Lisa Cook Says She Will Not Step Down From the Fed Board
It appears the news is out: Lisa Cook, a member of the Federal Reserve Board, has made it unequivocally clear that she will not be resigning from her position. The announcement has generated a lot of buzz, and honestly, it’s hard not to feel a surge of admiration for her resolve. It’s not often we see such a firm stance against what many perceive as an attempt at political maneuvering.
From what I can gather, the backdrop to all this involves allegations of misconduct, specifically concerning some mortgage-related matters.… Continue reading
The Federal Reserve Chair, Powell, expressed concerns about rising downside risks to employment, warning of potential layoffs and increased unemployment. This concern stems from the July jobs report, which revealed a significant slowdown in job growth, with the three-month average reaching its lowest point since 2010 (excluding the pandemic). The report’s revisions indicated a broader market job loss, despite gains in specific sectors. Powell noted that the slowdown was larger than previously assessed, emphasizing the importance of avoiding slack in the labor market.
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Former President Donald Trump announced on Truth Social that he is considering a major lawsuit against Federal Reserve Chair Jerome Powell, citing the rising costs of the Fed’s building renovation project, which Trump claims is grossly mismanaged. The Fed attributes the project’s higher-than-expected costs to necessary redesigns and unforeseen issues like asbestos and soil contamination. Trump’s post also reiterated his demand for Powell to cut interest rates following the latest inflation data, as headline CPI inflation held steady while core inflation accelerated. Market expectations have shifted toward a September rate cut, although some experts express concerns about the trend of rising core inflation.
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Senator Mullin blocked a resolution from Gallego calling for the release of documents related to Jeffrey Epstein, claiming it was political theater similar to previous investigations against former President Trump. Mullin’s actions raise questions about the need to protect Trump, as his administration failed to deliver on promises regarding the Epstein files. The argument that the investigation is invalid because former President Biden wasn’t involved is deemed weak and lazy, especially considering Trump’s own connection to the case. This obstruction is seen as a deliberate attempt to delay the process and shield Trump from scrutiny.
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During a tour of the Federal Reserve headquarters renovation, former President Trump cited a significantly inflated cost of $3.1 billion, which was immediately refuted by Fed Chair Jerome Powell, who clarified the included figure encompassed an unrelated building. The visit occurred amidst Trump’s ongoing criticism of Powell and his interest rate policies, with the former president previously considering Powell’s dismissal. Despite the friction, Trump suggested he was now unlikely to fire Powell but maintained his desire for lower interest rates, while Powell reaffirmed the Fed’s independence and highlighted the renovation’s necessity.
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During a tour of the Federal Reserve’s headquarters renovation project, President Trump criticized the project’s rising costs, but was corrected by Chairman Powell. Trump, who had previously attacked Powell, claimed the cost had increased to $3.1 billion, but Powell clarified that the president was including a previously completed building in his calculations. This exchange occurred amidst Trump’s ongoing public criticism of Powell and the Federal Reserve, particularly regarding interest rates and the renovation project’s budget. Despite his public attacks, Trump refrained from direct confrontation during the visit, joking about wanting lower interest rates.
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During a recent press opportunity, former President Donald Trump appeared to forget he appointed Jerome Powell as Federal Reserve Chair, criticizing Powell’s actions and expressing surprise at his appointment. This gaffe followed a speech where he incorrectly claimed his uncle taught Theodore Kaczynski at MIT, a story that contained several factual inaccuracies. These instances highlight concerns regarding historical accuracy and memory recall.
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In a recent critique of Federal Reserve Chair Jerome Powell, former President Donald Trump misattributed Powell’s appointment to current President Joe Biden, despite nominating him in 2017. Trump has voiced displeasure with Powell’s monetary policies, including delaying interest rate cuts, and has even suggested the cuts were politically motivated. Despite considering firing Powell, Trump has since stated this is unlikely unless fraud is involved, although there is no evidence of fraudulent activity.
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During a recent Oval Office meeting, President Trump criticized Federal Reserve Chair Jerome Powell, claiming that the previous administration appointed him. However, it was actually Trump who initially appointed Powell in 2017, praising his leadership at the time. Despite these past endorsements, Trump has since heavily criticized Powell for failing to cut interest rates, even going so far as to suggest he was looking for a replacement. This shift in attitude contradicts the president’s earlier assessment of Powell and the “best” people.
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Despite reports of an imminent dismissal, former President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell, although he did acknowledge discussing the possibility with House Republicans, who largely supported the move. Trump, who appointed Powell during his presidency, has criticized him for not lowering interest rates quickly enough and has also expressed the view that there is no inflation. While the president expressed his discontent with Powell’s performance, he did not rule out the possibility of firing him, but said the chances were “highly unlikely.”
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Matt Underwood 
John Q. Hosedrinker