the Federal Reserve.
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks,” Trump wrote. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.”
“In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity. At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator,” he wrote.
<blockquote class="twitter-tweet">
🚨 President Donald J. Trump relieves Federal Reserve Governor Lisa Cook of her position <a href="https://t.co/tJV8m4mlHW">pic.twitter.com/tJV8m4mlHW</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1960131068280852721?ref_src=twsrc%5Etfw">August 26, 2025</a></blockquote>

Trump Boots Fed’s Lisa Cook Over Mortgage Mess—She Says ‘He Has No Authority To Do So’

Trump Fires Fed Reserve Governor Lisa Cook

Scandals

President Donald Trump said Friday that he would fire Federal Reserve Governor Lisa Cook if she doesn’t resign over mortgage fraud allegations. 
Cook, appointed to the Federal Reserve by former President Joe Biden, has <a href="https://www.dailywire.com/news/trump-calls-for-fed-official-to-resign-now-after-mortage-fraud-allegations">faced pressure</a> from the Trump administration to step down after Federal Housing Finance Agency Director Bill Pulte — an ally of Trump — urged the Justice Department to investigate alleged mortgage-residence misrepresentations by Cook. 
“I’ll fire her if she doesn’t resign,” Trump told reporters on Friday morning. “What she did was bad so I’ll fire her if she doesn’t resign.”
Trump first called for Cook to step down on Wednesday, shortly after Pulte publicized an August 15 letter he sent to Attorney General Pam Bondi alleging that Cook falsified documents to get better loans and interest rates. 
Pulte alleged that Cook simultaneously claimed primary residency for two homes—one in Michigan and one in Georgia — in order to secure more favorable mortgage rates. He wrote in his letter that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
In a statement, Cook said that she learned of the criminal referral through the media and that she had no plans to leave her position at the Fed. 
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
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Trump has repeatedly clashed with the Fed over its reluctance to lower interest rates and has previously floated firing Federal Reserve Chair Jerome Powell. Cook, who is slated to stay at the Fed until 2038, has backed Powell’s decision to hold interest rates steady.
Last year, The Daily Wire and City Journal conducted an <a href="https://www.dailywire.com/news/trouble-at-the-fed">investigation</a> into Cook’s academic record and found that, in several papers, she had lifted language from other scholars without proper quotations, and repeatedly republished text from her own prior work — or that of coauthors — across multiple academic journals without adequate attribution.
For example, in a 2021 paper titled “The Antebellum Roots of Distinctively Black Names,” Cook copied and pasted verbatim language from Charles Calomiris and Jonathan Pritchett, without using quotation marks when describing their findings, as required.
Much of Cook’s academic work also focused on race activism rather than quantitative economics.

