Due to the 43-day federal government shutdown, the Labor Department will not release a complete jobs report for October. The department was unable to calculate the unemployment rate and other key numbers because of the shutdown. However, it will release the number of jobs created in October alongside the full November jobs report, which is now scheduled for December 16th. The September jobs report, which will be released Friday, will likely receive extra attention as it is the last full measurement of hiring and unemployment that Federal Reserve policymakers will see before their meeting in December.
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The Bureau of Labor Statistics reported a 3% annual consumer price growth in September, slightly exceeding August’s 2.9%. While the monthly rate fell from 0.3% to 0.2%, key categories experienced increases. This report, released despite the government shutdown, has implications for the Federal Reserve, which is expected to lower its benchmark rate. Though the inflation rate remains a concern, experts predict fewer interest rate cuts in the future than initially anticipated.
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Despite recent rises in inflation, exceeding the Federal Reserve’s 2% target, both the Trump administration and the Federal Reserve have downplayed its significance. While President Trump claims inflation is defeated, tariffs on imported goods are contributing to rising consumer prices, potentially eroding confidence in the central bank’s ability to keep inflation in check. Increased costs due to tariffs are already leading companies to raise prices, and potential supply chain disruptions could further exacerbate the issue. Some economists warn that if inflation persists, it could jeopardize the Fed’s credibility and lead to difficult economic consequences.
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The Supreme Court has allowed Lisa Cook to remain as a Federal Reserve governor for now, declining to act on the Trump administration’s effort to immediately remove her from the central bank. The court will hear arguments in January regarding Trump’s attempt to force Cook off the Fed board and will consider whether to block a lower-court ruling in Cook’s favor. This case stems from Trump’s unprecedented bid to reshape the Fed board and stems from accusations of mortgage fraud against Cook, while a related case involving Trump’s firings of other federal officials is also being heard. Cook, who denies any wrongdoing, will be able to participate in the remaining two Fed meetings in 2025.
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The Trump administration has petitioned the Supreme Court for an emergency order to remove Lisa Cook from the Federal Reserve’s board of governors. This action follows a failed attempt by the administration to oust Cook, who was appointed by President Joe Biden, and is part of a larger effort to reshape the Fed. The legal challenge is unprecedented, as no president has previously fired a sitting Fed governor. The administration argues that Cook’s alleged actions regarding mortgage rates raise concerns about her trustworthiness and ability to manage interest rates, though she denies any wrongdoing and has not been charged with a crime.
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The Federal Reserve lowered its key interest rate by a quarter-point, projecting two more cuts this year due to concerns about the labor market’s health. This move, the first since December, reflects a shift from focusing on inflation to employment, as hiring slows. While the Fed aims to boost growth and hiring, the decision faced dissent from a newly appointed policymaker favoring a larger cut. Despite some internal differences, officials still anticipate further rate reductions, although less than Wall Street had anticipated. The Fed faces the challenges of a weakening economy and external pressures on its independence, particularly regarding the attempt to remove a Fed governor.
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US appeals court rejects Trump bid to oust Fed’s Lisa Cook, and it feels like a very important moment in a longer story. The core of this is that a federal court has just said “no” to Trump’s attempt to remove Lisa Cook from the Federal Reserve board. It’s not just a formality either; the court ruled the removal was illegal and has put her back in her position. It really underscores the legal challenges Trump faces, and frankly, the kind of things he seems to want to be able to do without any real basis.
This whole situation started with accusations aimed at Cook.… Continue reading
Newly discovered documents challenge the Trump administration’s accusations that Federal Reserve Governor Lisa Cook committed mortgage fraud. The dispute centers on whether a federal housing regulator’s referral to the Department of Justice was supported by documents demonstrating criminal intent, and if Trump could lawfully remove a Fed governor. A loan estimate for Cook’s Atlanta property, obtained by Reuters, indicates she intended to use it as a vacation home, contradicting claims that she falsely declared multiple properties as primary residences. Cook has sued to prevent her removal, with a federal judge issuing a preliminary injunction allowing her to remain on the Fed while the suit proceeds.
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Federal Reserve Governor Lisa Cook characterized a condominium as a “vacation home” on a loan estimate, which could contradict claims of mortgage fraud. The Trump administration, seeking Cook’s removal, alleged she falsely claimed both the condo and another property as her primary residence simultaneously. Cook sued to block her firing and secured an injunction, although the administration has appealed the ruling. The Justice Department is investigating these claims, as misrepresenting a property’s primary residence status can impact mortgage terms.
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Financial documents obtained by NBC News contradict accusations of mortgage fraud against Federal Reserve Governor Lisa Cook. Records from a loan summary and Cook’s national security questionnaire indicate the Atlanta property was designated as a “vacation home” and a “2nd home,” respectively. This contradicts claims by figures like Bill Pulte and Donald Trump, who have accused Cook of misrepresenting the property as her primary residence for financial gain. Despite these documents, the Trump administration is still attempting to remove Cook from her role, and a federal judge has temporarily blocked her termination.
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John Q. Hosedrinker 
Matt Underwood