Escalating his pressure on the independence of the central bank, President...
Escalating his pressure on the independence of the central bank, President Trump yesterday posted a letter on Truth Social saying he was firing the Fed board member, citing allegations that she had lied on mortgage loan documents. The president can only remove Fed officials for cause, and Trump’s letter said the allegations against Cook—which were raised by his ally Bill Pulte, the leader of the Federal Housing Finance Agency—provided that cause. It was not immediately known whether Cook, who previously said she would not be “bullied” out of her role, would sue over the president’s decision, but if she does, it would likely ultimately be decided by the Supreme Court. Trump, who wants the Fed to lower interest rates, has also threatened in the past to fire Chair Jerome Powell.
Beleaguered property giant China Evergrande delisted from HK...
Beleaguered property giant China Evergrande delisted from HK exchange. Capping off its fall from grace, the developer—which was once valued at $51 billion and helped fuel an economic boom in China—was removed yesterday from the exchange, where its shares had been suspended since January 2024 after it was placed in liquidation. Evergrande had been China’s largest developer by sales, but it also racked up more than $300 billion in debt. It quickly contracted when the government cracked down on lending and property sales slumped, and its collapse rippled through China’s economy.
President Trump signed an executive order requiring the Justice Department to prosecute people for burning the American flag, saying it should lead to a one-year jail term. The Supreme Court has previously ruled that burning the flag is protected by the First Amendment.
An Israeli strike on a hospital in Gaza killed 20 people, including five journalists. Israel’s Prime Minister Benjamin Netanyahu called it a “tragic mishap.”
The first human case of the flesh-eating screwworm parasite has been detected in the US, per the Department of Health and Human Services.
Ismael “El Mayo” Zambada Garcia, a former leader of Mexico’s Sinaloa Cartel, pleaded guilty to US federal charges of racketeering and running a continuing criminal enterprise, and he apologized for the harm illegal drugs have caused.
The Pumpkin Spice Latte returned to Starbucks today, which means summer is over and your beverage budget is toast.
Chevron has resumed shipments of Venezuelan crude to the US under a newly...
Chevron has resumed shipments of Venezuelan crude to the US under a newly issued Treasury Department license, ending a pause that began in April. Two tankers carrying Boscan and Hamaca grades have entered US waters for delivery at New Orleans and Port Arthur, Texas, with additional cargoes expected this month.