US-POLITICS-TRUMP

Trump To Fed Governor: Resign Now Or Be Fired Over Fraud Claims

Federal Reserve Chair Jerome Powell suggested on Friday that central bank policymakers could cut interest rates at their meeting next month under current conditions.
During a speech at the Fed&#8217;s annual Economic Policy Symposium in Jackson Hole, Wyoming, Powell said that “the balance of risks appear to be shifting” between the goals of full employment and stable prices, CNBC <a href="https://www.cnbc.com/2025/08/22/powell-indicates-conditions-may-warrant-interest-rate-cuts-as-fed-proceeds-carefully.html">reported</a>. Powell added that the labor market and the economy are in a good place, even as President Donald Trump&#8217;s tariffs take effect. Still, the Fed chair said that the tariffs present risks that must be considered, as inflation could rise.
The stock market <a href="https://www.nytimes.com/2025/08/22/business/powell-speech-jackson-hole-fed-inflation.html">spiked</a> following Powell&#8217;s speech, with the Dow Jones and Nasdaq Composite rising 2%, while the S&amp;P 500 was up more than 1.5%.
Powell <a href="https://www.wsj.com/economy/central-banking/powell-highlights-job-market-worries-opening-path-to-rate-cut-4169a7ba">said</a> that the U.S. economy is in the middle of an “unusual situation,” with risks of a worse-than-expected labor market rising, according to The Wall Street Journal.
“And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment,” Powell said.
The Federal Reserve often lowers interest rates if unemployment is high in an attempt to stimulate economic activity, which can lead to companies hiring more people. The year-over-year inflation rate of 2.7%, however, remains above the Fed&#8217;s 2% benchmark. The next inflation report is scheduled to be released on September 11, and the Fed is set to meet again to discuss interest rates on September 16-17.
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Powell has faced months of criticism from President Trump, who continues to urge the Fed to cut interest rates. Earlier this year, Trump threatened to fire the Fed chair, which would be an unprecedented move for a president to make, but Trump has backed off that threat, saying he will wait until Powell&#8217;s term is complete in May of next year to replace him. The Fed&#8217;s latest decision to keep rates steady also caused division among the policymakers, with two Fed governors, Michelle Bowman and Christopher Waller — who are candidates to become the next Fed chair — publicly disagreeing with the Fed&#8217;s July decision.
Trump&#8217;s latest <a href="https://www.reuters.com/world/us/trump-again-attacks-fed-chair-says-powell-hurting-housing-industry-2025-08-19/">knocks</a> on Powell came on Wednesday when he said that Powell&#8217;s reluctance to lower interest rates was &#8220;hurting the Housing Industry, very badly.&#8221;
&#8220;People can&#8217;t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,&#8221; Trump said.
The Trump administration is set to begin interviewing candidates for the next Fed chair after Labor Day, according to Treasury Secretary Scott Bessent. The administration has <a href="https://www.foxbusiness.com/economy/treasurys-bessent-says-interviews-potential-fed-chairs-start-around-labor-day">announced</a> that 11 people are in the running for the position, including Fed Governors Bowman and Waller, White House National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, Fed Governor Philip Jefferson, Dallas Fed President Lorie Logan, former Fed Governor Larry Lindsey, and former St. Louis Fed President James Bullard.
Rick Rieder, BlackRock&#8217;s chief investment officer for global fixed income, David Zervos, the chief market strategist for Jefferies, and Mark Sumerlin, former deputy director of the National Economic Council, are also on the short list.

Fed Chair Jerome Powell Hints At Possible Rate Cut, Wall Street Cheers

President Donald Trump called for a top official at the Federal Reserve to step down after she was accused by federal officials of mortgage fraud. 
Trump said Wednesday that Lisa Cook, a member of the Federal Reserve Board of Governors, should step down after Federal Housing Finance Agency Director Bill Pulte called for the Justice Department to investigate her over alleged mortgage fraud. 
“Cook must resign, now!!!” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115061104213677946">wrote</a> on Truth Social.  
In an August 15 letter to Attorney General Pam Bondi, Pulte said that Cook falsely claimed primary residency at the same time for two homes she owned in Michigan and Georgia in order to get better interest rates. 
Pulte wrote in his letter that Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms.”
In follow-up posts on X, Pulte targeted Cook over the allegations. 
“How can this woman be in charge of interest rates if she is allegedly lying to help her own interest rates?” he <a href="https://x.com/pulte/status/1958162017468154310">wrote</a>, <a href="https://x.com/pulte/status/1958158594374873358">adding</a> in another, “Do not declare two principal residences in President Trump’s America. Mortgage fraud is a serious crime and must be prosecuted as such.”
Senator Rick Scott (R-FL) <a href="https://x.com/SenRickScott/status/1958140416835940434">responded</a> to the criminal referral by demanding that an independent inspector general be established to investigate the Fed. 
“The lack of accountability at the Federal Reserve under Chair Powell is out of control!” Scott posted on X. “This is exactly why we need to pass my bill to establish an independent inspector general at the Fed ASAP.”
When reached for comment by The Daily Wire, a media relations assistant for the Federal Reserve said that “we don’t have anything to share at the moment, but will be back in touch asap.”
Cook later released a statement on the calls for her to step down.
“I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet,&#8221; she said. &#8220;I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Cook was appointed to the board of governors by President Joe Biden and is slated to stay on the board until 2038. She previously worked on the Council of Economic Advisers under President Barack Obama and at Harvard University’s Kennedy School of Government.
Trump has repeatedly battled with the Fed over interest rates, demanding that Chair Jerome Powell lower rates. 
“Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him,” he <a href="https://truthsocial.com/@realDonaldTrump/posts/115057827631877948">posted</a> on Truth Social on Tuesday. “There is no Inflation, and every sign is pointing to a major Rate Cut.”
This story has been updated with comment from Cook.

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Trump Calls For Fed Official To Resign ‘Now’ After Mortage Fraud Allegations

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