Fed governor Lisa Cook faces renewed pressure as Trump revives efforts to oust her amid mortgage-fraud allegations; she has served on the Fed board since 2023 and previously held academic roles.
The Federal Reserve has held rates as inflation remains above target; dissenters have pressed for earlier tightening while others call for patience. Markets are watching the inflation data due next week as traders adjust bets on the path for policy.
President Donald Trump has named Bill Pulte, the Federal Housing Finance Agency director and chair of Fannie Mae and Freddie Mac, as acting director of national intelligence. Pulte will keep his housing posts, has no known intelligence experience and can serve up to 210 days without Senate confirmation, prompting bipartisan concern about politicising the intelligence community.
President Donald Trump has delayed Jay Clayton’s Senate confirmation and said Bill Pulte will remain acting director of national intelligence. Trump has tied progress on renewing Section 702 surveillance authority and Clayton’s confirmation to passage of a voter ID bill and has ordered Pulte to cut ODNI staff and return employees to their home agencies.
The US Supreme Court has rejected President Trump’s executive order that would have denied automatic citizenship to nearly all children born on US soil. In a 6-3 ruling written by Chief Justice John Roberts, the court has affirmed that the 14th Amendment grants citizenship to those born in the United States, while three justices dissented.
The Supreme Court has upheld Mississippi’s policy allowing mail-in ballots postmarked by Election Day to be counted if received within five days, a decision that maintains state flexibility and could affect upcoming midterms. Justice Barrett writes for the majority, while Justice Alito dissents.
The Supreme Court has ruled that the president can remove leaders of most independent federal agencies, overturning the 1935 Humphrey’s Executor precedent, while carving out an exception for the Federal Reserve. The decisions leave Lisa Cook in place for now but open the door for presidents to exert new control over agencies such as the FTC, shifting regulatory power toward the White House.
The Supreme Court has ruled that children born on US soil to parents unlawfully or temporarily present are citizens at birth under the 14th Amendment, maintaining birthright citizenship. The decision blocks President Trump’s bid to end automatic citizenship by executive order, with Chief Justice Roberts writing for the court and joined by a cross-ideological majority.
U.S. Treasury yields have fluctuated amid hawkish signals from Fed Chair Warsh and ongoing data momentum. Investors await key jobs data and FOMC minutes to gauge policy direction.
Barrett has authored a 5-4 ruling allowing states to count mailed ballots postmarked by Election Day, while other decisions reject global tariffs and birthright citizenship restrictions. The court’s conservatives maintain a controlling stance, though Barrett’s recent votes show occasional divergence from Trump positions. The publishing window spans early July 2026 and stems from Independent reporting.
The interim Director of National Intelligence has begun a new round of firings within the U.S. intelligence community, as President Trump presses for rapid staff changes. The White House and DNI have not commented. The move follows reports that the administration aims to remove officials deemed loyal to opponents and to expand access to sensitive data.
Retail sales have risen 0.2% in June, with May revised up to 1%. Excluding gas stations, sales rise 0.7%, helped by lower fuel prices and online shopping. Auto and sporting goods show gains; clothing and gas receipts shift. Inflation cools, easing pressure on households while earnings remain stable.
Grocery volumes have declined while prices stay elevated, signaling that higher costs are shifting consumer behavior. Retailers and manufacturers are using promotions and value-focused tactics to regain unit growth, with Bain’s data showing volume declines despite inflation aiding sales in the sector.
Federal Reserve Governor Cook faces a new letter from Dan Scavino suggesting removal while granting an Aug. 26 response window. The move follows a Supreme Court ruling that requires notice and an opportunity to respond before firing. Cook has denied wrongdoing and argues the allegations are baseless.