President Donald Trump announced that he had exercised his right to dismiss Fed Board of Governors member Lisa Cook, claiming that there were grounds for doing so. The White House said Cook had been "credibly accused of lying" and that her removal would improve the Fed's accountability. Lisa Cook has challenged the decision in court and is seeking a temporary injunction to halt her dismissal, calling Trump's move illegal. Meanwhile, Trump's nominee, economist Stephen Miran, is on track to be confirmed before the Federal Reserve's September meeting. The Senate Banking Committee is scheduled to hold a hearing on the matter next week.
The EURUSD pair is regaining ground today, rising 0.36% and breaking above the lows of the last two weeks. However, TNOTE is not reacting excessively to the above comments, so it seems that investors are taking media reports on this dispute with a grain of salt (at least for now).
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Source: xStation
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