Is the Fed facing its biggest political test yet? | Morning Bid
President Trump gives Fed Governor Lisa Cook three weeks to answer mortgage fraud allegations, with the deadline falling just before the September FOMC meeting – raising fresh questions about Fed independence under Chair Kevin Warsh. Meanwhile, the U.S. economy shed 23,000 jobs in July in a surprise miss, though a falling unemployment rate and solid construction gains tempered the reaction. All eyes now turn to Wednesday’s CPI print, with oil near $83 a barrel and retail fuel prices still roughly 30% above pre-war levels.
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