President Trump posted on Truth Social yesterday that Lisa Cook, a Biden-appointed...
President Trump posted on Truth Social yesterday that Lisa Cook, a Biden-appointed Federal Reserve governor, “must resign, now!!!” after the leader of the Federal Housing Finance Agency, Bill Pulte, claimed she submitted fraudulent information to banks on mortgage loan documents. Citing anonymous sources, the Wall Street Journal reported that Trump is considering firing Cook for cause. It’s his latest swipe at the independence of the central bank, which hasn’t lowered interest rates like the president wants. Pulte, a Trump ally who has made similar allegations against prominent critics of the president, asked the DOJ to investigate Cook, alleging she had requested mortgages in Atlanta and Michigan and claimed both properties as her primary residence. Cook said she would not be “bullied to step down.”
“Almost all” Fed officials supported leaving rates unchanged, per meeting minutes. The minutes from the Fed’s July meeting are out, and they suggest that the two officials who voted against keeping interest rates steady were alone in that effort—but it still represented the first time since 1993 that more than one Fed governor dissented from a rate decision. The minutes show that most Fed officials remained more concerned about the possibility of rising inflation than problems in the labor market, though that could change going forward since the meeting took place two days before disappointing jobs data came out. The issue is politically fraught since President Trump has been pushing for a cut.
The Israeli military is calling up about 60,000 reservists ahead of its planned ground offensive to take Gaza City, a plan that has sparked protests in Israel and international opposition.
Hurricane Erin is bringing “life-threatening currents” along the East Coast.
Google rolled out its Pixel 10 device lineup with a big focus on AI in its phones.
A federal judge has temporarily blocked a Texas law that would require public school classrooms to display the Ten Commandments.
Transcripts from the sex trafficking case against Jeffrey Epstein will remain sealed after a federal judge in New York denied the Justice Department’s request to release them.
Walmart recalled frozen shrimp that may be radioactive.
Fed officials see inflation just around the corner — and think consumers will bear the burden, minutes show
Federal Reserve officials are increasingly...
Federal Reserve officials are increasingly concerned that tariffs will soon drive up U.S. inflation, with consumers bearing much of the cost, according to minutes from the July meeting. While initial tariff hikes have not caused a sharp rise in prices, Fed contacts report that businesses will be forced to pass higher costs along to customers. A majority of Fed officials see upside inflation risk as the greater challenge compared to labor market weakness, though a few worry tariff-driven supply chain disruptions could keep inflation elevated.
The minutes revealed limited support for an immediate rate cut, despite dissent from two officials who favored easing. However, the picture shifted quickly after July employment data showed an unexpectedly weak labor market, with downward revisions to job growth and slowing momentum. The surprise data, which prompted President Trump to remove the Bureau of Labor Statistics chief, increased speculation that more Fed members may adopt a balanced risk outlook. Markets are now pricing in higher odds of a September rate cut. Attention is turning to Fed Chair Jerome Powell’s remarks at Jackson Hole, where his tone will signal whether the Fed intends to resist or align with market expectations for near-term monetary easing.
Dow ekes out gain, Nasdaq and S&P 500 end lower as Fed frets over inflation
Stocks finished mixed on Wednesday, with the Dow Jones...
Stocks finished mixed on Wednesday, with the Dow Jones Industrial Average securing a back-to-back gain and the S&P 500 dropping for a fourth consecutive day, after the Federal Reserve's most recent meeting minutes revealed concerns about near-term tariff-driven inflation.
Meanwhile, investors rotated out of big-name technology companies — putting the Nasdaq Composite on track for its worst two-day performance in months during much of Wednesday's session.
“The Fed is worried about inflation accelerating as companies pass tariffs on to consumers," said David Russell, global head of market strategy for the online trading platform TradeStation.
"Several policymakers also see risk of higher prices getting entrenched because inflation has been above the Fed’s target for so long. ... The bulls might get some cold water splashed in their faces at Jackson Hole,” he added in an email, referring to the central bank's annual symposium in Wyoming being held this week.
The Dow rose 16.04 points, or less than 0.1%, to finish at 44,938.31 after choppy trading, based on preliminary data.
The S&P 500 fell 15.59 points, or 0.2%, to end at 6,395.78 for a fourth straight session of declines.
The Nasdaq Composite dropped 142.10 points, or 0.7%, to close at 21,172.86.
Double Eagle V Buying Leasehold in Oily Barnett Permian Play
Activity around the Barnett formation...
Activity around the Barnett formation on the Permian’s Central Basin Platform is accelerating, with Double Eagle V, led by Cody Campbell and John Sellers, actively leasing acreage. Continental Resources has already produced nearly 2 MMbbl from six Barnett wells in its new West Texas play beneath Ector County’s airport, with permits in hand for 18 additional wells. Continental’s early results show strong oil-rich performance, including wells drilled beneath runways and commercial facilities. Neighboring operators include Epsilon Energy and Ares Energy, who hold 16,500 gross acres with a 25% working interest, and estimate 30 to 40 potential two-mile laterals. Epsilon reports consistent early results with type curves of 112 boe per foot, 86% oil, and first-year production averaging 200,000 boe, although drilling costs remain elevated at roughly $900 per foot.
Competition is heating up, with Occidental, Diamondback, ConocoPhillips, and Elevation Resources also active nearby. Leasing costs have doubled or tripled in the past three years, underscoring rising interest in this oily Barnett pocket, which also shows Woodford potential. With operators demonstrating economic wells in unconventional settings such as beneath airports and urban infrastructure, the Permian Barnett is reemerging as an active and competitive development play.
